Every organisation has financial and non-financial rewards for their employees. However, the magnitude and extent of such rewards differ by the profit of a specific project taken up by the organisation. Barclays has been giving both types of rewards to employees and it does it in the form of intangible rewards and tangible ones. Cash rewards are simply a motivator to finish certain projects of superior importance or simply projects which needs to be finished before the deadline. Cash rewards tend to motivate people to work towards a goal which is more difficult and it is seen that employees tend to reach difficult looking goals if there is a cash reward from the employer (Peltier et.al, 2005). The non-cash rewards are also important because some employees simply are not looking for a cash reward and may look at a meaningful rewards through which they would feel satisfied and complete. Sometimes the cash rewards are also from the clients of the bank for finishing a project in a stipulated time. This is being directly given from the bank’s client to the bank’s employees. Tangible rewards are non-cash rewards having monetary value like travel, merchandise, gift cards, etc. (Condly et.al, 2003). The goal difficulty is also associated to a positive performance from employees (Locke and Latham, 2002), and hence when the bank needs to encourage and empower their employees to reach a difficult goal, it may also introduce either cash or non-cash rewards in such cases which adds up to the employee encouragement. This produces a multiplier effect on the employee performance and mostly the goals are being reached.
Cash and non-cash rewards sometimes become necessary to change the entire organisational behaviour when it is facing a performance crisis and it is lagging behind of its competitors. Employees see these rewards as bonuses and cash rewards help some employees to pay for their extra expenses.