Non cash incentives and motivation in the workplace
When you ask employees what they'd rather have, cash or a gift, many times they will say, "Oh, just give me the money." However, this is not always the case. A survey of 1000 adults working for Fortune 500 organizations revealed that salary and bonuses are not the key factors to job satisfaction. The people who conducted this survey found that these 1000 individuals placed greater value on benefits that impact their overall quality of life. (Turner, 2000). Why the discrepancy between these two viewpoints? I think it was very well put by Nigel Cover when he said "The heaven of each is but what each desires." There will always be differences of opinion in whether non-cash or cash incentives are the most desirable and even the most motivating. There are four major types of compensation. These are pay, benefits, learning and development opportunities and work environment. The former two are cash based incentives. In this report I will be focusing on non-cash incentives!. I will be talking mainly about rewards and recognition, employee empowerment, and workplace amenities. These types of incentives are relational in nature. They enhance the value of cash incentives. Before getting into a discussion on the three afo
Employee empowerment provides them with information about how the organization is doing as a whole. A company could instate a recognition program for employees who continue to learn additional skills, which could be used on the job. If I was a manager I think I would have a program very similar to this one. Satisfying an employees needs should be the role of compensation and satisfying wants is therefore the role of incentives. The organization must provide opportunities to learn. This just goes to show that cash awards do tend to be easily forgotten as previously mentioned. Another aspect of empowerment is making sure that those who are closest to the work have all the tools and information they need. They have also made it a pleasant place to work and have motivated me to do a better job than I might have otherwise done. One could not recall at all and another remembered that he had bought a fishing rod with part of it".
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