Bonuses still top employee reward, CFOs say

Despite lean budgets for many businesses today, most financial executives say cash rules in recognizing their teams’ hard work, a new Accountemps survey says. Thirty-four percent of chief financial officers (CFOs) interviewed cited bonuses as the most effective way to acknowledge a job well done. Another 28% of CFOs, however, indicated that they do not reward employees after major projects.

In the survey, which includes responses from more than 270 CFOs, respondents were asked, “Which of the following do you feel is most effective in rewarding your accounting team after major projects?” Their responses:

[* Survey does not equal 100 due to rounding]

“Offering bonuses for a job well done can be an effective way to motivate and retain employees,” says Kathryn Bolt, president of Accountemps’ Canadian operations. “For those workers taxed with additional responsibilities as a result of staff cutbacks, offering recognition demonstrates that their contributions are valued.”

Bolt acknowledges that bonuses may not be feasible for some firms. “While some companies may be challenged in offering compensation-based rewards, investing in budget-friendly recognition programs will help motivate staff and protect companies from the threat of employees leaving as the economy improves.”