Non Monetary Rewards in the Workplace Essay

“Incentives are the cornerstone of modern life”(Levitt and Dubner 12). Levitt and Dubner once mentioned in their book “Freakonomics”. According to Oxford dictionary, incentives are something tends to incite to action or greater effort, as a reward offered for increased productivity (“incentives”). In business field, incentives are something given by bosses to encourage their employees to endeavour in bringing benefits to their business. For a simple example, the employee who hits the monthly or year sales target will get cash or prizes as incentives. Apparently, these incentives are something that motivates employees maintains their great performance and also to motivate other employee, whoever wants to get the incentives, work harder.

Recognizing employees for accomplishments such as finishing a major project, reaching sales targets or providing excellent customer service can be an important motivating factor. Set goals for workers to strive for and offer rewards for reaching them. This could be in the form of an employee of the month scheme, a bonus, or a promotion. Some companies conduct meetings where employees are recognised for good work in front of their colleagues. This can help motivate all the workers in the business to strive for success.

Give contests to the workers between each other and give points to the workers for whatever good things they have done and also must deduct points when they do not do well suppose for example when a worker keep absenting themselves must deduct points for every absence so the staffs will turn up every day and they will be motivated to turn up for work for everyday and put in such a way that that the staff who earns the most points will get rewarded with the most bonus and that will motivate the staffs to do good

Employees deserve recognition for their hard work, creative ideas and commitment to the company. “Employee recognition is the timely, informal or formal acknowledgement of a person’s or teams behavior, effort or business result that supports the organization’s goals and values, and which has clearly been beyond normal expectations” (Wiley & Kowske, 2012). It is important to show employees your appreciation for their work so they can understand how they are valued by the company. The effect of this action helps to increase employee satisfaction and productivity. Rewarding employees

The problem with most financial incentive plans is that they become an expectation, which means they are no longer motivating better performance but merely maintaining the status quo. Staff may come to view the additional cash as part of their normal compensation. They may even start depending on it. After the plan expires, morale (and results) can suffer as staff perceive that you took something away from them.

Pay and Rewards – pay and rewards attract, motivate and retain staff. The employment contract which lists rewards, whether it be pay, bonus or benefits, can remove animosity amongst employees and employers. However, recent research reveals that employees are no longer motivated by a financial reward alone, but

While everyone may want to be rewarded for a job well done, everyone has different motivations that need to be taken into consideration. Everyone wants to be recognized for their performance and meeting or exceeding standards in the workplace. We have been groomed since infancy to expect a reward for meeting small achievements and major milestones, whether it was a celebratory smile from our parents for eating mashed carrots as a toddler, or walking across the stage to receive our diploma at graduation.

A motivated workforce can be a significant success when employees are motivated to work at a higher levels of productivity. Also this means the whole organization is more effective at reaching it’s goals. Rewards can be a positive outcome when it comes to boosting your organizations self-confidence and higher employee satisfaction. Having a reward system can always be a good outcomes because this shows how much your workers are willing to work to achieving a goal in order to receive something in return. This not only gets things done but brings out another side of your organizations as a whole.

| In an effective organization, rewards are used well. Rewarding means recognizing employees, individually and as members of groups, for their performance and acknowledging their contributions to the agency 's mission. A basic principle of effective management is that all behavior is controlled by its consequences. Those consequences can and should be both formal and informal and both positive and negative.Good performance is recognized without waiting for nominations for formal awards to be solicited. Recognition is an ongoing, natural part of day-to-day experience. A lot of the actions

A reward is a high extrinsic motivator. The reward can be monetary, gift certificate, day off with pay, a two hour lunch, or working for two hours on anything but work. All entice performance and competition in the workplace. A gold star, being the teacher’s helper for a day, no daily

Reward Management (RM) has been defined as the distribution of monetary and non-monetary rewards to employees in an effort to align the interests of the employees, the organisation, and its shareholders (O’Neil, 1998). In addition O’Neil (1998) also suggests that a RM system can serve the purpose of attracting prospective job applicants, retaining valuable employees, motivating employees, ensuring legal requirements relating to direct and indirect rewards are not violated, assisting the company in achieving human resource and business objectives, and ultimately assisting the organisation in obtaining a competitive advantage.

Recently published literature reveals that there are several key components of any effective reward and recognition program. Multiple authors argue that programs missing any one of these key components will, at best, fail to engage employees, and at worst alienate employees. In fact, according to Bob Nelson, the author of 1001 Ways to Reward Employees, some forms of awards can hurt organizations by promoting a culture of entitlement. Additional research reveals that programs that are impersonal or reward too few people may alienate employees. These key 14,15,16 components and case examples of their influence are detailed below:

Recognize & Reward Employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

To motivate employees to work towards reaching organizational goals, managers frequently depend on some form of enticement. Beyond monetary compensation, awards and additional types of acknowledgment can be given, and the ability to choose a work schedule is a possibility. A reasonable pay system, which would be an incentive for individuals and groups to achieve organizational goals, is a hardship manager’s face (Jones & George, 2011). Within the company that I work for, every quarter awards are presented to Customer Service Agents who have maintained a 95 percent or above quality score. Monetary awards are given out as well as time off coupons.

Being rewarded and recognised for their work or contribution is what keeps an employee motivated to work towards achieving the organisational as well as personal goals. When the employees is motivated by rewards, they will have job satisfaction consequently increasing the productivity of the organisation. It necessitates the need of managers to pay more attention in understanding their employees and come up with suitable types of reward systems for the organisation so that the employees are intrinsically and extrinsically motivated all the time. The hypotheses that I put forward here is to support this statement that effective reward management is critical to