Employee rewards are one of the main parts of a
motivation program in the company. Generally we can incorporate rewarding into three
categories (Kachanakova,2003)
·
Direct money rewarding- it includes
salary, bonuses, fee and commission.
·
Indirect money rewarding-it includes
stocks, insurance, loans, extra fee for food, clothing and more.
·
Non-monetary rewarding –material
values-company car, phone, variety of social benefits and services-counseling
services, child care.
Benefits preferred
Source : (Stalmašeková, Genzorová and Čorejová, 2017)
Women- Want time
Men: Car & Phone note book for
personal Use
Natalla
Stalmasekova, tatina Genzorova, Tatiana Corejova: Employee Benefits as one of
factors of work motivation.
Kachaňáková, A. (2003). Riadenie
ľudských zdrojov. Bratislava: SPRINT. 212 p.
A mutually acceptable and successful remuneration scheme is one of the most essential motivators that foster harmonious company relationships. Longer-term intentions in areas such as pay structures, contingent pay, employee benefits and initiatives to encourage engagement are defined by a successful incentive plan. Intrinsically driven behaviors are those that are motivated by an underlying need for competence and self-esteem. It can be undertaken even in the absence of an obvious external stimulus. Extrinsic motivation derives from the work environment and is frequently increased by external rewards (Mura et al. 2019).
ReplyDeleteAlso, motivated employees are highly productive and force others to work harder there, so it is important for organizations to implement different motivation factors to improve productivity (Dugguh, 2014). According to Adi (2000), an Employee’s qualification or capability cannot measure their performance idea is that only desire for work has to be implemented which helps in improving the level of performance, increasing productivity, and reducing the cost of operation.
ReplyDeleteRewards can be categorized into two types as monetary rewards and non-monetary rewards, according to Willsen (2020). Non-monetary rewards include flexible scheduling, child care, mentoring programs, financial aid for medical or educational expenses, etc., whereas monetary rewards typically include cash awards, commissions, bonuses, etc.
ReplyDeleteThank you for the feed back Larry. Offering rewards to high-performing employees empowers them in their line of work to go on to pursue great things. People appreciate being recognized for their efforts. Reward power allows employees to experience that recognition (Eatough, 2021).
DeleteWhen the employee is highly motivated, he will work hard and perform better in their work compared to a low-motivated employee.
ReplyDeleteAs stated by Herzberg, when you cut employees' salary by half, their motivation will be down; however, if you double the salary, that doesn't mean better work (Ghazanfar, Chuanmin, Khan and Bashir, 2011).