Cash is not a motivator. It's a compensator.
The art of rewarding employees with incentives is a proven method in building motivation within the office, but recent studies have shown that cash is consistently outperformed by gift cards. Cash is impersonal and has very little to do with trophy value. It doesn't engage and it doesn't provide a memory.
Gift vouchers, however, build long term employee engagement and give the feeling of achievement.
Companies have numerous options when it comes to giving non cash incentives, from merchandise to restaurant vouchers or even prime parking spaces. More incentive options are appearing as more and more companies are jumping on this new trend.
Thought leaders McKinsey & Co has been documenting the shift from cash to non cash and declare that non cash is definitely the way to go, with rewards such as vouchers proving a much more effective motivator.
The 14th Annual Global CEO Survey showed that 47% of CEOs now offer non-cash rewards and a further 18% are planning on making the switch.