Tue 3 Oct 2006
I've been enjoying some very interesting forum-based conversations with business owners and employees from other countries and cultures. What's interesting to see is how age, culture, and national economies influence the rewards we give our employees for success on the job.
It's not about money. There are other rewards that are more popular, including recognition, additional time off, promotions and additional responsibility. This could be the result of a country with high taxation where employees are looking for a reward that isn't taxed, or in a country where long hours mean time away from family so employees want bonus time off to be with loved ones.
Even in the capital-driven US, money is disappearing from the top of the list. Money may have once been the preferred reward in corporate America when Baby Boomers ruled the world. But now Baby Busters (the generation that followed the Boomers) are influencing the business world and they care more about value, significance, and balance over financial success.
If your business model only rewards with bonus cash, consider looking at other options to help reward employees AND to keep them happy.