Should company use public recognition to reward hard working, not to use money.
Incentives mechanism is a complex way of motivation, which can determine the success of organizations. While I accept that rewards and recognition can energize workers, I believe that remunerative incentives would be more effective.
On the one hand, recognition can motivate employees. Firstly, all human have a need to feel valued and respected. According to Maslow's hierarchy of needs, if people get respect from others, they will feel a sense of achievement. That is why so many graduates intend to engage in professions such as working in a law firm or being a doctor. For workers, earning great reputation means that their achievements have recognized, which can greatly enhance job satisfaction. In addition, people tend to be confident in working when they receive recognition and appreciation from the outside world. Employees will be certain that what they do is right and that the firm needs their contributions.
However, I would argue that financial incentives would be more popular among employees. From a realistic perspective, money is a tool for maintaining a basic standard of living. Without money, we are unable to buy food, afford the mortgages and pay for health care expenses. Furthermore, we tend to connect material possessions with happiness and success. Most of people aspire to earn more money because they want to own bigger houses and more luxurious automobiles. For example, many bankers like wearing the Armani suit, living in the Manhattan's Upper East Side and driving the BMW car. This is because material wealth are status symbols. Lastly, money provides a unit of account that serves as a standard to measure value. We have seen that the most direct measure of employees' contribution is the money they make for themselves.
In conclusion, it seems that compared with public recognition, the monetary incentive is more effective measure to motivate employees because it is a more realistic method to incentive workers who need more money in exchange for the necessity, to enjoy a better life and measure their contributions to the organization.