Why should Fresh Munchables' managers focus on improving intangible rewards rather than just increasing wages?

Focusing on intangible rewards is essential because these types of rewards significantly enhance employees' sense of value, recognition, and overall job satisfaction. Intangible rewards include aspects such as praise, professional development opportunities, and flexible working conditions, which contribute to a positive work environment. When employees feel valued for their contributions and see that their personal and professional needs are being considered, their engagement and loyalty to the company increase.

Investing in intangible rewards can create a culture of appreciation and recognition, fostering a more motivated and committed workforce. This approach can lead to improved productivity, higher quality of work, and reduced turnover, all of which are beneficial for the long-term success of the organization. In contrast, while increasing wages can certainly enhance satisfaction, it does not always address the broader psychological and emotional needs of employees that intangible rewards effectively fulfill.