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Non Monetary Rewards in the Workplace Abstract The following paper was written to discuss Non-Monetary rewards in the workplace. Several websites were researched
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Non-Monetary Rewards in the Workplace Non-Monetary Rewards in the Workplace The purpose of this paper is to discuss methods that can be used to motivate employees,
Submitted by dustinh on February 17, 2007
Category: Business
Words: 1204 | Pages: 5
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Non-Monetary Rewards in the Workplace
The purpose of this paper is to discuss methods that can be used to motivate employees, and their effectiveness. Motivators, such as non-cash incentive programs, are commonly used methods to motivate employees. Non-monetary motivators, such as praise and recognition, a work environment of trust and respect, and professional growth and development are the most effective methods to motivate employees.
Many companies choose non-cash incentive programs to motivate employees. When used correctly, these programs can be very effective motivating tools. However, there are several conditions that must be present in order for this system to successfully motivate employees.
There are several advantages to non-cash incentive programs. Horne states, "Â…performance based incentive programs serve not only to increase productivity, but also to increase satisfaction and retention" (Horne 74). Employees are more willing to work hard and are happier in their jobs when they are rewarded for their performance. Non-cash incentives are effective tools to recognize employees and can be used often to consistently reward good performance.
Examples of non-cash incentives include merchandise credit, plaques, and certificates. These are effective motivators because "Â…employees will constantly be reminded of the incentive each time they look at the gift" (Arn, Darling and Gatlin 2). Contrary to monetary rewards, which can be spent and forgotten, non-cash incentives provide employees with a constant reminder that management appreciates their hard work.
In order for non-cash incentive programs to effectively motivate employees, several conditions must be met. First, these programs must be "fairly administered, with clearly communicated goals and criteria" (Horne 74). As with cash rewards, these rewards must be given fairly to ensure that all high performers are acknowledged. Employees will become...
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