5. A reward, tangible or intangible, is presented after the
occurrence of an action (i.e. behavior) with the intention of
causing the behavior to occur again.
It is also called as a stimulus to greater action.
Incentives are something which are given in addition to
wagers.
It means additional remuneration or benefit to an employee in
recognition of achievement or better work.
Incentives provide a spur or zeal in the employees for better
performance.
Therefore, a hope for a reward is a powerful incentive to
motivate employees.
6. To increase productivity,
To drive a stimulus work,
To enhance commitment in work performance,
To psychologically satisfy a person which leads to
job satisfaction,
To shape the behaviour or outlook of subordinate
towards work,
To get the maximum of their capabilities so that they
are exploited and utilized maximally.
7. ï§ Those incentives which satisfy
the subordinates by providing
them rewards in terms of rupees.
ï§ Money has been recognized as a
chief source of satisfying the
needs of people.
ï§ Money is also helpful to satisfy
the social needs by possessing
various material items.
Therefore, money not only
satisfies psychological needs but
also the security and social
needs.
ï§ Non-financial incentives which
can satisfy the ego and self-
actualization needs of
employees.
ï§ The incentives which cannot be
measured in terms of money are
under the category of âNon-
monetary incentivesâ.
ï§ Whenever a manager has to
satisfy the psychological needs
of the subordinates, he makes
use of non-financial incentives.
Monetary incentives- Non-monetary incentives
8. 1. Security of service- Job security is an incentive which provides
great motivation to employees. If his job is secured, he will put
maximum efforts to achieve the objectives of the enterprise. This
also helps since he is very far off from mental tension and he can
give his best to the enterprise.
2. Praise or recognition- The praise or recognition is another non-
financial incentive which satisfies the ego needs of the
employees. Sometimes praise becomes more effective than any
other incentive. The employees will respond more to praise and
try to give the best of their abilities to a concern.
3. Suggestion scheme- The organization should look forward to
taking suggestions and inviting suggestion schemes from the
subordinates. This inculcates a spirit of participation in the
employees. This ultimately helps in growing a concern and
adapting new methods of operations.
9. 4. Job enrichment- Job enrichment is another non- monetary
incentive in which the job of a worker can be enriched. This can
be done by increasing his responsibilities, giving him an
important designation, increasing the content and nature of the
work. This way efficient worker can get challenging jobs in
which they can prove their worth. This also helps in the greatest
motivation of the efficient employees.
5. Promotion opportunities- Promotion is an effective tool to
increase the spirit to work in a concern. If the employees are
provided opportunities for the advancement and growth, they
feel satisfied and contented and they become more committed to
the organization.
10. RTBA is a business advisor, they have
been helping executives and
entrepreneurs operate successful
businesses for the past seven years with a
primary emphasis on sales, marketing,
strategic focus and business planning.
11. LIST OF EVENTS:
ï There was a ten week companywide Pictionary competition -
Competition is good - team spirit was improved.
ï There was a summer afternoon ice cream social - It was a great time
to share ideas and talk about opportunities.
12. ï A companyâs favourite dress-up social was the Halloween party - It was
an opportunity for employees to laugh at each other and break down
barriers that may had formed.
ï At Christmas the employees were encouraged to bring in new gifts for
under-privileged families - It provided lifted spirits and raised morale.
13. ï The building had shower facilities and there were a
couple of sporting groups â a cycling group and a runner
group - They were healthy employees, full of energy and
driving productivity.
14. Business approaches and employee benefits
ï There was a âthink-tankâ conference room for
creative thinking - They felt that any idea would
be greeted with open arms.
ï The building and office had electronic card key access so that
employees could enter or leave at any time - It was viewed as an
environment of flexibility and a company that cared about the employee
needs.
15. ï Everyone in the company was welcome in the CEOâs office - . Every
employee felt like a key contributor to the company success.
ï There were formal recognition programs
but the recognition that the employees
loved the most was a simple program â
This is one of the worldâs best team building
recognition programs.
16.
17. Self-motivation is complex.
It's linked to your level of
initiative in setting
challenging goals for
yourself; your belief that
you have the skills and
abilities needed to achieve
those goals; and your
expectation that if you put
in enough hard work, you
will succeed (or at least be
in the running, if it's a
competitive situation).
18. Not at All - 1
Rarely - 2
Sometimes - 3
Often - 4
Very Often - 5
âą I'm unsure of my ability to achieve the goals I set for myself.
âą When working on my goals, I put in maximum effort and work even harder if I've
suffered a setback.
âą I regularly set goals and objectives to achieve my vision for my life.
âą I think positively about setting goals and making sure my needs are met.
âą I use rewards (and consequences) to keep myself focused. For example, if I finish my
report on time, I allow myself to take a coffee break.
