Aug 2 2012 | Loyalty Management: Articles
Why Social Recognition Matters
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Monetary incentives don’t buy workplace happiness. The age old methodology of motivation, using monetary ‘carrots’ – such as perks or financial remuneration – has a weak exchange rate with today’s knowledge worker, for whom the most valuable currency is recognition. As the Harvard Business Review explains: “Though necessary, these extrinsic motivators [perks, promotion, pay] don't necessarily excite people to work smarter or harder. Instead, they prompt employees to do only the minimum required to get that next raise or job title.” Incentives create a culture of entitlement, a ‘what-have-you-done-for-me-lately’…
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