Saved Bookmarks
| 1. |
Briefly explain any two financial and any two non-financial incentives. |
|
Answer» Different methods used for motivating employees: a. Financial Incentives Financial incentives also known as monetary incentives are needed for meeting the basic needs of the employees. The usual incentives given to employees are discussed below: 1. Pay and Allowances: Pay and allowances include salary and allowances in form of dearness allowance, house rent allowance, etc. 2. Bonus: Some organisations have a tendency to distribute bonus to the employees. b. Non Financial Incentives The management also uses non-financial incentives to motivate the employees. These are explained as follows : 1. Praise: Praise is more effective than any other incentive. However, this incentive should be used with great care because praising an incompetent worker would create resentment among competent workers. 2. Group Incentives: At times, group incentives act as more effective than individual incentives to motivate the employees. |
|