Non Monetary Incentives in the Workplace

1276 WordsJul 2, 20086 Pages
Running head: DO NOT SHOW ME THE MONEY: THE GROWING POPULARITY OF Do Not Show Me the Money: The Growing Popularity of Non Monetary Incentives in the Workplace Latonya Page University of Phoenix RES/ 110 Week Four Rose van Es, Instructor March 29, 2008 Do Not Show Me the Money: The Growing Popularity of Non Monetary Incentives in the Workplace With the growing decline of economy, more employers are using non-monetary incentives to motivate employees, yielding positive results. While everyone needs money for the expenses of everyday life, most current and long-standing employees rarely view cash as good motivation. If an employer pays fairly, employees desire appreciation and other non monetary rewards in exchange for a…show more content…
Happy employees are ultimately more productive, which benefits both the employee as well as the company (Sorauren, 2000). Top Five Non Monetary Rewards According to Ballentine (2007), “managers are constantly searching for ways to create a motivational environment where associates (employees) to work at their optimal levels to accomplish company objectives”, (¶ 1). Five of top incentives employees desire are as follows: Flexible Hours Family, children, friends, church, sports, hobbies and other activities all have demands on today's employees. A flexible schedule or the occasional afternoon off can help employees meet some of these obligations. By allowing some flexibility in an employee’s schedule you can increase their desire and motivation (Recognition Rewards Enterprises, 2007, ¶ 2). Recognition In today's high paced work environment it is reported that employees consider recognition of their work and efforts rare and infrequent. Think about it - What better way to have an employee continue their good work and success then to offer them praise-verbal, written or ideally a public announcement (¶ 3). Opportunity to Learn, Develop and Advance as an Employee Employees understand they need to grow, learn and develop new skills in order to advance. The ability to be able to choose their assignments and rise to new challenges offered by new responsibilities is also appealing (¶ 1). The Opportunity to Contribute People appreciate the opportunity to be
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