Identifying Opportunities to Improve Employee Retention and Satisfaction with Non-Monetary Incentives

1073 Words Feb 7th, 2018 4 Pages
While there are some fortunate people who have found a way to translate what they do for an avocation into a vocation in ways that make work fun, it is reasonable to suggest that most people would not work at any type of job without being paid for their efforts. Moreover, many people will not remain in a dead-end job with little expectation for raises in pay in the future. During periods of economic downturn, these issues become especially poignant for small- to medium-sized enterprises that are struggling to survive. To determine what motivates people to work hard and stay with a company through difficult times, this paper provides a review of the relevant literature concerning the relative importance of direct monetary incentives compared to other benefits and perquisites, followed by a summary of the research and important findings in the conclusion.

Review and Discussion Employee turnover represents a severe problem for companies of all types and sizes, and empirical observations and studies confirm that people will leave one job in search of another if they believe they are not being treated right, including the level of compensation they receive in exchange for their services (Hardy, 2007). Employees who are motivated and…
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