Money matters: CFOs say bonuses reign as top employee reward

Despite lean budgets for many businesses today, most financial executives say cash is king in recognizing their teams' hard work.

Forty-six percent of chief financial officers (CFOs) interviewed for the Accountemps survey cited bonuses as the most effective way to acknowledge a job well done. Time off came in second at 21 percent.
 
The survey was developed by Accountemps, a division of Robert Half International and specialized staffing service for temporary accounting, finance, and bookkeeping professionals. An independent research firm conducted the survey, which includes responses from more than 1,400 CFOs from a stratified random sample of U.S. companies with more than 20 employees. The results were then weighted to reflect the proper proportions of the number of employees within each region.
 
CFOs were asked, "Which of the following do you feel is most effective in rewarding your accounting team after major projects?" Their responses:
  • Bonus: 46%  
  • Time off: 21%  
  • Departmental lunch or social gathering: 15%  
  • Tickets to sporting or entertainment events: 4%  
  • Other: 1%  
  • Do not reward: 12%
  • Don't know/no answer: 1%
"Performance-based bonuses can be a powerful tool for motivating and retaining employees," said Max Messmer, chairman of Accountemps and author of Motivating Employees for Dummies. "For those employees who have taken on added responsibilities as a result of staff cutbacks, offering some form of cash recognition can go a long way in demonstrating these extra efforts are valued."
 
Messmer acknowledged that bonuses may not be feasible for some firms. "When resources are limited, budget-friendly ways to reward staff, such as extra time off after a major project ends or a department celebration when meeting an important milestone, can help boost spirits and motivate teams."
 
About Accountemps:
Accountemps has more than 360 offices worldwide and offers online job search services at www.accountemps.com. Follow Accountemps for workplace news at twitter.com/accountemps.
 
Related items:

You may like these other stories...

IRS audits less than 1 percent of big partnershipsAccording to an April 17 report from the Government Accountability Office (GAO), the IRS audits fewer than 1 percent of large business partnerships, Stephen Ohlemacher of the...
Is it time to consider a value added tax?Forbes contributor Joseph Thorndike wrote yesterday that he believes the tax reform proposal by House Ways and Means Committee Chairman Dave Camp (R-MI) was dead on arrival. But he...
Read more from Larry Perry here and in the Today's World of Audits archive.The planning phase of an audit engagement of an entity using US GAAP or a special purpose framework will, with minor differences, include similar...

Upcoming CPE Webinars

Apr 22
Is everyone at your organization meeting your client service expectations? Let client service expert, Kristen Rampe, CPA help you establish a reputation of top-tier service in every facet of your firm during this one hour webinar.
Apr 24
In this session Excel expert David Ringstrom, CPA introduces you to a powerful but underutilized macro feature in Excel.
Apr 25
This material focuses on the principles of accounting for non-profit organizations' revenues. It will include discussions of revenue recognition for cash and non-cash contributions as well as other revenues commonly received by non-profit organizations.
Apr 30
During the second session of a four-part series on Individual Leadership, the focus will be on time management- a critical success factor for effective leadership. Each person has 24 hours of time to spend each day; the key is making wise investments and knowing what investments yield the greatest return.