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Non monetary Rewards for Employees can Work Great

Source | YouTube | HiFives Digital HR Platform- Reward and Recognize

Organizations today are well aware of the importance of having a highly engaged and motivated workforce for consistent business success. They also understand the criticality of a well-designed and efficiently executed employee rewards system in driving employee engagement. In this context, most organizations have traditionally thought that giving monetary or cash rewards to the employees can guarantee the best results. This is perhaps why cash incentives and bonuses were the most popular choice for rewarding employees until quite recently. However, the growing popularity of different types of non-monetary awards in recent years is challenging that perception. Non-monetary awards can be as simple as saying ‘Thank you’, felicitating the employee in a large gathering, nominating the employee for a training program or giving an opportunity to work on a special project

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