"A good rewards system recognises and rewards individual and team performance, financially and otherwise, in relation to the overall contribution made," he told the news provider.
Conrad added: "There are many non-financial ways to reward employees."
He noted that it was often beneficial to find out what kind of rewards and sales incentives employees expected before introducing a program.
"Some employees may respond well to recognition of achievement before their peers, while others may find that embarrassing," Conrad concluded.