What are the differences between monetary and non-monetary incentives?
Monetary incentives are financial rewards like bonuses or salary increases, while non-monetary incentives include recognition, job satisfaction, and work-life balance.
Can you give examples of non-monetary incentives?
Sure! Examples include flexible work hours, employee recognition programs, opportunities for professional development, and a positive work environment.
Which type of incentive is more effective?
It depends on the individual and the context. Some people are motivated by financial rewards, while others value recognition and personal growth more.
How can companies implement non-monetary incentives?
Companies can implement non-monetary incentives by creating a culture of appreciation, offering career development opportunities, and promoting a healthy work-life balance.
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