This document discusses incentives and rewards in the workplace. It explains that incentives and rewards are effective ways to motivate employees and create a win-win situation for employers and employees. It provides examples of different types of incentives including monetary rewards like bonuses and stock options, non-monetary rewards like flexible work hours and training, employee recognition through praise and awards, and employee assistance programs that support workers' well-being. The document concludes with thanking the reader and offering a question and answer session.
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3. INCENTIVES AND REWARDS
๏ต One of effective ways of motivating employee in a
workplace
๏ต Win-win situation between employer and employee.
Why? Because both parties enjoy a positive and
productive work environment.
๏ต How they achieve win-win situation? Rewards give
increment to employer in term of morale and job
involvement in companyโs activities thus increasing the
companyโs productivity.
4. Type of Incentives and
Rewards
๏ต Monetary
๏ต Non-monetary
๏ต Employee Recognition
๏ต Employee Assistance
5. Monetary
๏ต Rewards workers through money. These incentives
include employee stock options, profit sharing plans,
paid time off, bonuses and cash awards. Additional
monetary incentives include annual or semi-annual
bonuses, such as mid-year and end-of-year rewards.
6. Non-Monetary
๏ต Through perks and opportunities.
๏ต These rewards include flexible work hours, training
opportunities and the ability to work independently. The
rewards and incentives are valuable to an employee
because they allow workers to learn new skills and
pursue advancement opportunities.
7. Employee Recognition
๏ต Employee recognition is an incentive employers utilize
to offer feedback and encouragement to employees.
Employee recognition rewards include verbal praise,
award ceremonies and public announcements for a job
well done. Workplace recognition rewards occur
frequently such as at the end of the day, week or at the
conclusion of the sales month.
8. Employee Assistance
๏ต Many employers offer rewards and incentives through
employee assistance programs. These programs help
workers maintain a balance between work and home
life by supporting workers' mental and physical well-
being. For example, many programs provide counselling
services to help cope with stress, family issues and
substance abuse
๏ต Offer discounts to join fitness centres to encourage an
active and healthy lifestyle
