How can companies effectively balance the use of monetary and non-monetary incentives to maximize employee motivation and satisfaction, and what are some creative ways to combine both types of incentives to create a well-rounded rewards program?

Companies can effectively balance the use of monetary and non-monetary incentives by understanding the different preferences of their employees. Offering a mix of both types of incentives can cater to a diverse workforce and ensure that all employees feel valued. Some creative ways to combine both types of incentives include providing opportunities for professional development, flexible work arrangements, recognition programs, and personalized rewards based on individual preferences and performance. By creating a well-rounded rewards program that incorporates both monetary and non-monetary incentives, companies can motivate employees, increase satisfaction, and ultimately improve overall performance and retention rates.