Workplace Non-Monetary Rewards: Introduce, Discuss and Analyze
The purpose of this paper is to introduce, discuss, and analyze the topic of business in the U.S. Specifically, it will discuss the use of non-monetary rewards in the workplace. Non-monetary rewards in the workplace are becoming an increasingly common way to reward employees for a variety of workplace issues. For profitability, non-monetary rewards make good fiscal sense for just about any business, and they help maintain a more satisfied and productive workforce as well. Non-monetary reward programs are relatively simple to implement, and even small businesses can benefit by implementing these programs for their employees. At a time when employers must keep their employees motivated, productive, and service oriented, and make a profit, non-monetary rewards simply make sense.Non-monetary rewards for employee performance in the workplace include "formal and informal acknowledgment, assignment of more enjoyable job duties, opportunities for training, and an increased role in decision-making" (Ryan, 2004). The main goal of implementing non-monetary rewards is to urge employees to perform better and more efficiently. Rewards such as acknowledgment, training, and decision-making can make an employee feel more valuable and valu
Thus, non-monetary rewards can cut costs in human resource and training areas as well as in the actual departments of the organization. One employee might be satisfied with a certification of achievement, while another might value a casual dress code far more than any award or certificate. Liberal dress codes, after hours counseling or tax preparation, job enrichment, cross training, on site food purveyors, liberal time off or holidays, and other forms of rewards can be very motivating to many. It is important to note that all employees are motivated by non-monetary rewards, and that base pay satisfaction must be taken into consideration when deciding to implement and choose non-monetary rewards. In fact, money is becoming a source of dissatisfaction for some organizations. ed, thus creating improved job performance. It just makes sense for almost every organization to offer these incentives to their employees, and their employees will be happier for it. Thus, non-monetary benefits can help retain high-quality employees - the kind of employees that enjoy more than a paycheck and offer more to a company than filling a desk for eight hours a day. While compensation can be the source of great employee dissatisfaction, the same study indicates that most top producing employees in any field value recognition and achievement as important aspects of their job satisfaction (Arapoff, 2000). In critical positions, it may be a bit more difficult to manage, but the employee will become more loyal and productive in most cases. No one enjoys being micro-managed, and managers who cannot trust their employees or give them the freedom to complete projects successfully on their own can be quite negative to workforce satisfaction and well-being. It is also important in any organization to recognize the importance of job recognition and acknowledgement. Even offering stock options, which the technology sector has made fashionable over the past few years, isn't the simple antidote it once was" (Arapoff, 2000).
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