Speaking of incentive and reward systems, we will give one interesting example, when the participants of the experiment were offered a choice - to receive a small instant bonus for completing a simple task or to acquire the right to a larger deferred prize. The majority preferred the quick reward - their motivation increased by 35%, and in the second case only by 19%.
A similar study was conducted at an Intel philippines mobile database plant: employees were offered incentives in the form of $30, free pizza, or verbal praise, but with different delivery times (respectively, a few days later, in the evening, immediately).
The highest level of motivation was demonstrated by the second group of participants – those who counted on verbal encouragement from the manager. Monetary reward, however, began to lose its motivational effectiveness after a certain period of time.
Why do we need a reward system?
Source: Lyubomyr (Lou) Reverchuk / unsplash.com
A reward system is a set of procedures for encouraging employees to ensure that the company achieves its planned objectives.
Why do we need a reward system?
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moumitaakter4407
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