Explain briefly non-financial incentives used to motivate employees of a company.
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non incentives are like status of the employee etc...
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Non-Financial Incentive:
Appreciation of Work Done:
Appreciation or praise for work done be it at home, at school/ university or at work place, serves as an effective non-financial incentive. Appreciation satisfies one’s ego needs. However, managers need to use this incentive with great degree of caution because praising an incompetent employee may create resentment among competent employees.
2. Competition:
If there exists, a healthy competition among the employees both at individual and group levels, it will prompt them to exert more to achieve their personnel or group goals. Thus, competition serves as a non-financial incentive for employees to put in more efforts at their works.
3. Group Incentives:
Sometimes, group incentives act as more effective than individual incentives to motivate the employees. Particularly, when the prestige or even existence of a group is at stake, the group members work with a team spirit. This results in high morale and, in turn, increases in its productivity.
4. Knowledge of the Results:
Knowledge of the results of work done leads to employee satisfaction. An employee derives satisfaction when his/her boss appreciates the work he/she has done just as an MBA student gets satisfaction when his/her Professor appreciates the seminar he/ she presented in the class.
5. Worker’s Participation in Management:
Inviting workers to participate in management gives worker’s a psychological satisfaction that their voices are also heard. This imbibes a sense of importance among the workers.
Hope it helps you.
Appreciation of Work Done:
Appreciation or praise for work done be it at home, at school/ university or at work place, serves as an effective non-financial incentive. Appreciation satisfies one’s ego needs. However, managers need to use this incentive with great degree of caution because praising an incompetent employee may create resentment among competent employees.
2. Competition:
If there exists, a healthy competition among the employees both at individual and group levels, it will prompt them to exert more to achieve their personnel or group goals. Thus, competition serves as a non-financial incentive for employees to put in more efforts at their works.
3. Group Incentives:
Sometimes, group incentives act as more effective than individual incentives to motivate the employees. Particularly, when the prestige or even existence of a group is at stake, the group members work with a team spirit. This results in high morale and, in turn, increases in its productivity.
4. Knowledge of the Results:
Knowledge of the results of work done leads to employee satisfaction. An employee derives satisfaction when his/her boss appreciates the work he/she has done just as an MBA student gets satisfaction when his/her Professor appreciates the seminar he/ she presented in the class.
5. Worker’s Participation in Management:
Inviting workers to participate in management gives worker’s a psychological satisfaction that their voices are also heard. This imbibes a sense of importance among the workers.
Hope it helps you.
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