Non-Monetary Rewards

Paper Summary:

This paper considers the use of a non-monetary reward system for a department that cannot provide added money for incentive. It notes research showing that non-monetary rewards can be as important as monetary rewards for many employees and so can serve as motivators for improved performance. It claims, therefore, that making such an approach is ideal for any organization or division that has a limited budget or lacks full control of its budget but still needs to use rewards for motivation and job satisfaction.

From the Paper:

"Companies often have to find ways of providing rewards that do not involve monetary rewards. Non-monetary rewards can include such things as added perquisites, promotions, recognition, and similar elements in the workplace. Research shows that non-monetary rewards can be as important as monetary rewards for many employees and so can serve as motivators for improved performance, making such an approach ideal for any organization or division that has a limited budget or lacks full control of its budget but still needs to use rewards for motivation and job satisfaction. A study reported by the American Management Association (1999) states that organizations that provide both recognition and job performance measurements enjoy higher levels of job satisfaction among their employees. It is also stated that there is a strong statistical correlation between employee satisfaction and increased company profits, a fact supported by a nationwide survey of U.S. workers ..."

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