Financial and Non-Financial Incentives – Explained! Incentives for Motivation Employees, managers, and executives of any
organization whether it is public or private, manufacturing or service maybe
motivated by awarding some incentives or by adopting some means.
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| Financial and Non-Financial IncentivesPhoto by Pexels |
These means may directly be related to finance or maybe non-financial, social or
psychological. For our purpose, we have classified the incentives or means of
motivation into two following groups:
a) Financial Incentives
b) Non-financial Incentives
Financial and Non-Financial Incentives
Both the above incentives of motivation may be subdivided into many types.
These are 17 (seventeen) under the financial incentives category and 21
(twenty-one) are under the non-financial incentives category.
a) Financial Incentives:
- Higher pay (increment)
- Pension, gratuity, provident fund,
- House loans/ advances
- Insurance premium
- T.A & D.A
- Facilities for extra income
- Bonus,
- Products at fair prices
- Rationing facilities
- Special grants for family members
- Festival allowance.
- Relocation allowance.
- Recreational allowance
- Servant’s allowance.
- Laundry allowance
- Car drivers allowance
- Other financial benefits
b) Non-financial Incentives:
- Participation
- Quality of work-life etc
- Use of praise
- Knowledge of results
- Competition
- Experience of progress
- Experience of achievement
- Recognition and reward
- Common goal
- Job security
- Good relations
- Creativity
- Free communication
- Work schedule
- Autonomy
- Promotion/ higher/ better assignment
- Sound management
- Personal power' and influence
- Training facilities
- Certificates for better performance
- other social benefits
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