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Globoforce, an on-demand provider of global, strategic recognition solutions, advises businesses to look beyond cash-only reward programs in an effort to keep employees engaged.

According to in-depth feedback from Global 2000 companies, cash only programs neither maintain program consistency on a global scale nor do they ensure local participants feel motivated and involved in the organization.

Researchers have found that employees become overly accustomed to receiving cash rewards, which causes the organization to fall victim to the “reward inflation” phenomenon. Even as the monetary value of a cash reward increases, the employee’s appreciation diminishes over time as they start to expect more money with each reward. Globoforce acknowledges that 21st century employees want money, but what they need is recognition to stay motivated in the workplace.

"We are very keen on building a recognition culture," says Jennifer Lepird, Intuit's compensation business partner and recognition program manager. "Our philosophy is that recognition and performance improvement programs are a key part of our total reward portfolio, along with compensation and benefits. [Corporate] leadership is very supportive of these programs."

Globoforce has also found that cash rewards tend to be “slippery.” Cash can “slip” in an employee recipient’s mind as well as “slip” into a paycheck, often times going unnoticed.

“By building a recognition program on cash alone, companies not only lose out on establishing a culture of appreciation across their global organization, but also on delivering an extra boost to ROI,” said Eric Mosley, CEO of Globoforce. “Research has shown that companies that implement a global recognition program can expect an ROI of 200 percent to 500 percent. Numbers like this cannot be ignored.”

Go to www.globoforce.com to download the comprehensive white paper, “Cash is Not King.”

About the company

About Globoforce
Founded in 1999 and co-headquartered in Westborough, MA and Dublin, Ireland, Globoforce is an on-demand provider of global, strategic recognition solutions for Global 2000 companies. Globoforce delivers an innovative, easy-to-use, on-demand solution that engages employees across the globe - transforming the way enterprises motivate their workforce. Globoforce’s blue-chip customer base - Reuters, Dow Chemical, Intuit, Avnet and Safeway - reflects the importance of recognizing and engaging the workforce in the 21st century. For more information, visit the company at www.globoforce.com.

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Vanessa Apicerno
LEWIS PR
+1 617-226-8847
globoforce@lewispr.com

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Globoforce Warns: "Cold, Hard Cash: Not Warmly Received"

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