Tangible and Intangible Rewards

Paper Summary:

This paper defines the concepts of "tangible" and "intangible" rewards and compares the benefits of each of these to the employee. The practice of rewarding employees is essential in a company and the paper looks at the advantages for the businesses which include higher employee motivation, higher output and job satisfaction. The paper also examines whether tangible or intangible rewards provide different results.

From the Paper:

"There has always been a need to make structured rewards as well as recognition systems in order to give confidence and support to employees and managers for changing their behavior towards work as individual as well as a group.

"However, the correct method to rewards varies across stages of implementation that may have necessary added rewards to tie it to formal measurement and performance appraisal. These rewards whether tangible or intangible, are means of recognizing the value of sharing and working hard, appreciating the contributions the employees make in the organization, as well as a rising awareness about the importance of not noticing what they know (APQC, 2001)."

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