Non-Monetary Rewards in the Workplace
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Non-Monetary Rewards in the Workplace
Employers want maximum efficiency from there employees, Non-monetary rewards can help achieve this goal. Maybe, the most common reward an employer can give to its workers is verbal recognition. Communicating with workers on a daily bases, letting workers know how there performance has progressed on a professional level, has shown to boost morale in work environments. The occasional “Thank you” can help promote loyalty and positive performance from employees. Employees that feel appreciated at there job seem to have better attitude, work more hours and appear to have better attendance. Small rewards on the job such as encouraging work performance with free company shirts or hats, giving recognition to teams or departments for a job well done make big impressions on employees.
Companies have found that money is and important motivator for high levels of employee productivity. However, money incentives by its self may not be as affective and it may not render the loyalty from employees many companies strive to achieve. The combination of monetary and non- monetary rewards have proven to be affective in an completive job market, as it helps to keep employees from straying to companies that offer appetizing bonuses and incentives.
Big corporations use a wide variety of non-monetary incentives to show appreciation to there employees on a daily, weekly and yearly bases, one such example of such rewards is attendance recognition. Attendance at any job is a very important aspect of an employees work performance. Poor attendance by and employee can cost a business time and money. Creating ways to keep poor attendance low is on obvious benefit to any company. Giving an extra week vacation at the end of a fiscal year to an employee for perfect attendance, his or her picture on a wall, there own personal parking spot are some ways companies reward good attendance.
Employers must make workers believe there work performed is important and appreciated. Congratulating longevity of employment from employees has been a very common thing at most corporations across the country. Companies recognize that longevity on a job allows workers to master there job task and perform them better. Being that this is the technology age having and employee that has been with a company through years of changes and advances, gives a company an irreplaceable edge to a company and its customers. Customers are more apt to stay with a company that has employees that are familiar with there wants and needs. Mechanics, banks and investment firms all pride the success of there business on how familiar a customer is with there companies.
Having incentives for employees who give great customer service is another rewarding benefit to companies and there customers. Customers that receive polite courteous service tend to patronize that particular company for many years. Sales incentives such as, an end of the project party, candy treats, balloons and trophies are great non-monetary motivators for customer service employees. Discounts on company merchandise for percentages of products sold for employees and family members have been successful at places like, Novelty stores, Shoe companies and family restaurants.
Food units culture and families and the same can be said for companies and there employees. Working for and employer that has on grounds food service to workers to save on gas and time spent on travel on there lunch breaks is and incentive. The daily coffee and doughnuts in the mornings, fruit and salad spreads, company picnics and dinners are good employee rewards. Many major companies hold annual cook-outs, where staff members all mingle with colleges and family members and have a good time. Food gatherings help bond co-workers at on the job that may not have had the opportunity meet under other circumstances.
Many companies have progressive rewards that motivate employees to work at a certain level in order to achieve special rewards on the job. Examples of progressive rewards could be free dress on Fridays if the company requires uniforms the other four days, discounts at local spas and fitness clubs in the area, tickets to sporting events and theme parks, cruises and get-a-ways. Using progressive rewards give employees that work at commission based businesses incentives to work harder, in order to cash in on special perks. These progressive perks allow companys to utilize its employees talent and exudes top performance from there workers. The benefits to employers when workers compete for rewards on the job for great performance can be measured in excellent sales and high profits.
The generations covered in the AARP surveys include “Mature Workers” (those born between 1930 and 1945), “Baby Boomers” (those born between 1946 and 1963), “Generation Xers” (those born between 1964 and 1981), and “Generation Yers” (those born after 1982). The information presented in Table 1 lists non-monetary incentives that are important to each generation covered in the surveys (Nelson, 1999).
Table 1. Non-monetary incentives desired by different generations of associates.
Mature Workers
Baby Boomers
Generation Xers
Generation Yers
Flexible schedules
Retirement