A look at non-monetary reward and recognition and team-based incentives within the organization.
Written in 2008; 2,357 words; 8 sources; APA; $ 72.95
Paper Summary:
This paper discusses how it is believed that in any organization, the success of the performance management system depends on the ways in which the performance has been linked with the various values, missions, vision, and strategic objective of the entire organization. It looks at how there are three important levels of goals within any organization: organizational, team level, and at an individual level. The paper argues that all measures that are taken for the development and design of the non-monetary reward system must therefore be based at the three levels outlined, upon which the different measures to be taken can be determined.
From the Paper:
"Monetary rewards have been proven to be quite effective in many organizations. But due to the recent global economic crisis, other type of rewards such as non monetary, have been proven to be equally effective. These rewards or awards, are comprised of both formal as well as informal acknowledgement, an assignment of better and more enjoyable job duties, an increase in the several opportunities for better training, and also an increase in that particular employee's decision making role within the organization. It must be remembered that non-monetary awards and rewards are extremely meaningful as far as employees are concerned, and therefore, very motivating for them. "
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