Financial incentiveIn the industry there are some financial benefit provide to the workers is called financial incentive. These financial incentives create high income opportunity to the workers. As a result they can remove their financial crisis. Now we show the financial incentives below:
1. Higher Salary
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 motivate the employees. Normally profit gets the higher authority of the organization. But if some profit gives to the workers in the organization then they get motivation.
Bonus is one kind of financial incentives. Usually bonus is count the extra salary of the basis 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 IncentivesFinancial incentives are not only way to motivate the employees. There are some non-financial incentives too. Now we show the some non-financial incentives below:
1. Job Security
Job is the fundamental necessity for an employer to earn salary and wages. This salary is needed for 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 present position. Beside this promotion is related with 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.
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 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 mostly 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.