Using monetary incentives to improve performance

摘要

Companies, large and small, face challenges both attracting and retaining good employees. It used to be simple - an employee worked a number of hours for a predetermined rate and took home a pay envelope at the end of the week. While we all know it takes more than competitive pay to attract and retain staff, and keep them engaged and motivated, an important part of the 'reward equation' is compensation. Today, many employers use a variety of reward strategies including monetary incentives to differentiate themselves from their competitors and to gain a competitive advantage in a difficult labour market.