Employees, managers and executives of any organization whether it is public or private, manufacturing or service may be motivated by awarding some incentives or by adopting some means.
These means may directly be related to finance or may be non financial, social or psychological. Incentive motivation is one of the best way motivate people of organization.
For our purpose, we have classified the incentives or means of motivation into two following groups: i) financial Incentives & ii) Non-financial incentives, these are discussed below:
Financial Incentive Motivation
- Fair wages: Employees are encouraged by high salary. Salary basic salary. It organizations don’t give handsome salary to their employees, they will be frustrated.
- Profit sharing: Generally owner deserves profit of an organization. But a part of profits are given to employees by superiors then employees will be satisfied.
- Bonus: Bonus is the best system for encouraging to employees. Bonus means extra income thought by employees.
- Financial security: Employees want to get future financial security. Many organizations provide provident fund, pension, and groups insurance to their employees.
- Advance: Many organization pay advance to their employees from provident fund. It inspires to the employees of an organization.
- Accommodation facilities: Accommodation facilities are provided to the employees by several organizations. These types of facilities inspire to the employees.
- Transportation facilities: Transportation facilities are very important for employees. All organizations should provide transportation facilities.
- Medical facilities: Medical facilities are vital for employee’s many organizations provide medical facilities to their employee’s and also employee’s family member.
- Rewards: Employees will be eager about their work, it organizations give rewards to their employee’s for fair work.
- Rationing facilities: If organizations provide their products among their employee’s by cheap price, the employee’s will be satisfied.
Non-Financial incentive motivation
- Fair working environment: Environment is very important factor of management. If environment is favorable for employee’s they will do their work peacefully. II. Security: If an employee does not have security, he/she will not be interested about their work.
- Attractive work: Employees are interested about attractive work. So organizations should provide attractive work to their employee’s.
- Fair treatment: Organization should do fair treatment with their employee’s. And employees also want to get fair treatment from their organization.
- Appreciation of worthwhile work: Application of worthwhile work makes employees eager to their work. Organizations should appreciate to their employee’s for worthwhile work.
- Training facility: Fair training creates efficiency among employee’s organization should also provide its facility.
- Opportunity to participate in ownership.
- Establishing equity: Every organization should establish equity. It all employees are treated equally they will be eager to their works.
- Good will of the organization: Goodwill of the organization is vital non-financial means of motivation. Employees want to do work those type of an organization’s that has good will.
- Creating education facilities: Organization should create education facilities for their employee’s children. For this reason employees are encouraged.
Needs refers to the deficiencies an individual experience at a particular time. The deficiencies may be physiological (a need for food), physiological (e.g., a need for self esteem), or sociological (e.g., a need for social interaction) etc.
Related Content of Motivation:
- Criticisms of the Two Factor Theory
- Causes of Poor Motivation
- Present Level of Motivation of Private Executives