The survey developed by Accountemps asked CFOs, "Which of the following do you feel is most effective in rewarding your team after major projects?"  Time off was the next answer, at 17 percent, followed by departmental lunch or social gathering (16 percent). But 15 percent said they do not reward employees at all.

"When budgets are tight, non-monetary perks such as time off or a departmental celebration can be valuable tools to acknowledge staff accomplishments on a major project," said Max Messmer, chairman of Accountemps. "But employees also expect financial compensation for their efforts, which can be an effective retention tool."

Messmer added that recognizing personnel who go above and beyond the call of duty is essential to keeping them motivated. "The objective is to create a working environment that provides meaningful, tangible incentives and rewards. Such a workplace attracts quality people and creates a setting that maximizes productivity, enhances job satisfaction and protects the firm against the loss of good employees who may be difficult to replace," he said.