NON-MONETARY INCENTIVES
While monetary incentives often appear as important motivators, many factors unrelated to money can also serve as 'attention-getters' and 'encouragers of action'.
Non-monetary Incentives are divided into 2 categories:
(i) Intrinsic Incentives, and
(ii) Extrinsic Incentives.
Intrinsic Incentives are those that an individual receives for himself. They are largely a result of the job that the worker does.
The techniques of job enrichment, shorter work weeks, flexible work hours, project structures, and job rotation can offer intrinsic incentives through providing interesting and challenging jobs, and allowing the worker greater freedom.
On the other hand, Extrinsic Incentives includes free lunches, providing of diaries & planners, certificates etc. In addition to monetary incentives, Managements provide different types of on-monetary incentives. These non-monetary incentives include:
(i) Treats:
(ii) Knick-knacks
(iii) Awards:
(iv) Social acknowledgement:
(vi) Token redeemable at stores etc.
(vii) On-the-job: rotation, training etc.
While monetary incentives often appear as important motivators, many factors unrelated to money can also serve as 'attention-getters' and 'encouragers of action'.
Non-monetary Incentives are divided into 2 categories:
(i) Intrinsic Incentives, and
(ii) Extrinsic Incentives.
Intrinsic Incentives are those that an individual receives for himself. They are largely a result of the job that the worker does.
The techniques of job enrichment, shorter work weeks, flexible work hours, project structures, and job rotation can offer intrinsic incentives through providing interesting and challenging jobs, and allowing the worker greater freedom.
On the other hand, Extrinsic Incentives includes free lunches, providing of diaries & planners, certificates etc. In addition to monetary incentives, Managements provide different types of on-monetary incentives. These non-monetary incentives include:
(i) Treats:
(ii) Knick-knacks
(iii) Awards:
(iv) Social acknowledgement:
(vi) Token redeemable at stores etc.
(vii) On-the-job: rotation, training etc.