Three types of business incentive solution
Business incentive solution include cash, non cash, and incentives, but the most important is non cash incentives, like travel, merchandise, and ticket events.
Although cash is a popular incentive because of its universal appeal, it is not always the most effective incentive. When you can be in a personal or emotional appeal
of the universal appeal of trade, you can get more power. Cash may be king, but it can't compare the impact of personal and emotional, non cash rewards. Non cash
incentives, such as goods and travel in the people.let we have more power and influence, look at the three kinds of incentive compensation:
Cash
Cash is the age-old, tried-and-true, classic form of reward. No one hates extra money, right? Bonus checks and debit cards are great for SPIFs or short-term sales
promotions. Cash is flexible and accepted everywhere, which often makes it seem like the best reward choice.
Non-cash
Non-cash rewards include merchandise items, incentive travel, court side season passes, company T-shirts—any object or event you can reward your team with. Many customer loyalty programs are based on rewarding customers with their products after accumulating points. That same strategy works well for rewarding your hard-working team members and business partners.
Recognition
Prestige, bragging rights, appreciation—these are all part of the emotional reward employees feel from recognition rewards. You might recognize employees by putting their names up on a wall, by singling them out during meetings for their efforts. Recognition is a way of thanking employees, reminding them that you appreciate their dedication and that your success comes from their hard work.Respect and understanding is the premise of motivating employees.
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