1. #1
    Unregistered

    What are the types of monetary and nonmonetary rewards available to encourage the employees?

    I am working as an senior HR executive in Torrento company. This is a software company. We have 500 employees working. We provide lots of monetary benefits to employees to encourage in their work. I wanted to know more about these monetary and non-monetary rewards available that can encourage the employees? Please provide me some ideas.

  2. #2
    sdeb Array
    Join Date
    Sep 2012
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    142

    Re: What are the types of monetary and nonmonetary rewards available to encourage the employees?

    Hi Friend,
    Monetary rewards are given on the basis of employees performance in projects on quarterly or monthly basis. It can be cash or gift vouchers in appreciation.
    Besides monetary awards which is not so much cost effective lot of non monetary awards can be given judging various skills in different projects across the organisational units and company can announce the result in quarterly meetings or annual kickoff, it can be certificates or prizes of appreciation.

    Both monetary and non-monetary awards plays vital role to go to next level as you can fill this in your appraisal form for promotion or salary revision even you can put in your resume as a value-add.

  3. #3
    Arjun Array
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    Re: What are the types of monetary and nonmonetary rewards available to encourage the employees?

    Dear, asker first of all moneytary rewards are also called incentive rewards this types of rewards are given to the employees to encourage some given work at given time. Suppose in the time of occassion like puja and all that time employees have to do some extra work that time company may encourage the employee by providing some incentives.**** MONEYTARY REWARDS ***1. Cash2.non- Cash benefits 3.certificates4.Travels5. Merchandile ** NON-MONEYTARY BENEFIT **Non-monetary incentives are used to reward participants for excellent behavior through opportunities. Non-monetary incentives may include flexible work hours, payroll or premium contributions, training,savings or reimbursement accounts, or even paid sabbaticals

  4. #4
    dimple.simple Array
    Join Date
    Dec 2012
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    15

    Re: What are the types of monetary and nonmonetary rewards available to encourage the employees?

    Hello ,
    When employees are provided with rewards , recognition in the company and appraisals leading to hike in the salary , they feel good to work harder since they work for money and if the work brings benefit to their lives they work better for the company.
    Monetary Rewards are like : 1.hike in salary in every quarter through appraisals
    2.small cash prices on the basis of performances or for working innovatively or dedicatedly etc.

    Non -Monetary awards are like : 1.Money re-reimbursement of mobile bills or medical bills.
    2.Extending leaves limit .
    3.Proving comfortable shift timings.
    4. Proving Travel allowances etc.

  5. #5
    yogesh Array
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    Sep 2012
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    Re: What are the types of monetary and nonmonetary rewards available to encourage the employees?

    hello sirIn private company these are very common languages which are used in increasing the enhencement. Monetary ora non monetary is the reward that usually given to those employees who concentrate on their working.A monetary reward include-cash-gifts-incremental in salarywhile Non monetary reward includes -certificate of good work-experience certificates-flexible hours timing-flexiblity in strictly manner by boss or management-bonus points in getting promotion etc.Suppose that time company mayencourage the employee by providing some incentives for extra doing work in office.Leaves are also available easily for those employees who get any reward of monetary or non monetary.thanks

  6. #6
    saurav bharti Array
    Join Date
    Mar 2013
    Posts
    128

    Re: What are the types of monetary and nonmonetary rewards available to encourage the employees?

    hello,
    monetary rewards are rewards related to money .
    this may include giving bonuses, or dividing extra profit to employees.
    it may include giving gifts to employees crossing their targets.
    non monetary rewards include the rewards which give mental benefits to employees.
    this may include like encouraging and aspiring employees,
    giving a speech in front of other employees about the good work done by some employees,
    making a congratulation note and pasting on notice board so that it comes in notice to other employees.
    thank you

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