CFOs Say, Cash is Still King When Rewarding Employees

Non-monetary incentives have gained popularity as a means of rewarding employees, but financial executives recently said that cash bonuses are still the preferred method for recognizing their teams' hard work. Forty-six percent of chief financial officers (CFOs) cited bonuses as the most effective way to acknowledge a job well done.

The survey was developed by Accountemps and was conducted by an independent research firm and includes responses from more than 1,400 CFOs from a stratified random sample of U.S. companies with more than 20 employees.

CFOs were asked, "Which of the following do you feel is most effective in rewarding your team after major projects?" Their responses:

Bonus 46%
Time off 17%
Departmental lunch
or social gathering
16%
Do not reward 15%
Other 4%
Don't know/no answer 2%

“When budgets are tight, non-monetary perks such as time off or a departmental celebration can be valuable tools to acknowledge staff accomplishments on a major project," said Max Messmer, chairman of Accountemps and author of Motivating Employees For Dummies(R) (John Wiley & Sons, Inc.). "But employees also expect financial compensation for their efforts, which can be an effective retention tool."

Messmer added that recognizing personnel who go above and beyond the call of duty is essential to keeping them motivated. "The objective is to create a working environment that provides meaningful, tangible incentives and rewards. Such a workplace attracts quality people and creates a setting that maximizes productivity, enhances job satisfaction and protects the firm against the loss of good employees who may be difficult to replace," he said.

You may like these other stories...

Here's a CPA who truly walks the walk. On March 15, Frank Ryan, CPA, departed San Diego, California, with plans to be in Ocean City, Maryland, by July 2 to teach a course at the Maryland Association of CPAs’ (MACPA...
When Theodore J. Flynn first joined the Massachusetts Society of CPAs (MSCPA) in 1970, it was a different world and a different profession.  The "Big Eight" were still headquartered in Boston. Vietnam War...
Accountant Rickey Charles Goodrich had it a little too good. Many bean counters would kill to serve as financial guru to the likes of Pearl Jam. Goodrich was hired in 2005, and the following year, he became the CFO of Curtis...

Already a member? log in here.

Upcoming CPE Webinars

Oct 30Many Excel users have a love-hate relationship with workbook links.
Nov 5Join CPA thought leader and peer reviewer Rob Cameron and learn ways to improve the outcome of your peer reviews while maximizing the value of your engagement workflow.
Nov 12This webcast presents basic principles of revenue recognition, including new ASU 2014-09 for the contract method. Also, CPAs in industries who want a refresher on revenue accounting standards will benefit.
Nov 18In this session Excel expert David Ringstrom, CPA tackles what to do when bad things happen to good spreadsheets.