Presentation is loading. Please wait.

Presentation is loading. Please wait.

Do Non-Monetary Rewards Make a Difference? Dru Lucuta University of St. Thomas Master of Business Communication Program May, 2006.

Similar presentations


Presentation on theme: "Do Non-Monetary Rewards Make a Difference? Dru Lucuta University of St. Thomas Master of Business Communication Program May, 2006."— Presentation transcript:

1 Do Non-Monetary Rewards Make a Difference? Dru Lucuta University of St. Thomas Master of Business Communication Program May, 2006

2 Hays Companies Background Founded in 1994 Insurance brokerage business Headquarters in Minneapolis 250 employees Offices in 15 major US cities

3 Expert Opinions Everyone has an innate need for psychological growth. Non-monetary rewards create job retention. Non-monetary rewards are used in an attempt to retain and nurture the best leaders.

4 The Purpose of the Project Research Question: Would non-monetary rewards influence employee attitudes towards performance and retention?

5 My Methods Designed a paper survey: –Sent to 50 full-time, randomly chosen Hays Companies employees in Minneapolis office – ed survey as an attachment –Survey contained 14 questions And here is what I found out…

6 Results 39 completed surveys returned out of 50 surveys administered (78% response rate)

7 Rewards are “important” or “very important” as an influence on my performance. Public recognition in front of other employees33% Growth opportunities28% Free trips20% Gift certificates12% Holiday party 2% Summer picnic2%

8 Rewards are “important” or “very important” as an influence on my retention. Growth opportunities38% Public recognition in front of other employees25% Free trips25% Gift certificates10% Holiday party 0% Summer picnic0%

9 I am satisfied/very satisfied with the company’s current compensation system 64% of all employees surveyed indicated this.

10 I am satisfied/very satisfied with the company’s current benefits system 50% of employees indicated they are satisfied.

11 Non-monetary rewards would improve my work morale Only 12% answered “Yes”

12 The answer to my research question Would non-monetary rewards influence employee attitudes towards performance and retention? YES

13 Interpreting the Results Only two elements were ranked as significantly important. Growth/Advancement opportunities Public recognition in front of other employees Employees appear to be satisfied with current rewards system (salary & benefits).

14 Recommendations Integrate “growth opportunities” and “public recognition” in the culture of the company. As the company grows (20 % per year current growth anticipated) rewards need to be periodically reviewed. What works today might not work two years from now.

15 Questions?


Download ppt "Do Non-Monetary Rewards Make a Difference? Dru Lucuta University of St. Thomas Master of Business Communication Program May, 2006."

Similar presentations


Ads by Google