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When and How to Use Monetary Incentives

When and How to Use Monetary Incentives

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by Laura Sachs Hills, M.A.
Will money motivate your staff to perform better? While some practice managers prefer not to use bonus incentive programs, others use them frequently and report excellent results. This article explores the benefits and pitfalls of using monetary incentives with your staff. It explores the effectiveness of bonuses compared with raises. It also considers the four qualities of effective incentive bonus programs and gives examples of both percentage bonus programs and flat-dollar bonus programs.