Staff recognition and incentive programs are planned processes that recognize the efforts of staff who support the UNM Mission, those who accomplish department goals and those individuals who are high performers. Recognition and incentive programs are a key factor in motivating and retaining top performing employees. UNM’s 2020 Vision for staff includes a goal to link recognition and compensation programs to outcomes.
Some employees are primarily motivated by financial rewards, and will dramatically improve their performance to achieve such rewards. However, monetary and non-monetary rewards both play a part in a complete employee recognition program. Each motivates employees differently and both can be used for either individual or team rewards.
Monetary - Monetary incentives reward employees for achievements outside their day-to-day responsibilities. These incentives recognize ongoing performance and productivity through a one-time payment.
Non-monetary - Non-monetary rewards are designed to appreciate, recognize and motivate employees. The desired outcome of rewards and recognition programs is to improve performance and to recognize the value employees bring to the organization. Non-monetary recognition can be very motivating, helping to build feelings of confidence and satisfaction.
