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MONEY MATTERS – Bonuses Reign as Top Employee Reward, CFOs Say

TORONTO, March 2 /CNW/ – Despite lean budgets for many businesses today, most financial executives say cash is king in recognizing their teams’ hard work. Thirty-four per cent of chief financial officers (CFOs) interviewed for the Accountemps survey cited bonuses as the most effective way to acknowledge a job well done. Another 28 per cent of CFOs, however, indicated that they do not reward employees after major projects.

The survey was developed by Accountemps, the world’s first and largest specialized staffing service for temporary accounting, finance and bookkeeping professionals. It was conducted by an independent research firm and includes responses from more than 270 CFOs from a stratified random sample of Canadian companies with more than 20 employees.

CFOs were asked, “Which of the following do you feel is most effective in rewarding your accounting team after major projects?” Their responses:

    Bonus  ..................................................       34%
    Time off  ...............................................       15%
    Departmental lunch or social gathering  .................       11%
    Tickets to sporting or entertainment events  ............        8%
    Do not reward  ..........................................       28%
    Don't know/no answer  ...................................        3%
                                                                  --------
                                                                    99%(*)
    ((*) 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,” said 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 acknowledged 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.”

About the Survey

The Canadian study was developed by Accountemps, a division of Robert Half International and the world’s first and largest specialized staffing service for temporary accounting, finance and bookkeeping professionals. It was conducted by an independent research firm and is based on more than 270 telephone interviews with CFOs from a random sample of Canadian companies with 20 or more employees.

About Accountemps

Accountemps has more than 360 offices worldwide and offers online job search services at www.accountemps.com. Follow Accountemps for workplace news at twitter.com/accountemps.

For further information: Kristie Perrotte, (416) 350-2330, kristie.perrotte@rhi.com

James Dean

James Dean - President ~ Money Canada Limited (MONEY.CA)