Tangible Rewards

What are Tangible Rewards?

Tangible rewards are defined as rewards provided by an employer or manager to an employee as a token of appreciation for an impressive achievement or a job well done. Such rewards can either be in the form of tangible items, cash, or gift cards.

Tangible rewards help employees feel valued and add incentives for them to keep achieving and working hard in their careers. If employees are constantly motivated to grow, the company also benefits by growing in terms of revenue and company size.

What are the different types of Tangible Rewards?

• Bonuses - These cash rewards are normally calculated based on an employee's wages, and can be provided if a company is incredibly profitable, for instance.
• Salary increases - Employees typically receive pay raises after performance reviews or after a huge achievement that creates value for the company.
• Free lunches/dinners - This either includes paying for an individual or team's meal, or providing them with cards that can be used in certain dining areas, such as the company cafeteria or a famous restaurant.
• Gift cards - This could include vouchers or other cards of monetary value from a place that an employee enjoys shopping at or buying from.

Conclusion

Organizations should acknowledge that recognizing the hard work of their employees will likely motivate them to do more, which benefits both employees and the organization. Incorporating a tangible rewards system will help increase employee satisfaction and enjoyment of work which means there will be much more time spent focusing on the job and less time complaining.