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  • September 2017
  • Article
  • Compensation & Benefits Review

Winning the War for Talent: Modern Motivational Methods for Attracting and Retaining Employees

By: Anais Thibault-Landry, Allan Schweyer and Ashley V. Whillans
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Abstract

Given the struggle that many organizations face hiring and retaining talent in today's tight labor market, it is critical to understand how to effectively reward employees. To address this question, we review relevant evidence that explains the importance of workplace rewards and recognition. Based on a review and synthesis of the current literature, we make the case that organizations should move beyond salary and traditional cash rewards to place greater emphasis on non-pecuniary, tangible and intangible rewards and recognition initiatives. We further highlight the importance of aligning rewards with universal psychological needs. Finally, we discuss the need to conduct more research to understand when and for whom cash and non-cash rewards increase intrinsic motivation, organizational commitment, and optimal functioning in order to improve the design and implementation of existing reward programs.

Keywords

Rewards; Total Reward Strategies; Incentives; Recognition; Motivation; Psychological Needs; Employees; Retention; Motivation and Incentives; Working Conditions

Citation

Thibault-Landry, Anais, Allan Schweyer, and Ashley V. Whillans. "Winning the War for Talent: Modern Motivational Methods for Attracting and Retaining Employees." Compensation & Benefits Review 49, no. 4 (September 2017): 230–246.
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About The Author

Ashley V. Whillans

Negotiation, Organizations & Markets
→More Publications

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More from the Authors
  • Buying (Quality) Time Predicts Relationship Satisfaction By: A.V. Whillans, Jessie Pow and Joe J. Gladstone
  • ING Türkiye: Flexible Work in a Competitive Banking Environment By: Ashley Whillans and Nico Schaefer
  • Overcoming Barriers to Employee Ownership: Insights from Small and Medium-Sized Businesses By: John Guzek and Ashley Whillans
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