Striking the Balance: Analyzing the Pros and Cons of Monetary and Non-Monetary Incentives for Employee Retention

Incentive PlansBy Regina MunroeAugust 24, 2023

In the world of employee motivation, engagement, and satisfaction, incentives play a pivotal role. The choice between monetary and non-monetary incentives is crucial for fostering employee contentment and ensuring a thriving business environment. Although both options have the potential to impact recruitment and retention positively, monetary incentives often come with a higher cost and administrative…

How to Make Employees Feel Valued

Incentive PlansBy Regina MunroeOctober 9, 2019

Most mid and lower-level employees plan on switching jobs every two years. They’ve been taught, by their peers and by the market itself, that this is the best strategy for achieving long-term professional and financial growth. On the other side of that office door are CEOs, managers, and HR professionals who do just about anything…

What are the Best Employee Incentives to Motivate Your Team and Retain Employees?

Incentive PlansBy Regina MunroeSeptember 4, 2019

CEOs are faced with challenges every single day. None is as difficult as the problem of employee retention.  Identifying the exact cost of employee turnover down to the dollar is a big ask—a question that could keep your accounting team busy for days. How much does one exiting employee cost your company? Multiplied over your…

6 Tips For Developing Cost-Effective Employee Incentives

Incentive PlansBy Regina MunroeJuly 23, 2019

Employee incentive programs aren’t cheap. Whether you’re sending 30% of the sales floor to Antigua or handing out cash bonuses from a company safe, you’re going to invest a big chunk of your company’s annual budget into recognizing and rewarding your employees. When every major company seems to be paying top dollar for these flashy…

Top Four Employee Incentives to Increase Productivity at Work

Incentive PlansBy Regina MunroeJuly 3, 2019

Incentive programs that workforces truly value, companies can increase productivity, boost morale, and even improve employee retention. Productivity at a work is a vital part of a thriving business. However, firms may not know how to increase their workforce’s productivity levels. The key is to make your employees happy, as that happiness will be reflected…

Do Incentive Programs Actually Work? Getting the Facts on Employee Recognition

Incentive PlansBy Regina MunroeJune 27, 2019

According to a landmark study by the Incentive Federation, corporations in the United States spent more than $90 billion on non-cash incentives in 2015—a figure that represents a 17% increase from prior years and still continues to grow. The employee incentives industry is booming. Companies devote increasing amounts of money to merchandise, cash, and travel…

3 Incentives That Can Be Used to Motivate Employees at All Levels

Incentive PlansBy Regina MunroeJune 25, 2019

Incentives That Can Be Used to Motivate Employees Most incentive programs operate on the assumption that everybody wants the same things: cash, gifts, free vacations, stock options, etc. Companies who buy into this assumption offer the same incentives for everyone across the entire enterprise, from warehouse workers to VPs—and then wonder why they’re not getting…

How to Reward Employees for Good Performance and Productivity

Incentive PlansBy Regina MunroeJune 20, 2019

Taking a quick spin around today’s job boards, it’s clear that companies are vying with each other to attract the best talent. Some advertise an incredible list of perks—extra weeks of PTO, exercise classes, free meals, stock options—and the fringe benefits keep getting bigger and more bizarre. Do you really need to offer free in-house…

How to Develop Staff Reward and Recognition Programs that Employees Will Appreciate

Incentive PlansBy Regina MunroeJune 7, 2019

You have incentive programs for your employees. Your company has invested thousands of dollars for those great incentive travel and office competitions. We know intuitively that every individual is motivated by different rewards, so why do employee rewards programs always seem to get an eye-roll from employees? Employee rewards just don’t connect with enough people…

Using Metrics to Measure Employee Performance and Create a Robust Incentive Program

Incentive PlansBy Regina MunroeMay 28, 2019

Companies have always used metrics to measure employee performance. We record outputs, error rates, absenteeism. We rank employee efforts against corporate-level KPIs like customer satisfaction and overall profitability. Nearly all managers used these metrics to evaluate employees on a biannual basis—at least, until we learned that frequent 360-degree feedback tends to work better. After years…