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Money isn’t everything: Nonfinancial rewards that retain the best workers Logo aicpa

  Cheryl Meyer |   Free |   AICPA |   20 Jun 2016 |   CPA Insider

Today’s professionals desire—and require—much more than money to stay satisfied, engaged, and loyal. This article shares tips for implementing nonfinancial rewards and perks at your workplace.

Topics covered:
  • Management accounting: Leadership: Motivating & inspiring, Intermediate
  • Employee benefit plan auditing: Leadership: Motivating & inspiring, Intermediate
  • Governmental auditing: Leadership: Motivating & inspiring, Intermediate
  • Financial accounting & reporting: Leadership: Motivating & inspiring, Intermediate
  • Assurance: Leadership: Motivating & inspiring, Intermediate
  • Not-for-profit: Leadership: Motivating & inspiring, Intermediate
  • IT management & assurance: Leadership: Motivating & inspiring, Intermediate
  • Firm practice management: Leadership: Motivating & inspiring, Intermediate
  • Tax: Leadership: Motivating & inspiring, Intermediate
  • Forensic & valuation services: Leadership: Motivating & inspiring, Intermediate
  • Fair value measurement: Leadership: Motivating & inspiring, Intermediate
  • Personal financial planning: Leadership: Motivating & inspiring, Intermediate

5 Comments/Reflections

Andrew Holbrook

Andrew Holbrook Sep 2018

Without doubt in the modern working place non financial benefits are certainly a way of retaining staff and keeping staff motivated. My company is only small but we offer total flexibility in working hours. This is a huge benefit to the young mothers we employ, but also supports others that participate in other activities outside of work.
Lawrence Arbos

Lawrence Arbos Sep 2017

Interesting viewpoint, especially regarding the feedback loop with the team regarding what engages them and the movement away from hierarchical, calendar driven rewards and incentives.
Chrizelda Visser

Chrizelda Visser Aug 2016

Slots in on the same principles as the motivation theory. In today's fast paced environment, money is not the primary factor when employee satisfaction is determined. Many times I myself have found myself in a situation where I am reminiscing about the good old days. Where the employers understood the importance of balancing the business objectives with the employees' personal/professional objectives. To me the ability to identify and utilise the benefits of synergy between employer and employee's goals important.

This is an article which i use as reference for my performance appraisal, so as to afford myself the ability to flourish in the current work environment in order for me to gain all the knowledge and development possible through forging relationship with my employer.
Lalit Bhandary

Lalit Bhandary Aug 2016

A nice check list to know as a manager how to retain your staff. In this dynamic world, there are so many opportunities it can be very difficult to retain good staff. Even if they stay, it is very important to retain their motivation, with motivation comes the efficiency.

I like as I found right questions to challenge and to be prepared for such situations.

Just one point which bothers me is on working hours. At times flexi hours and misuse of sick leave makes the completion of task very challenging.  There is always a additional price to being flexible and that at time gets ignored.

M W Jun 2016

  • What can you do now that you couldn’t do before?
  1. I have realized that you don't always need financial incentives to motivate employees.
  2. I also realized that every individual should be motivated on something that he or she is interested in and not everyone will be motivated with the same incentives.
  3. Listen and be interested in you employees interest to be able to motivate them and keep them in the long run.
  • Did you meet your objectives? 
  1. Yes, I want to be a better manager and motivate my staff on a high level without salary increases due to the tight economic times.
  • What will the wider impact be for your team, your organization and your own career?
  1. The impact on my team will be a more dynamic,motivated individuals that stay with the company for a longer period.Impact on my organization is all the effort and training going into replacing staff will be redirect into something more productive.Impact on my own career will be that I gain more skills to be a leader and with respect from my staff will help me in my role as financial manager.