At a time when companies are looking at leaner staff budget, nearly half of the financial executives surveyed have cited bonuses as the most effective tool for motivation and retention of employees, a survey said.
According to the survey by specialised staffing services firm Accountemps, despite lean budgets for many businesses, most financial executives say cash is king in recognising their teams' hard work.
As much as 46 per cent of chief financial officers (CFOs) interviewed for the survey cited bonuses as the most effective way to acknowledge a job well done.
While, giving time off came in at second place at 21 per cent, the survey added.
"Performance-based bonuses can be a powerful tool for motivating and retaining employees. For those employees who have taken on added responsibilities as a result of staff cutbacks, offering some cash recognition can go a long way in demonstrating these extra efforts are valued," Accountemps Chairman Max Messmer said.
"However, when resources are limited, budget-friendly ways to reward staff, such as extra time off after a major project ends or a department celebration when meeting an important milestone, can help boost spirits," Messmer added.
The survey includes responses from more than 1,400 CFOs from a stratified random sample of US companies.