There are several methods the modern organizations uses to keep their employees motivated. These methods can be mainly broken into two. Monetarily vs non monetarily motivation.
Non Monetarily Motivation.
Non monetarily motivation can be related to:
• Position, Designation or Promotion
• Recognition
• Level of relationship with one’s hierarchy & subordinates.
• Goals & tasks
• Work environment (Office space, working tools, working hours etc.,)
There are steps that a manager can take to help motivate their employees. First, the manager should always give the employee reasonable goals and set a time period to accomplish each goal. The goals should be work related, and once a set of goals has been reached, a new set of goals should be created. Second, a manager should always remember to treat his or her employees fairly, as this will create a positive environment for all employees, and it will help satisfy the employees’ needs. Third, managers can also restructure jobs to help motivate their employees, by adjusting the employees’ job descriptions (Randall et al, 2006). Rotation of jobs - involves moving employees through a range of jobs to increase interest and motivation (Panait & Panait, 2018).
Monetarily Motivation.
Monetarily motivation methods can be related
• Salary or Salary raise
• Commission
• Bonuses
• Dividends
• Foreign Trips
• Gifts
Financial incentives and rewards make continuation of the employment relationship because it create the basis for high levels of commitment so, firms must develop strategies that include financial incentives and rewards for example promotion, bonus, profit sharing or gain sharing and employees stock ownership etc (Saleem, 2011).
References:
Panait and Panait (2018). Trends in Non-Financial Motivation Policies of Employees. Global Economic Observer, 6(1), pp.148–153.
Randall, Novotny and Larson (2006). Is it Really all about the Money?: Motivating Employees in the 21st Century. Journal of Undergraduate Research at Minnesota State University, Mankato, 6(18), pp.2–8.
Saleem (2011). The Impact of Financial Incentives on Employees Commitment. European Journal of Business and Management, 3(4), pp.258–266.
Based on experiments to compare these two motivation methods, They took some people and asked them to work out puzzles without mentioning the monetary rewards. They found that if you rewarded the people monetarily, sometimes afterward, they thought they were doing it for fun. They would lose interest or reject the money awards (Kelner,2005).
ReplyDeleteHi Asitha, Thanks for your input. I can agree with your input. Monitory reward aloe cannot motivate an individual. According to Randall et al, (2006) goal setting is one of the most effective theories of motivation in organizations. Goals are the immediate or ultimate objectives that employees are trying to accomplish from their work effort, while goal setting is the process of motivating employees and clarifying their role perceptions by establishing performance objectives.
Deletewell explained. As per the study conducted by Schwartz (2015) money is a factor that attracts individuals but does not play a significant part in maintaining and inspiring them, as most achievements are attained for reasons other than money. People never rate money as their primary motivator. Schwartz (2015) also highlighted that non - monetary rewards have a significant effect on lower-level employees’motivation
ReplyDeletelike to add with this The four most important indicators are factors that are somewhat amenable to change. For example, increasing training opportunities, improving the physical working conditions and environment through improved physical structures, equipment, and materials, may help improve these important working conditions. Other highly discordant factors (greater than 40% discordance) included opportunity to advance, good employment benefits, time for family life, good income, and being based in a good location (Peters et al, 2010).
ReplyDeleteHi Rumaiz ,The motivation was developed in the early 1880’s, prior to that time, the term “will” was used by
ReplyDeletewell-known philosophers as well as notable social theorists when talking motivated human behaviours
(Forgas, Williams and Laham 2005, 86).