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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.
In economics, when we say that people respond to incentives, we refer to both positive and negative incentives. People will tend to do more of something if it makes them better off in some way, and they will tend to do less of something if it makes them worse off in some way. Incentives can take the form of money (a positive incentive could be a bonus for a job well done or a tip at a restaurant while a negative incentive could be something like a tax on cigarettes in an effort to discourage people from smoking) but incentives certainly don't have to be monetary in nature. For example, many people donate blood on a regular basis even though they are not paid to do so. The good feeling they get about helping others is an incentive that they are responding to.
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.
