Non-Monetary Rewards in the Workplace

Managers of different industries and organic laws energise been finding slipway to create a motivational contriveplace. Defining motivation, it is that which gives impetus to our behavior by arousing, sustaining, and directing it toward the attainment of goals (Wortman and Loftus, 1992 p.353). In order for a business organization to achieve its objectives, therefore, there should be some motivations in the workplace that bequeath drive its employees to accomplish such objectives.Companies may aim to break the character reference and harvest-tideivity of the business primarily for increased profitability. Personally, employees may have their induce motivators that drive them to perform their jobs better. Older employees be move by the damages and pensions they leave al unity get upon retirement eon others be incite by the increase in salary as the years of their stay in the company increases.What get alongs motivation genuinely important is that when it has been ver y potent, the business and its workers pass on mutually benefit that is they will both achieve their goals. For businesses, turn oer rate will decrease and productivity may increase. What also makes it a hard task for the managers is that employees have different behaviors and attitudes towards work, thus different motivations are needed in order to satisfy the employees.The closely common token of motivation is vantage. Rewards are tending(p) to motivate employees to advance their performance or simply to avoid dissatisfaction among employees. Rewards may be m bingletary or non-monetary. The train of monetary rewards is to ac bedledge employees excellent job by means of money. Money has been an effective motivator because stack are motivated first by the confide to secure first-level needs of food and shelter for survival (Creech, 1995). Aside from that, one of the primary reasons why pile work is to earn money and remediate their economic status. pecuniary rewards or incentives include salary increase, profit sharing, cat bonuses, stock options and warrants, scheduled bonuses and additional paid vacation time (Ballentine et al, 2003 p.1).However, peoples needs are not only material things. in that location are also other needs that are needed to be satisfied such as the need to learn, to be challenged, to improve skills, improve social status, and the need for other opportunities. These needs are basically what make people self satisfied and fulfilled.Non- fiscal RewardsNon-monetary rewards are important employee motivators. As galore(postnominal) people say, there are certain things that money rout outnot buy and these are sometimes to a greater extent important to people. According to Kohn (1993 on Ballentine et al, 2003), monetary incentives march on compliance rather than risk-taking because most rewards are based only on performance. On the other hand, non-monetary rewards are recognition of an excellent job which do not involve money but are still meet and motivating to employees with the purpose of creating opportunities to the employees.Non-monetary rewards include (1) opportunity to learn, develop and advance as an employee (2) flexible hours (3) information (4) the opportunity to house and (5) independence and autonomy (Anonymous, 2006). chance to Learn, Develop and AdvanceThe opportunity to learn, develop and advance support be considered as opportunity for growth. Creech (1995) describes growth as to the mental abilities of employees. Promotion is one means of growth but there are also other ways that employees can learn and grow aside from moving divulge of their current position. Training, for example, are provided to employees who have showed exemplary performance. Some companies even manoeuver their employees abroad for special seminars and trainings to further enhance their skills while other companies have provided scholarships and send their employees to universities to make them more educated .Another way of honor an employee is by giving him more complex and challenging tasks that will divine service improve his skills giving employees a certain feelinging of achievement.Flexible HoursHaving flexible hours is rewarding to employees in such a way that they can have more time with other obligations. It will be rewarding for good employees if they can have time for other important things such as the family, a part-time job, hobbies and social life. Even the most dedicated employees may feel like slaves and may lose interest with their jobs if all their time will be spent working for the company alone but those who can have time for their selves can be more enthusiastic.RecognitionIt is very important for an employees excellent job to be appreciated and recognized. Recognition as a reward should be earned directly through the job (Creech, 1995) and must be in the form of merit so that employees know efforts are macrocosm observed and appreciated by centering (Anonymous, 1994). Recognition may be in the form of pat in the back, verbal praise, or written praise (in the form of letter or certificate). There are even some companies that announce the reward publicly by holding ceremonies annually or quarterly in recognition of outstanding employees such as awards for the most prolific employees, the most loyal, most innovative and so on. In this way, employees are more motivated knowing that their good performances are recognized.Opportunity to ContributeEmployees feel rewarded when they know that they have good contributions in the workplace. They can even more contribute to the organization when they are wedded more responsibilities and when they know that their contributions are universe valued. This reward involves having to work in a team, working closely with the people in the upper level of the business organizations such as the management, and having your ideas being heard and considered with regards to the endings made in the company. This kind of reward is commonly given to innovative and creative employees who always have new ideas to contribute to product development and productivity.Independence and AutonomyExemplary employees are usually given the independence and autonomy because the management trusts them that can accomplish their jobs without supervision and help of others. This reward is commonly given to employees who are good in decision making, can handle pressure and can finish the job on time effectively. It is a rewarding and comfortable feeling for an employee when there is no supervisor or other employees that always looks after his works while employers can save time and money when they have workers who can work independently.ConclusionAlthough monetary rewards have been traditionally effective as a motivator in a workplace, non-monetary rewards are also important in meeting the other needs of the employees. Non-monetary rewards satisfy and eliminate unhappiness in the workplace by providing employee self-fulfillment, growth, and a feeling of achievement, making them more motivated to perform their jobs better. Therefore, in a workplace, there should be a agreement of monetary and non-monetary rewards which motivates employees in different effective ways.ReferencesAnonymous (1994) Personnel Practices/Communications. compassionate ResourcesManagement. Chicago Commerce Clearing House Inc.,Anonymous, Top Five Non Monetary Items Employees Want in a WorkplaceRetrieved online on October 12, 2006http//www.recognitionrewards.com/top_five_items.htmBallentine, Andrew, McKenzie, Nora, Wysocki, Allen & Kepner, Karl (2003),The Role of Monetary and Non-Monetary Incentives in the Workplace as Influenced by Career Stage, EDIS, Department of fare and Resource Economics, Florida Cooperative Extension Service, University of Florida, Gainesville, FL.Creech, Regina (1995), Employee Motivation,Management Quarterly, Volume 36, Issue 2Wortman, Camille B. and Elizabeth F. Loftus. (1992) Psychology.N ew York McGraw-Hill, Inc.