Rewarding Employees With Bonuses Or Fringe Benefits Essay

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Eg: Rewarding employees with bonuses or fringe benefits This solution will look more at inspiring motivation through monetary options. There are various monetary methods that could be implemented to increase employees’ motivation. First of all, business can offer rewards that employees value. There are many different types of rewards. In the workplace, rewards typically include money, promotions, increase of wages, job titles, attractive offices, praise from boss or peers, bonuses, and fringe benefits. In 3M, they provide fringe benefits to 3M employees such as company cars and discount vouchers etc. Even though this may not encourage productivity, it often builds company-employee loyalty and relationship between 3M and its employees. In turn it may make them more motivated to work harder. Bonuses are also used by 3M, which are related to the achievement of targets being reached. 3M managers always set targets for their staff at the beginning of a year/period, and once employees hit their targets they will be rewarded and get extra bonuses. This is a good motivator, as they know if they work hard they will be rewarded on the completion of a task. According to Vroom’s expectancy theory, 3M is always expecting employees to work hard by using the method of rewarding extra bonuses. Highlighting the financial benefits of promotion may be a good motivator for 3M employees to work harder. But however, the negatives are that it will cost 3M extra expenses, and not everyone will be

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