Non-Monetary Rewaeds In The Workplace
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As we enter into todays workplace, employers are frequently using non-monetary rewards as a reason to stimulate and influence their employee performance. Many of theses rewards may include informal and formal attention and can be very uplifting for employees.
There are many types of non-monetary rewards and recognition that employee benefit through. According to a survey conducted in 2000 reported that an increasing number of employers were using non-monetary awards as compared to 1999. The most commonly used non-monetary rewards by employers include career advancement opportunities, flexible work hours, training, mementos, and trophies. Through these incentives, build employee internal needs such as, recognition, fulfillment and self-esteem. However, recognition is mainly the most sought out non-monetary reward in todays workplace. In recent studies have showed that 78% of employees indicated that it was very or extremely important to be recognized by their managers when they do good work (Nelson, 2004). Others felt that they rarely and infrequent receive recognition of their performances and efforts. An ASTD report on retention research identified consistent employee recognition as a key factor in retaining top-performing workers (Jimenez 1999). Being that using these non-monetary recognition rewards can be very motivation and helping to build feelings of confidence and satisfaction. Because of this many business do succeed in enhancing productivity. Employers today realizing that through positive recognition and creativeness use of non-monetary rewards enhance productivity as well as employee morale and job satisfaction.
Employees understand they need the opportunity to learn and develop new skills in order to advance. Under the circumstances, many want the ability to choose their assignment and advance to new challenges proceeding to new responsibilities. Employees also want the