Cash is king when it comes to compensation. But non-cash incentives are certainly the queen.
Non-cash rewards and recognition encourage agents to perform better, which has bottom-line results. Researchers have found:
- Organizations that give these kinds of incentives see revenue increases of almost 10% year to year compared to just 3% at other organizations (Aberdeen Group study).
- Employees think more about tangible awards and focus on what they must do to get them than intangible awards — even if they’re worth the same amount (Jeffrey and Adomdza study)
- Personal recognition and rewards can reduce absenteeism. In one study, absenteeism dropped 30%-50% among employees who received the non-cash incentives (a Markham, Scott & McKee study).
Is this enough research-based business reasons for giving agents non-cash incentives?
Even better, employees aren’t just after big-ticket items such as vacations and the newest electronic gadgets. Contact center leaders have had success with family passes to local amusements, reasonably sized televisions, small electronic music systems, limousine and spa services and even dinner and movie tickets.
The key is they are fun things agents probably wouldn’t treat themselves to if they were given the cash.
