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Fundamentals of Sales Management: For the Newly Appointed Sales Manager by Matthew Schwartz

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Nonfinancial Incentives—Rewards and Recognition

As mentioned earlier, you can energize employees in countless ways. This can be either via monetary or nonmonetary rewards and incentives. The balance of this chapter deals with low- or no-cost ways to reward and recognize your employees. Keep in mind as you go through these ideas and examples that the only thing holding you back is your imagination.

Nonfinancial compensation typically falls into two main categories—recognition and rewards. Due to the fact that there is so much crossover between the two, we will categorize them by cost and time to implement, starting with easy to implement, small-ticket ideas.

Praise (recognition) is the most undervalued reward. As the expression goes, “a little ...

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