Non-monetary Incentive and Reward Schemes
Which ones do you use?
Money is usually a short-term motivator although everybody
needs a certain minimum to feel comfortable to cover their overheads. Promotion
is a very good system to recognize performance which does not have to be
associated with a huge pay rise to make impact. Telling the internal candidate
they are not quite good enough and then appointing somebody from outside at the
level above can be a huge error – if the employee shows they are able for 2
years in that role then that should be enough to promote them or they will walk
out on you.
