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Originally Posted by keywordguru
Money is always a motivator but isn't always available. I could also say that in many past experiences, a simple pat on the back and a sincere thank you would have been worth more than any bonus in my pay check. I guess everyone is different.
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Exactly, and that is why a gold star would be a much better coup feather than the choice of a penny, the lowest monetary value in the US. The old sayings, "a penny for your thoughts" or "here's my two cents" are simply adages that show how most opinions are valued. Everyone has one and most of them stink, including mine.
If money isn't available, there are other options. Yes, a sincere "thank you," as I mentioned previously, is worth more than a gimmicky penny. That whole idea reminds me of 80's feel-good-do-nothing speak.
A good book to read is an old one and hard to find called "In Search of Excellence."
Another thing to remember, don't threaten your employees by saying how severe the competition is that you can't afford to compensate them properly. Why? Because your employees will eventually ask, if the competition is hiring. Revenge is a powerful motivator.