Abstract
The following paper was written to discuss Non-Monetary rewards in the workplace. Several websites were researched in order to gather as much info on the subject as possible so that I can present all sides of the subject to you in the most effective manner.
For many years employers have been looking for ways to help their employees be more effective and happy with their work, one of the most effective ways to promote a better working environment and to have employees who will work harder to get the job done with speed and quality is to offer non-monetary rewards for their efforts.
Introduction: What are Non-Monetary rewards?
Non-monetary rewards are small and mostly non-costly rewards given to employees in recognition of a job well done. Like a child gets taken out to ice cream after cleaning the house or given a cookie for cleaning their room, an employee also needs to be shown that their work is being noticed by his employer. As an example I will show a list of the top five Non-monetary rewards that employees look for these days.
“Top Five Non Monetary [misspelling (needs hyphen) -- "Non-Monetary"] Items Employees Want in the Workplace :
1. Opportunity to Learn, Develop and Advance as an Employee.
Employees understand they need to grow, learn and develop new skills in order to advance. The ability to be able to choose their assignments and rise to new challenges offered by new responsibilities.
2. Flexible Hours.
Family, children, friends, church, sports, hobbies and other activities all have demands on today's employees. A flexible schedule or the occasional afternoon off can help employees meet some of these obligations. By allowing some flexibility in an employees schedule you can increase their desire and motivation.
3. Recognition.
In today's high paced work environment it [To what does "it" refer? If a pronoun is used without first identifying for what it stands, the reader might be confused.] is reported that employees consider recognition of their work and efforts rare and infrequent. Think about it [What is "it"? Avoid use of undefined pronouns. ] - What better way to have an employee continue their [pronoun agreement: since the antecedent (employee) is singular, the pronoun (their) must ...
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...one: (519) 656-1066 Fax: (519) 656-1083 Email: sales@recognitionrewards.com
NON-MONETARY REWARDS WHICH MOTIVATE WORKERS NEW STRAITS TIMES. JULY 06, 1997 http://mgv.mim.edu.my/Newspaper/9707/970702.Htm THE following case is adapted from a Harvard Business Review
Article by Daniel C. Boyle (March-April 1987).
Lynch, L., (December 2003). Keeping the best: the difference between retaining and losing top staff talent is leadership. Association Management, 55 (13). Retrieved January 16, 2004 from http://nexis.com.
Zigon, J., (1998). Rewards and performance incentives. Retrieved February 15, 2004 from http://zigonperf.com.
Rewards and Recognition by Sherry Ryan Training Specialist, Weyerhaeuser Company http://edweb.sdsu.edu/people/ARossett/pie/Interventions/incentivesrewards_2.htm
The Role of Monetary and Non-Monetary Incentives in the Workplace as Influenced by Career Stage. Andrew Ballentine, Nora McKenzie, Allen Wysocki, and Karl Kepner http://edis.ifas.ufl.edu/BODY_HR016
Kepner, Karl W. 2001. Class lecture notes from AEB 4424: Human Resource Management in Agribusiness. Taught at the University of Florida, Gainesville, FL.
Employers have been coming up with innovative employee rewards to boost morale and acknowledge employee needs for creativity and personal goal accomplishment. Some of the latest potential employee rewards include using the internet at work for personal reasons such as shopping, communicating with friends, or personal finances; bringing a pet to work; instituting a controlled napping policy, and the sports and office betting pools..
Purpose & Other: : I give the purpose and other a 10 out of 10 because the goal of the article was to inform organizations, employers, presidents and/or employees about the importance of strengthening relationships between an employer, an employee, and the company in its entirety.
When employees were asked, what factors could be changed at USAA to help maintain employee motivation levels, a couple of them answered with, “higher wages” and “more money”. This response corroborates other studies regarding pay which state surveys will more likely under emphasize the importance of pay relative to other motivational factors. (Rynes, Gerhart & Minette, 2004). “Financial incentives had by far the largest effect on productivity of all interventions. For example, pay was four times more effective than interventions designed to make work more interesting.” (Rynes, 2004). One reason for this phenomenon is social desirable responding. It should be noted, that although pay may be under reported, the results indicate other factors are also important for employee
An incentive or reward system refers to a program designed by an organisation to reward high performance and motivate workers on an individual and group basis (Corby et al. 2009, p. 2). Rewards are useful to a company operating in a competitive market. Although used interchangeably, rewards and recognition where the former can be monetary or non-monetary but has a cost to the company, while the latter is meant to offer psychological reward, for instance, oral public recognition or end of the year award. While the company does not provide financial incentive, it provides non-financial in the form of cars for its Sales Division consultants. This improves the working condition of the employees, but it does not improve their financial stance. Wright (2004) notes that some employees are more concerned with status, for instance, an executive desk, attractive office or business card (p. 76). Such incentive make the jobs and company attractive.
