Give at least three examples of nonmonetary motivation and rewards practices that have the capability to foster good strategy execution, and explain how they act to produce such a result.
What will be an ideal response?
In addition to monetary or financial rewards, most successful companies also make extensive use of nonmonetary incentives, which can include: (1) attractive perks and fringe benefits to improve employees' quality of life, reduce turnover, and curb absenteeism; (2) promotion-from-within policies to bind workers to the organization and incentivize good performance; (3) acting on suggestions from employees to empower a sense of ownership and boost productivity; (4) a work milieu in which there is genuine sincerity, caring, and mutual respect to promote team building and camaraderie; (5) information sharing (transparency) with employees about financial performance, strategy, operational measures, market conditions, and competitors' actions, etc., to build trust; and (6) attractive office spaces and facilities to boost morale.
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