Monetary Incentive Plan From Employee Motivation Perspective Essay

1353 Words6 Pages
Introduction A monetary incentive can be described as a fiscal price given to top performers in a company. It is a fact that these top performers are an asset to the business and should be treated well for them to stay longer. The prize is awarded in the form of project bonuses, health insurance agendas courtesy of the company, program bonuses, profit sharing and paid vacation time among others. The bottom line here is to ensure that the company’s objectives are observed. As an organization, you cannot expect a worker with financial problems to concentrate on his job but once you take care of the problem and the employee is happy, the employer will gain, and this can be evidenced in the profits the company receives. The purpose of the assignment would offer a persuasive debate on the pros and cons of Monetary incentive plan from employee motivation perspective. Additionally, the paper would discuss two companies that have implemented successful motivation plan that does not involve Monetary reward or compensation. Monetary Incentive Plans: Pros vs. Cons The monetary incentive does not necessarily have to be fiscal in nature, but it can also involve power or status in a company. It means that if the employee proves to be hard working and efficient, the employer can decide to promote him or her to a higher status with an increased salary (Mathis & Jackson, 2011). It is not surprising to find an employer, whether in a private or public company searching for ways in which they
Open Document