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The economy is showing some signs of improving, but solid long-term effects may not be discernible for while yet. Regardless, it never hurts to have a little extra cash padding the wallet. We’ve been doing a little reading on cash vs. non-cash incentives and came up surprised by what we found.
According to this article, in the long run, non-cash incentives such as name-brand items, or travel tend to give people more long-term satisfaction. This is due in part to the fact that, once spent, cash is easily forgotten, whereas non-cash items, being more tangible, can continue to provide feelings of reward for a long time after receipt. As you can see from the chart below, gifts of merchandise seem to rank highest on the list of desirability. This article, from which the chart below was taken provides some pros and cons of cash vs. non-cash incentives and is definitely worth checking out.
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This is not to say that cash incentives are less effective, after all that’s what we do here at Chumbonus. Rather it should be noted that if given a choice between a cash and non-cash reward, people will often choose the cash because it results in a feeling of control. Cash can be used to spend as desired, which indeed may result in the cash being used to purchase some wanted item. It’s not necessarily the cash itself, it’s the ability to chose that wins people over.
In tough economic times like these, it’s important for us to have a sense of control, especially in the area of finances. When so much else seems uncertain, it is very comforting to have a stable center from which we can view the world around us. When you recommend a friend for a job on Chumbonus, you are not only potentially helping them regain some sense of stability and control with the possibility of a new job, but you also help yourself by having the choice to use your reward as you will. And as always you may also choose to donate the reward for referral to a charity of your choice. It’s entirely up to you!
We feel the service we provide here is a win for everyone involved, and hope to continue serving you just as we are. We’d like to hear your thoughts in the comments section.
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