Motivation is an important tool for improving productivity. There are two motivational tools, such as;
- Financial motivation
- Non-financial motivation
Financial motivational tools
Financial motivation gives employees financial support. These are as follows:
1. Bonus & incentives: Bonus is a kind of incentive given to the employees who are different types on the basis of performance.
2. Allowance: Allowance is given an amount or sum allowed, especially regularly for a stated purpose.
3. Transportation facilities: By providing transportation facilities organizations can motivate employees.
4. Medical allowance: By providing medical facilities organizations can motivate employees.
5. Accommodation facilities: Organization provides accommodation facilities for motivating employees.
6. Educational grant: By providing educational grants organizations can motivate employees.
7. Insurance: Organizations can provide group family insurance and individual insurance for motivating employees.
8. Provident fund: Organizations can make a provident fund to motivate employees that can reduce their post-retirement insecurity.
9. Gratuity: Gratuity can improve, the productivity of employee by getting a handsome amount from the organization
10. Promotion: On the basis of employee performance organizations upgrade employee work positions.
Non-financial motivational tools
The organization can motivate an employee by providing non-financial motivational tools such, as:
1. Participation in decision-making: Organizations should allow their employee to participate in the decision-making process. It’s an important motivational tool.
2. Reward: Reward is another motivational tool for pate in employee satisfaction.
3. Empowerment: Listen to what an employee wants to say and use their ideas,
4. Trade union facilities: It is another important motivational tool for ensuring employee rights.
5. Job security: The most important motivational tool is job security. By providing job security to the employee organization can achieve their goals.
6. Safety: Employees will be motivated if they are provided safety by the organization.
7. Recreation: By providing recreation facilities organizations can motivate employees.
8. Enhance career development: Use training and development activities as a tool for employees to rely on the next steps.
9. Job rotation: Through rotation, employees become efficient in different tasks of the organization.
10. Job satisfaction: By ensuring job satisfaction organizations can motivate their employees.
11. Training: Training makes the employee more efficient. The organization motivates employees by providing them on-the-job and off-the-job training.
12. Status: Organization can help the employee to increase their career and family status.
13. Recognition: By providing recognition on the basis of employee performance, an organization can motivate its employees.
These are the financial and non-financial motivational tools. The organization can use these tools for motivating its employees.
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