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