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Employee incentive programs that we’ll cover in this lesson are monetary incentive programs, non-monetary incentive programs, recognition and appreciation programs, goal-setting and feedback programs, work-life balance programs, gamification programs, and personalized incentive programs.
Let’s start with monetary incentive programs. Monetary incentives are one of the most commonly used employee incentive programs. These programs involve financial rewards for employees who meet or exceed specific goals or performance metrics.
Here are a few examples of monetary incentive programs that businesses offer their employees.
Cash bonuses are a popular incentive program where employees receive a lump sum of money as a reward for their hard work or for achieving specific targets. Profit sharing, on the other hand, involves sharing a portion of the company's profits with employees.
To learn more, watch the video.
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