How can companies effectively balance the use of monetary and non-monetary incentives to create a comprehensive and impactful rewards program that maximizes employee motivation and satisfaction?

Companies can effectively balance the use of monetary and non-monetary incentives by understanding the preferences and motivations of their employees. By offering a mix of both types of rewards, companies can cater to different individuals' preferences and needs. Additionally, creating a rewards program that aligns with the company's values and goals can help increase employee motivation and satisfaction. Regularly evaluating the effectiveness of the rewards program and seeking feedback from employees can also help in making adjustments to ensure maximum impact.

Keywords

employee motivation rewards program monetary incentives non-monetary incentives employee satisfaction

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