Distinguish between financial motivators and non - financial motivators.
Answers
Financial and non-financial motivators are basically incentives that encourage individuals to achieve a certain objective or goal.Financial motivators are completely monetary or financial whereas, non-financial motivators include non-monetary rewards or benefits.
Explanation:
Financial Motivator
Financial motivators are usually in the form of monetary incentives or allurement that drives an individual to fulfill a task or attain any desired objective or goal.Some common examples of financial motivator includes wages/salaries, additional bonuses, monetary benefits such as insurance or claims and so on.Often, these financial incentives are provided by the company management to encourage staff or employees to work harder to achieve the desired targets and goals of the company.
Non-financial Motivator
On the other hand, non-financial motivators includes any rewards or benefits that are non-monetary or non-financial in nature such as appreciation,recognition,awards,prizes,promotion in company and so forth.These motivators are not directly related to monetary gains but might lead to in the long run.In many companies, management uses such non-financial motivators to increase employee productivity and improve business operation.