What’s The Best Incentive: Prizes or Cash?

On Wednesday, June 6th, 2018

One of the age old debates in the safety incentive business is:  What is the most effective safety incentive reward?   Cash or prizes?

Interestingly, those who promote prizes as the best incentive approach are also the ones who most benefit; safety incentive prize vendors.   That’s simply because their entire business model is built on the profit margin derived from the products they require their clients to buy from them as safety incentive awards.

Safety Pays has NO such turf to defend.    Its program design can easily accommodate either cash as the incentive award or, alternatively, convert the game’s jackpot to accumulate points for prizes (converting dollars to a ‘safety buck’ point system).

However, there are a number of reasons why we at Safety Pays believe cash incentive rewards are preferable:

  • It provides the most important reward that people work for:  Money
  • It directs 100% of the safety incentives into an employee’s pocket; prizes include distributor’s mark-up (usually 100% of distributor cost)
  • It allows the employee to determine the actual prize for him or herself rather than being limited to a gift catalog
  • It eliminates employee disappointment when the product is not as advertised.
  • It  avoids the administrative nightmare of prizes not arriving promptly or not at all.   Cash has no such negative impact on employee morale.

Add it all up, and the evidence is more than clear:  Cash is King!