Can non-monetary incentives improve staff efficiency?

Besides the monetary incentives, there are certain non-financial incentives which can satisfy the ego and self- actualization needs of employees. The incentives which cannot be measured in terms of money are under the category of “Non- monetary incentives”. Whenever a manager has to satisfy the psychological needs of the subordinates, he makes use of non-financial incentives. Non- financial incentives can be of the following types:

Security of service

Praise or recognition

Suggestion scheme

Job enrichment

Promotion opportunities

The above non-financial tools can be framed effectively by giving due concentration to the role of employees. A combination of financial and non- financial incentives help together in bringing motivation and zeal to work in a concern.

Yes, however this depends on the industry. As most sales based business offer monetary incentives for achieving targets other sectors will provide time off from work, increased job responsibilities/prospects. There needs to be a fine balance as every employee will have different motives for work, wherever she/he maybe in their career ladder.

Broader, we can consider the CSR as a SOCIO-ENVIROMENTAL tool to motivate the staff. by participating in social foundations, programs, and initiatives in terms of removing the barriers which may hinder the employers in their social life such as ( childcare, pregnancy for women ).I have seen a robust initiatives focusing on facilitating the life of employers who are lacking time to manage it between work and private life . Large size companies now tending to create a foundations to manage such inavoidable barriers on front of employers to be more effecient. while, SMEs trying to participate in the governmental, regional, and non-profit associations or initiatives to offer their employers such benefits.

 Of course reinforcement and thanksgiving policy, for example, develop the spirit of belonging As for the money is the only way we spend our needs out

Non-material incentives can motivate employees, such as financial incentives or more because they develop and raise the morale of the staff

AGREE WITH ALL EXPERTS

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Yes. By giving the incentives in non monetary form also increases the staff moral.