How can companies balance the use of both non-monetary incentives and monetary rewards to maximize employee engagement and motivation in the long term?

Companies can balance the use of non-monetary incentives, such as flexible work hours or recognition programs, with monetary rewards like bonuses or raises to cater to different employee preferences. By offering a mix of both types of rewards, companies can appeal to a wider range of employees and keep them motivated in the long term. It is important to regularly assess and adjust the rewards system based on employee feedback and performance to ensure maximum effectiveness. Additionally, creating a positive work culture and providing opportunities for career growth can also contribute to long-term employee engagement and motivation.