Organizations face massive challenges in attracting and retaining a high-quality and productive workforce. Companies are continually looking for new ways to keep their employees satisfied at all levels in order to harness greater productivity and ideas from people while keeping them motivated and happy. One real challenge examined earlier is the need to transform General Motors to be a much more productive and fully utilized organization by examining the hourly workforce. This is a great change from the traditional "us versus them" mentality of the past between management and the union.
...esigned to realize the dream alive. Therefore, to ensure success in achieving these goals, the appreciation is important . If the lack of appreciation given to employees then there will be a decline in driving organizational productivity. If acknowledgment is given the workers themselves would feel appreciated when their welfare is not compromised. Employers should not underestimate the welfare of workers. Employees who are satisfied with the compensation and benefits given to them will not cause any problems for the employer . Instead, they will continue to work diligently and indirect labor productivity will certainly increase. So it is clear here that the intrinsic rewards are important parallel with extrinsic reward . Perhaps the workers see the rewards extrinsic more meaningful monetary , in fact, intrinsic rewards are more important as a reward for the future.
"A simple thing such as giving a employee a little reward for outstanding performance for a month or a year could help motivate other employees to want to do better so that they could have the chance to be recognized for their outstanding work.
The culture of appreciating employees for their hard work and achievements by incentives shows how the organization values their employees. Lincoln believed “Status is of great importance in all human relationships. The greatest incentive that money has, usually, is that is it a symbol of success... The resulting status is the real incentive... Money alone can be an incentive to the miser only. There must be complete honesty and understanding between the hourly worker and management if high efficiency is to be obtained”. This shows how harmoniously the labor and management have to work together to produce
Employees are increasingly interested in jobs with flexible work schedules. What factors are driving this interest? Flexible working simply refers to any working schedule that is outside of a normal working pattern. This means that the working hours, instead of being repetitive and fixed, can involve changes and variations. It can mean the employee has variables such as when they are required to work or even their place of work.
The Total Rewards Compensation Program takes a wide-ranging, all-encompassing approach to the employee rewards program. The Total Rewards Compensation Program goes beyond the traditional packages we have seen in the past that concentrated predominately on benefits and pay. The Total Rewards Compensation Program considers all the rewards available in the workplace, including opportunities for learning and development, and a quality work environment; these rewards are a high priority for technical workers (Rumpel et al 2006). Research has shown the Total reward program offers an opportunity to tap the unrealized potential of an organization. Successfully managed rewards will ease the critical pull (recruiting), retention (turn-over) and motivation challenges faced by high-technology firms (Rumpel et al, 2006).
Winn could nothing or implement a rewards program that rewards the employee with more than cash rewards; employee recognition program namely employee of the month with a paid day off or a gift card. As part of the employee focused plan, the company should allow employees’ input on how to become more customer focused, efficient, and effective organization. This would greatly improve employees’ satisfaction and help the company achieve its overall goal of providing quality customer service.
Employee compensation and reward systems have undergone a couple of paradigm shifts since inception. Reward systems were traditionally compensation based and focused on the individual or the position (Beam 1995). After a recession in the early 1980's, employers turned to performance based models in an attempt to save money while still rewarding top performers (Applebaum & Shapiro, 1992). Today, the most successful organizations are using a total reward model, a hybrid of the performance based model combined with strategic human resource management planning to create reward systems that both benefit the employee and help organizations realize their operational goals (Chen & Hsieh, 2006).
Fisher, C., Schoefeldt, L., & Shaw, J. (1996). Human resource management. (3rd Edition). Princeton, NJ: Houghton Mifflin Company.
There is considerable debate over merit pay and the effect it has on employees within an organization. Psychologists believe merit pay is related to the incentive theory of psychology; people respond to rewards and with the proper motivation, it increases performance (Cherry). Employers consider merit pay an effective tool and a form of competition strategy for motivating employees to achieve positive performance outcomes. Many employers ignore the fact that incentive plans may motivate some individuals while others have high work ethics and do not need motivation. The intent of this paper is to discuss merit pay used by companies, the motivational factors on employees to reach high achievement, and the challenges that employees face due
Management spends a huge amount of time to design incentive systems and schemes to motivate their workers and to ensure they work in their best possible manner. Motivating workers by giving them decent pay helps in winning employees heart to make the work done efficiently, significantly and effectively. The most effective way to motivate people to work productively is through individual incentive compensation (Pfeffer, 1998). An attraction of getting more is a powerful incentive to people for high performance. While most people agree that money plays a major role in motivating people, in organizations there is a widespread belief that money may also have some undesirable effects on morale.