How can companies effectively balance the use of non-monetary incentives with traditional monetary rewards to create a comprehensive and motivating compensation package for employees?

Companies can effectively balance non-monetary incentives such as flexible work hours, professional development opportunities, and recognition programs with traditional monetary rewards like bonuses and salary increases. By offering a mix of both types of rewards, companies can cater to the diverse needs and preferences of their employees. This comprehensive approach can help boost employee morale, engagement, and retention. Additionally, companies should regularly assess and adjust their compensation packages based on employee feedback and market trends to ensure they remain competitive and motivating.

Keywords

compensation non-monetary incentives monetary rewards employee motivation retention

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