Why experiences are better than “things.”
There are two types of reward systems employers can provide to their employees: extrinsic and intrinsic.
Extrinsic rewards include financial or tangible rewards that often include things such as cash bonuses, pay raises, additional benefits such as extra vacation time, or even tangible gifts.
Intrinsic rewards are more psychological gifts—things that you can’t necessarily hold in your hand, but that provide employees with a better sense of inner self. Some might include giving an employee more autonomy (allowing them to take more responsibility for their job without micromanaging), providing more opportunities for advancement (an employee that feels appreciated will do more for you in return), or investing in their learning, development, or well-being.
While money and other tangible items are always greatly appreciated, companies that can find a good mix of providing intrinsic and extrinsic rewards covers all the bases for employee happiness and fulfillment. In fact, according to Dr. Thomas Gilovich, a psychology professor at Cornell University who has been studying the question of money and happiness for more than two decades, money can buy happiness, but only up to a point.
Here are just a few reasons why experiences are better than things:
Happiness. Experiences result in longer-lasting happiness than material possessions. People’s satisfaction with material possessions decreases over time while satisfaction with experiences increases by way of fond memories.
Clutter. Material possessions build up year after year and start to crowd the spaces where we live and work. If you’ve ever moved and had to transport all your possessions from one place to another, you understand what a burden that can be. Memories, on the other hand, don’t fill up a lot of space in our minds or on our smartphones.
Connections. People are social creatures. They enjoy connecting with people they know and getting to know people they get introduced to. These relationships can often result in long-term friendships that can create a whole new series of experience memories.
Mindfulness. The old expression, “out of sight, out of mind” relates well to possessions. You may find great joy in a new thing or gadget for a span of time, but it most likely will eventually just be another piece of clutter. Experiences, on the other hand, keep you present in the moment, then let you relive that moment over and over.
Comparisons. “Keeping up with the Jones’s” can be expensive and exhausting. Trying to match the possessions you have with what someone else has is a toxic and unnecessary endeavor. Since you don’t wear your experiences on your sleeve, no one has to try to “keep up” with you.
The good news is LetsVidya’s private experiences allow companies to provide both intrinsic and extrinsic rewards at the same time. On the one hand, it can be considered a tangible reward for a job well done. On the other, it promotes social interaction between employees, providing them with an opportunity to meet others outside the workplace in a fun and enjoyable setting.
Ready to start making memories for your employees to show them how much you value and appreciate their efforts?
The team at LetsVidya is standing by to help you design the perfect private experience.