Studying the Impact of Non Financial Rewards
Essay title: Studying the Impact of Non Financial Rewards
QUESTION 2
The question is, do the non financial rewards have the same impact with the financial benefit as financial rewards?
The answer is no, because the non financial benefit cannot be standing alone, the non financial only a supporting rewards to make the employee satisfy. The non financial benefit only gives a low motivation to the employee because not all of the employee has motivated with this rewards, only a few employee who get motivated because they have a individual personal goals in the organization. This day non financial rewards can be another way to appreciate the employee for their work. The companies try to make impression to their employee so they will feel that the work environment is very supporting also the companies can fulfill the individual needs for their employees. From the non financial benefit the employee has a chance to select their own rewards according to the individual needs.
Here is the benefit that RBS offered to their employee:
RECOGNITION
Recognition is one of the most powerful motivators. As McClelland said in his theory of Need for Achievement:” People with a high nAch want to accomplish reasonably challenging goal through their efforts. High nAch people also desire unambiguous feedback and recognition for their success.” (McShane and Glinow, 2003., p. 137)
The employee is motivated to give their best personal appraisal to give the best result through the personal development. Here the companies encourage them to develop their skills and abilities.
By develop their skill it will help the companies to grow. Using develop skill and abilities, the companies through their line manager will do the performance review from there they will know how the progress from each staff from their attitude and they work that companies see usually once in a year. And from that review can give a feedback to the companies what the companies should do to make a better work environment at the office, cause it has effect to increase their total rewards.
Between the recognition that the company offered it related with the employee satisfaction and organizational performance.
By giving the recognition rewards can help create the right employee – management team environment. (Brown, D., Rewarding employees Has it’s Benefit. Electronic library (online) Available from : htpp://www.recognition .com (accessed 11 August 12, 2007).
It means that the right employees who have job satisfaction can build a team building to make a better performance for their organization.
SKILL DEVELOPMENT
Low Level of High Level of
Conscious Thinking Conscious Thinking
STAGE 1
The individual doesn’t know about a better/different way of operating. This is a state of uneducated oblivion.
STAGE II
The individual becomes aware of a better/different way of operating and is now aware of her or his lack of skill. This is a state of educated incompetence.
STAGE IV
The individual, through practice, has developed a high degree of skill and is considered to be proficient. This eventually reaches a state of unconscious competence.
STAGE III
The individual learns how to do the better/ different way but is still unsophisticated in practicing the behavior. This is a state of emerging competence.
Low Productivity
High