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Mental Accounting Theory: How Cash is Valued

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Nearly 1 month into President Biden’s push for one million COVID-19 vaccinations to be distributed in his first 100 days in office – his own version of “Warp Speed” – there are numerous reports of certain factions of the population resisting the shot. As many as 30% of the military personnel say they have no plan to get it, which is troubling when you consider that National Guardsmen will be tasked with administering the vaccines in certain areas and may be of the same mind set. It has also been reported that several NBA players are reluctant to get the shot and therefore unwilling to perform in PSA’s promoting it.  In total, some 40% of Americans still have no plans on getting either of the vaccines available. To combat this in the private sector, numerous employers with a vested interest in vaccinated employees have begun taking a different tact towards those reluctant to receive the shot; cash incentives.

The Incentive Research Foundation (IRF) has completed their survey of incentive buyers, suppliers and professionals in the industry to provide their merchandise outlook for 2020. Some key points follow:

Attracting and retaining key talent has always been a top concern for business leaders and it is especially so in these days of historically low unemployment. Without accurate intelligence, business leaders are tempted to throw cash at the retention problem. Cash is King, right? So why not use cash to reward employees? Because research shows that tangible rewards are far more effective than cash.