Firms should look for non-monetary ways to provide additional motivation.
There is a number of reasons that employees seek advancement in their careers. They may want new challenges or more responsibility, or they could be looking for a pay increase. Talented workers are always vulnerable to being lured away by the promise of bigger paydays from other companies, which is why Inc. Magazine recommends taking salary out of the equation.
The source states that all workers should be paid a competitive wage, but firms should look for non-monetary ways to provide additional motivation. These encourage workers to focus more on the intangible benefits when it comes to measuring their satisfaction. Employee recognition programs can be extremely beneficial when non-monetary approaches are incorporated. Providing regular feedback and encouragement can lead to more engaged workers and less turnover, as employees seek out new opportunities and challenges within their organizations.
Paying a fair wage actually reduces the return for bonuses, as employees don't need the additional money to pay bills. Allowing staff members to chose from a selection of merchandise gives them the opportunity to receive awards that are relevant to their needs. The strategy can lead to more participation in the programs, creating higher morale and more engaged workers.