Frequent recognition of accomplishments is the most effective non-monetary way of motivating employees, according to a survey by staffing firm Accountemps.
The survey found that 35 percent of workers and 30 percent of chief financial officers (CFOs) cited frequent recognition of accomplishments as the most effective non-monetary reward. Regular communication was the second most common response, given by 20 percent of employees and 36 percent of CFOs.
Twenty percent of CFOs and 17 percent of workers said giving employees increased responsibility was the most effective way of motivating employees, making it the third most common response.
Eight percent of CFOs and 10 percent of workers cited off-site team-building and social events as a top motivator.
"No amount of team-building events or other perks can compensate for a manager personally thanking employees for a job well done," says Max Messmer, chairman of Accountemps. "Individuals want to know their work is appreciated and makes a difference."
While extra time off and flexible schedules help employees maintain work/life balance, they didn't rank as top motivators.
"These incentives are valuable in increasing loyalty over the long term, but there is no substitute for inspiring employees on a daily basis through words and actions," Messmer said.