Incentives mean the measure used to motivate employees. There are two types of incentives:
Financial Incentives
Non- Financial incentives
But today we will discuss non-financial incentives:
- Status – Status means and individuals position in the organisational hierarchy. Authority, rewards, prestige indicates the status of manager this satisfy social and esteem needs.
- Organisational Climate– It influences the behaviour of people like reward orientation, employee consideration, risk taking etc.
- Opportunity for career advancement – Everybody wants to grow to the high level in the organisation. Therefore, the opportunity to develop skills and get promoted to high level is an important motivation.
- Job enrichment – A job that provides more autonomy, variety of work and meaningful work experience is a non financial incentive.The job itself becomes a source of motivation when it is interesting and challenging.
- Employee recognition programmes- Employees want to be appreciated for their work, so doing recognition programs will motivate them. For ex- Giving certificate or awards etc.
- Job security – Employees want a secure job as it relieves them from the worry of future income.
- Employee participation – Involvement of employees and taking decisions on matters concerning them is a powerful incentive.
- Employee empowerment– It means give more autonomy and powers to employee. Managers make subordinates feel that the job is important and inspires them to work hard.
So , these are some non-financial incentives which will boost confidence and motivate to work more enthusiastically.
