Tangible Rewards

Meaning & Definition

Tangible Rewards

Tangible rewards refer to material rewards which can be financial in the form of cash or in a form of gifts which can be converted into cash. In a business, company or corporation this is typically a salary, bonus, fringe benefits, pay raise, gym or club membership. Between a company and their customers, such rewards may be a cash back incentive on their purchase.

In other words, Tangible Rewards are real, physical incentives or perks offered to individuals or employees as a way of acknowledging their accomplishments, hard work, or contributions. These rewards can encompass things like monetary bonuses, gift certificates, merchandise, or other physical items with a calculable value to provide recipients with something concrete that they can utilize or enjoy.

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Frequently Asked Questions (FAQ's)

  1. What are examples of tangible rewards?

    Tangible rewards are physical, concrete items or benefits given to individuals as a form of recognition or incentive. Examples of tangible rewards include:

    • Vouchers or cards that can be redeemed for goods or services at various retailers.
    • Physical items such as electronics, clothing, or accessories.
    • Physical awards symbolizing accomplishment or excellence.
    • Trips, vacations, or travel-related rewards.
    • Monetary rewards provided directly to individuals.
    • Products with the company logo, such as apparel or accessories.

  2. What is intangible reward?

    An intangible reward refers to a non-physical, non-monetary recognition or benefit that individuals receive for their achievements or contributions. These rewards are more psychological or emotional and are aimed at providing a sense of appreciation and satisfaction. Such intangible rewards include:

    • Verbal or written acknowledgment of a job well done.
    • Entrusting individuals with more challenging tasks or leadership roles.
    • Allowing flexibility in work schedules or remote work options.
    • Highlighting achievements in company-wide communications or meetings.
    • Providing more meaningful and fulfilling tasks within the job role.

  3. What is an example of tangible direct rewards?

    Tangible direct rewards are physical, concrete incentives given directly to individuals in recognition of their performance or achievements. These rewards are typically straightforward and can be immediately used by the recipients.

    An example of tangible direct rewards would be Gift Cards, providing individuals with gift cards for popular retailers, restaurants, or online platforms as a direct and tangible reward.

  4. What are 5 examples of intrinsic rewards?

    Intrinsic rewards are internal and come from within an individual, arising from personal satisfaction, enjoyment, or a sense of fulfillment. Here are five examples of intrinsic rewards:

    • Feeling pride and satisfaction in achieving a challenging goal or completing a task.
    • Having the freedom and independence to make decisions and control one's work.
    • Experiencing development, learning, and improvement in skills or knowledge.
    • Finding joy and fulfillment in the tasks and responsibilities associated with one's job.
    • Feeling valued and appreciated by colleagues, superiors, or the organization for contributions and efforts.

  5. What are the 3 types of rewards?

    Rewards can be broadly categorized into three main types:

    • Extrinsic Rewards: Tangible and external rewards provided by others, such as employers or institutions like salary, bonuses, promotions, benefits, recognition, and tangible gifts.
    • Intrinsic Rewards: Internal and psychological rewards that come from within the individual, often associated with personal satisfaction and fulfillment like a sense of accomplishment, job satisfaction, autonomy, personal growth, and meaningful work.
    • Social Rewards: Rewards derived from social interactions and relationships within the workplace like recognition from colleagues, positive feedback, support from team members, and a positive work environment.

  6. What is an example of material rewards?

    Material rewards refer to tangible, physical items or benefits that individuals receive as a form of recognition or incentive. These material rewards are concrete and can be touched or possessed, serving as visible tokens of recognition and appreciation.

    An example of material rewards include Gifts and Merchandise, with physical items such as electronics, clothing, accessories, or other tangible goods as a reward for their achievements or contributions.

  7. What are the two types of rewards tangible and intangible?

    Rewards can be broadly categorized into two main types: tangible and intangible.

    • Tangible Rewards: Physical, concrete items or benefits given to individuals as a form of recognition or incentive like gift cards, merchandise, cash bonuses, certificates, trophies, and travel packages.
    • Intangible Rewards: Non-physical, non-monetary recognition or benefits that individuals receive for their achievements or contributions like recognition and praise, increased responsibility, flexible work hours, professional development opportunities, and job enrichment.

  8. What is not a tangible reward?

    An intangible reward is not a tangible reward. Intangible rewards are non-physical, non-monetary forms of recognition or benefits that individuals receive for their contributions or achievements. Examples of intangible rewards include recognition, praise, increased responsibility, flexible work hours, and professional development opportunities.

  9. What is spot reward?

    A spot reward, also known as an on-the-spot reward, is a form of immediate recognition or incentive given to individuals for their exemplary performance, behavior, or achievements. It is typically provided spontaneously and without prior announcement.

    They are designed to acknowledge and reinforce positive actions promptly, fostering a culture of appreciation and motivation within an organization. Examples of spot rewards include gift cards, small bonuses, or other tangible and immediate forms of recognition.

  10. What are monetary rewards?

    Monetary rewards are financial incentives or compensation given to individuals in recognition of their performance, achievements, or contributions. These rewards are tangible and directly involve money.

    Examples of monetary rewards include salary, wages, bonuses, and commissions.

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