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| Motivation |
Financial incentive
In the industry there is some financial benefit provided to the workers is called financial incentive. These financial incentives create the high-income opportunity for the workers. As a result, they can remove their financial crisis. Now we show the financial incentives below:1. Higher Salary
The higher salary is the way to motivate the employees. Because of the expectation of getting salary inspires the employees. So it is liable to the authority for providing salary to the employees in proper time.
2. Profit Sharing Plan
Profit sharing plan is the better financial way of motivating the employees. Normally profit gets the higher authority of the organization. But if some profit gives the workers in the organization then they get motivated.
3. Bonus
The bonus is one kind of financial incentives. Usually, the bonus is counted the extra salary of the basic salary. So the expectation of getting extra salary creates inspiration among the employees.
4. Fringe Benefits
There are many kinds of fringe benefits creates inspiration among the employees. Residential facility, communication facility, medical facility, retirement facility are the example of fringe benefits.
Non-financial Incentives
Financial incentives are not the only way to motivate the employees. There are some non-financial incentives too. Now we show some non-financial incentives below:1. Job Security
The job is the fundamental necessity for an employer to earn salary and wages. This salary is needed to survive them and support their family. So Job security is the most important factor to the employees as motivation. This makes encouragement among the employees.
2. Promotion Opportunities
Promotion means to work better position than the present position. Beside this promotion is related with the better salary, better working environment, and other extra facilities. So every employee wants promotion opportunities. So it is one of the ways to create motivation among the employees.
3. Recognition
In an organization, there are different worker works in different work. Every worker tries best to complete his responsibility. If he gets recognition for his good responsibility then he will become satisfaction. So recognition of a good job is the crucial way to motivate the employees.
4. Minimum Supervision
If the employees complete their works properly then their mental satisfaction will be increased automatically. But for making this situation the essential factor is effective supervision. So the authority should take effective action and also proper care to the employees. This supervision creates motivation among the employees.
5. Development of Working Condition
If the working condition is not better or suitable for the employees, they will not feel better to work. Working environment usually influences the motivation factor because better environment creates better satisfaction among the employees.
Some of the most used financial and non-financial incentives or ways of motivation are discussed here which are major things to motivate employees. For getting better output from employees, Management should apply motivation ways continuously observe well the motivation process.
