Bonuses give more happiness when spent on others!
We all know how spending the Holidays, or any celebration, with loved ones makes the occasion happier. The same goes with spending your money, which is a scientifically proven fact. Now, a study has found that employees become more motivated when told that their Holiday bonuses will go towards a charitable cause.
A team of psychological scientists and business scholars conducted a study to assess the efficacy of ‘prosocial bonuses’. Instead of taking these incentives home, the employees give it away to a charity of their choice. They found it being a bigger morale booster than simple cash rewards.
In the first part of the study, some employees in an Australian bank got vouchers in exchange of their work. They could redeem the voucher as a donation to a charity of their choice. Researchers measured the happiness levels and job satisfaction of the workers at both the stages in all the employees. The conclusion was that donating their bonus made the employees happier and more satisfied with their work.
Further, some employees got a voucher worth $25 and the others got one worth $50. They found that the first amount was not sufficient to make the workers happy or satisfied.
Researchers also conducted similar studies on members of dodge ball teams in Canada and pharmaceutical salespeople in Belgium. “Taken together, our studies show that when organizations give employees the opportunity to spend money on others – whether their co-workers or those in need – both the employees and the company can benefit. We suggest that compared to personal bonuses, prosocial bonuses would have a larger impact on job performance,” said the researchers.
You don’t have to depend on your employers to feel happy, though. Start by putting your year-end bonus in a cause that will make you feel good. Browse the campaigns at Crowdera to find a few such causes. You could even help someone in need by starting a fundraiser for them where you can raise money for FREE!