Financial and Non Financial Motivators

1541 Words Jan 27th, 2011 7 Pages
What financial and non financial motivators are used to motivate employees?
Introduction
It is important that a company makes the employee feel motivated. There are many reasons as to why they should do this. One of the reasons is that if an employee does not feel motivated then they may feel that their job is quite boring and therefore as a result of this they may decide to leave the employment and resign. If they do this, this would cost the company money to hire and recruit a new employer as they would have to repeat the process of recruitment and selection all over again. Also it will make the company look bad and their business name will have a bad reputation with the public if too many of their staffs are leaving their employment.
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Non-financial Job enrichment Job enrichment is when a company gives its employees a much more motivating, demanding and compound tasks. There are many reasons as to why this is motivating. One of them is that it enables the workers to be able to see their full potential and see what they are capable of producing. It makes the task as a whole more interesting so the employee will less likely to lose interest quickly and due to the fact that it is complex it will make the employee more determined to finish the task as they will want to complete the challenge. Once they have completed a difficult they will feel more proud of their self. Also it shows that their manager has faith in them that they can manage tricky or hard situations with the greatest of ease and this therefore creates a higher sense of achievement. However, a careful decision that manager has to make is when deciding which employee is suitable for the complex task. If they pick someone who cannot work well under pressure then as a result of this the company could lose a great deal of revenue. For example Tesco may promote a cashier to a higher job role such as a department manager as they think they could handle a more challenging job. The managers need to judge carefully however what an
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