received before. One could not recall at all and another remembered that he had bought a fishing rod with part of it". (Simms, 2000). This just goes to show that cash awards do tend to be easily forgotten as previously mentioned. Also, cash incen!
             tives are not practical if they do not fit into the organization's budget. Cash incentives are financial in nature. They are what are required to attract and retain. They will not extract behaviors that deliver value and contribute to results.
             Rewards and recognition can be powerful tools to promote organizational and team goals and objectives. These forms of nonmonetary recognition can very often be more effective than cash awards. First, although the terms reward and recognition are often used interchangeably, I would like to distinguish the difference between them. Recognition reinforces progress toward desired performance of behavior and rewards recognize the results being achieved (Sunoo, 1999). Recognition is most likely a social occasion or an interaction while rewards are most likely tangible. What employees really want is to be valued for a job well done by those they hold in high esteem. Compensation is considered important, but most employees consider compensation a right, an exchange for the work one does. While compensation is considered a right, rewards and recognition are seen as gifts.
             There are psychological and symbolic ways in which rewards are more successful than money as an incentive award. Nonmonetary awards can be shown to co-workers and friends as a trophy given in appreciation of good work. They are tangible symbols of success. They allow people to brag or boast in an acceptable way, which in turn lets them satisfy emotional needs for peer recognition. This value is called the "Trophy Value". Other benefits of non-cash awards are that they eliminate guilt and satisfy wants. It would be hard to rationalize spending ...