19. âą I worry about deadlines and getting things done, which causes stress and
anxiety.
âą When an unexpected event threatens or jeopardizes my goal, I can tend to
walk away, set a different goal, and move in a new direction.
âą When I come up with a really good idea, I am surprised by my creativity. I
figure it is my lucky day, and caution myself not to get used to the feeling.
âą I tend to do the minimum amount of work necessary to keep my boss and my
team satisfied.
âą I tend to worry about why I won't reach my goals, and I often focus on why
something probably won't work.
âą I create a vivid and powerful vision of my future success before embarking on
a new goal.
âą I believe that if I work hard and apply my abilities and talents, I will be
successful.
20. 44-60
âą You get things done,
and you don't let
anything stand in
your way. You make
a conscious effort to
stay self-motivated,
and you spend
significant time and
effort on setting
goals and acting to
achieve those goals.
You attract and
inspire others with
your success.
Treasure this â and
be aware that not
everyone is as self-
motivated as you are
28-43
âą You're doing OK on
self-motivation.
You're certainly not
failing â however,
you could achieve
much more. To
achieve what you
want, try to increase
the motivation factors
in all areas of your
life.
12-27
âą You allow your
personal doubts and
fears to keep you
from succeeding.
You've probably had
a few incomplete
goals in the past, so
you may have
convinced yourself
that you aren't self-
motivated â and then
you've made that
come true. Break this
harmful pattern now,
and start believing in
yourself again.
21.
22. When an employee has a new idea
for how to do business, Brian
Halligan, CEO of Hubspot, a
marketing software firm in Boston,
sometimes chooses to fire that
employee from his or her day job,
and appoint that person 'CEO' of a
new in-house start-up. âPart of
creating this environment of
innovation is making the
organization decentralized and
flat,â Halligan told Inc. âWe want
to empower the edges of the
organization, and we want to let
the people who really understand
our customers make decisions.â
23. âWhen fun is a regular part of
work, employees get to know
each other as real people,â
Paul Spiegelman, CEO of
Beryl Companies, told Inc.
To that end, Spiegelman
created a 'Department of
Great People and Fun' and
instituted 'Pajama' day and
'Dress like the 70s' day.
âWhile these ideas are not
practical for every work
environment, the key is to do
something fun, no matter
how small, on a regular
basis,â he says.
24. Ever think about giving your
company to your employees?
Itâs called an Employee Stock
Ownership Program (ESOP)
and may be an attractive way to
motivate them, since the
structure allows direct profits
from the companyâs success.
Foss Miller, founder of
Sawbones Worldwide, did itâ
for Christmas in 2010. "So
many of the employees have
worked here for many, many
years," he told Inc. "Providing
them a great retirement when
they leaveâit just made more
sense and felt better and better."
25. Eric Ryan, founder of Method, a
soap and cleaning products
company in San Francisco, thinks
adding some âweirdnessâ to your
corporate culture inspires
employees to accomplish a lot. In
the past, Ryan hasnât hesitated to
dress up as a chipmunk, blast Eye
of the Tiger in the elevator, or
host flash mob dance parties at
his offices. âIt reminds everybody
that, âYeah, I'm working
somewhere really specialâ,â he
told Inc.
26. Stanley Mc Chrystal, the retired
four-star U.S. Army general who
served as commander of U.S. and
NATO forces in Afghanistan, was
once 'boss' to more than 150,000
service members. But that didnât
stop him from losing touch with his
subordinates. The general says he
sent out more than 2,000 thank-you
notes to his troops each year. "I used
to get thank-you notes for my
thank-you notes," he said in his
keynote speech at the 2011 Inc.
500|5000 Conference. "I'd find them
framed in [the troops' bunk] areas."
27. Though it may seem counterintuitive,
napping may be an excellent way to
motivate your workforce. In fact, plenty
of companies, both large and small, have
created 'nap rooms' where employees
can catch a quick snooze, even if only
for 15 minutes. Zephrin Lasker, CEO of
a Pontiflex, a 60-person mobile app ad
shop in Brooklyn, converted a room of
computer servers into a napping retreat.
âI'm a huge believer in napping," Lasker
tells Inc.com. "It helps people recharge,
and personally, it helps me think more
creatively."
28. Mentorship helps employees
connect with other staffers and
pushes them to think outside their
traditional roles. At Allen &
Gerritsen, a brand strategy agency
in Watertown, Mass., even CEO
Andrew Graff has a mentor: 22-
year-old technology strategist Eric
Leist. "We have a great group of
diverse people here," one Allen &
Gerritsen employee told Advertising
Age, which first reported this. "We
have wonderful work/life balance
and a senior management team and
HR department that always look for
reasons to celebrate and provide us
opportunities to smell the roses."