How Can Management Offer Compensation that Motivates Each Employee?
Knowing that money isn’t everything is the first step toward offering employees compensation packages that speak to each employee’s needs. Money is a motivating factor at times, but when money is no longer tied to progress toward career goals, it loses its value as a motivational force. However, when money is used to reward teamwork when production goals are met, or when sales initiatives have been reached, then employees can tangibly see the correlation between hard work and the rewards it can bring. Compensation of all kinds can be a motivating factor when a highly qualified applicant is faced with choosing between your company and one that is offering a better package deal. Even when salaries are lower, benefit packages can lure great candidates into the fold because they know their efforts will be rewarded. Competitive salaries are only the beginning. Incentive compensation based on goal setting, sales achievements, production levels and even cost-cutting can be highly motivating f
