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Research from RSM about employees becoming more productive when there is a financial incentive is quoted in this article which also quotes a Harvard study that concludes productivity of the strongest employees decreases by six to eight percent after the introduction of an employee of the month award.
Read the article (in German) https://www.bild.de/leben-wissen/mitarbeiter-des-monats-warum-gibt-es-die-auszeichnung-nicht-mehr-662f5b83967e1151710bb705