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3 Non-Monetary Incentives for Employees

Hppy

You can reward them with cash bonuses and other monetary compensation types. Non-monetary incentives are innovative ways to reward your employees outside the standard benefits and financial compensation. Just like monetary incentives, these incentives show that you care about employee growth and well-being.

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The 5 Primary Costs of Employee Turnover and How to Manage Them

Zenefits

You may also have to pay a signing bonus or other incentives to attract top talent. When longtime or highly skilled employees leave, they go with a wealth of knowledge and experience. Build a knowledge base: Encourage employees to document their knowledge and experience in a central location that everyone can access.

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Why Compensation Doesn’t Drive Motivation

Reflektive

But will the incentive of a higher salary or compensation bonus improve their work performance? Financial incentives can undermine autonomy and intrinsic motivation Click To Tweet. Essentially, once people receive an incentive, their motivation wanes. Well, that’s another story.

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Want a Better Culture? Set Compensation Strategy Accordingly

Compensation Today

As we continue down the path into knowledge-based work, employees are becoming more and more impactful to the success or failure of a business. When these same organizations turn around and give raises annually, or even give bonuses annually, their compensation is inconsistent with their culture.

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Gig Economy: A Cost-Cutting Measure or Adding Value to the Workforce?

HR Digest

At present, gigging is an option offered by almost all industries, especially tech-based and e-commerce or knowledge-based work which can be done from anywhere. Hence, all incentives, perks, bonuses are the first things to be cut as is evident by the constant tussles between Uber and Lyft drivers and the app service owners.

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Recruiting Tips That Will Make Your Life Easier

Spark Hire

A qualified hiring manager knows you have to weigh the professional’s knowledge base alongside their personality and ability to mesh well with the company’s existing culture. When it’s time to add to your team, give your veteran employees an incentive to reach out to these connections to gauge interest.

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How to Retain and Engage your Long-Standing Valued Employees

Empuls

As essential assets for any organization, long-standing valued employees offer the following benefits: They provide a solid knowledge base of the organization’s culture, products, and services. Additional benefits such as retention bonuses are extra incentives to keep them happy and performing well.