How can companies effectively balance the use of monetary and non-monetary incentives to create a comprehensive and engaging 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. They can tailor rewards programs to include a mix of both types of incentives based on individual needs and preferences. By offering a variety of rewards, companies can appeal to a diverse workforce and ensure that all employees feel valued and motivated. Regularly soliciting feedback from employees on the rewards program can also help companies fine-tune their approach and maximize employee motivation and satisfaction.