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 maybe nonfinancial, social, or psychological. Incentive motivation is one of the best ways to motivate the people of an 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
1. Fair wages: Employees are encouraged by a high salary. Salary basic salary. If organizations don’t give a handsome salary to their employees, they will be frustrated.
2. Profit sharing: Generally the owner deserves the profit from an organization. But a part of profits are given to employees by superiors then employees will be satisfied.
3. Bonus: Bonus is the best system for encouraging employees. Bonus means extra income thought by employees.
4. Financial security: Employees want to get future financial security. Many organizations provide provident funds, pension, and group insurance to their employees.
5. Advance: Many organizations pay advance to their employees from the provident funds. It inspires the employees of an organization.
6. Accommodation facilities: Accommodation facilities are provided to the employees of several organizations. These types of facilities inspire employees.
7. Transportation facilities: Transportation facilities are very important for employees. All organizations should provide transportation facilities.
8. Medical facilities: Medical facilities are vital for employee’s many organizations to provide medical facilities to their employees and also employee’s family members.
9. Rewards: Employees will be eager about their work, it organizations give rewards to their employees for fair work.
10. Rationing facilities: If organizations provide their products to their employees at a cheap price, the employees will be satisfied.
Non-Financial incentive motivation
1. Fair working environment: Environment is a very important factor in management. If the 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 in their work.
2. Attractive work: Employees are interested in attractive work. So organizations should provide attractive work to their employees.
3. Fair treatment: Organization should do fair treatment with their employee’s. And employees also want to get fair treatment from their organization.
4. Appreciation of worthwhile work: Application of worthwhile work makes employees eager for their work. Organizations should appreciate their employees for worthwhile work.
5. Training facility: Fair training creates efficiency among employee’s organizations should also provide its facility.
Opportunity to participate in ownership.
1. Establishing equity: Every organization should establish equity. It all employees are treated equally they will be eager to works.
2. Goodwill 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 goodwill.
3. Creating education facilities: Organizations 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.
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