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Back To Basics: What Are Employee Incentives?

Author: 
Mike Lovett
Publication date:
January 20, 2022
Article Summary: 

This blog discusses the basics of employee incentives, which are monetary or non-monetary rewards designed to motivate and engage employees. Incentives are most effective when aligned with a company's values and given throughout the year to provide consistent boosts of motivation. Employee incentives can reduce turnover, improve morale, increase productivity, and help retain high-performers. Companies should view incentives as investments rather than expenses and invest 1% or more of payroll in values-based rewards and recognition for the best results. Combining incentives with recognition, affirmations, and praise for completed tasks result in improved performance.

Keywords: 

employee incentives, monetary rewards, non-monetary rewards, motivation, engagement, company values, turnover, morale, productivity, high-performers, investments, expenses, payroll, recognition, affirmations, praise, improved performance.

Source Citation: 
Mike Lovett
Back To Basics: What Are Employee Incentives?
January 20, 2022
https://www.workhuman.com/blog/back-to-basics-what-are-employee-incentives/
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