Describe what is meant by motivation. What types of non-financial reward might a company use to motivate employees? Motivation can be defined as the reason an individual is performing a task extremely well compared to normal behaviour. Besides that, it is also the process that initiates, guides and maintains goal-oriented behaviours. A well-motivated workforce can provide several advantages such as better productivity, lower level of absenteeism, lower level of staff turnover, and improve product quality.
In short, motivation is needed for employees to always be effective and efficient and with that firms and companies can reduce expenses such as labour cost. To motivate employees, companies can use various type of non-financial reward such as recognition, rewards, opportunity and flexibility. Most of the non-financial rewards are related to the needs of the employees based on Maslow hierarchy of needs. Flexibility would be an ideal way to motivate employees because it shows that the company understand their daily routines and practices and not force them to work whenever they are not able to. Tesco that understands their employee’s work/life balance has adopted this reward which makes their employees motivated to come for work when they are able to which includes part time, full time, compressed hours and staggered hours.
This will also cause the employees to feel comfortable and stay dedicated to the company. Apart from flexibility, rewards are given to employees such as free health benefits, discount on gym membership, staff discount on products and many more. Employees from every age group can gain from free health benefits. This shows that Tesco values their employee and at the same time creating trust and respect. Other benefits for staff include rewards called the Lifestyle break where employees get 4-12 week break and get their jobs back, Career break where employees gets 6 months to 5 years away with the right of return and the pension scheme which gives long term benefits.
The Essay on Stock Options Employees Tax Company
... a flexible way for companies to share ownership with employees, reward them for performance, and attract and retain a motivated staff. These plans ... established, but who want to include employees in ownership. Options ... cash while giving employees a piece of future growth. They can also work for public firms whose benefit plans are well ...
Besides that, recognition and opportunity keep employees motivated to work harder and also go further to reach their full potential. Recognition from employers can be in various form such as award presentation in from of peers, new office or upgraded work space and many more. For instance, Tesco offers Personal Development Plans, recognition of skills and talents, opportunity for promotion, and career progression programme.
Through recognition of skills and talents, employees will feel appreciated with their abilities and they can gain more benefits by utilizing their talents and at the same time keep improving. Opportunity for promotion keeps every employee aware of the benefits they will gain from the promotion which make them even more motivated and work harder to achieve their goal. Types of promotion will be floor manager, supervisor and many more which provide the significant employee to lead the others.
The career progression programme is to assist and motivate employees to work in different departments which can help them increase their skill and knowledge which will result in increasing their efficiency and effectiveness in the near future. Since the rewards are closely related to the Hierarchy of needs, employees are motivated to achieve the next level of the pyramid after achieving another. Another non-financial reward that is believed to motivate employees is job security. Employees will feel comfortable with the environment of the job thus being motivated to work harder and maintain or improve their job status.
Besides that, Tesco aims to motivate its employees both by paying attention to hygiene factors and by enabling satisfiers. Therefore, motivation plays a vital role in assisting the progression of employees step by step by providing them rewards every now and then. Both parties will gain from them and help improve business for customers which will lead to a greater future for the company.
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I. The Meaning of Money in the Workplace A. Money and Employee Needs 1. Money is an important factor in satisfying individual needs. 2. Money is a symbol of status, which relates to the innate drive to acquire. 3. Financial gain symbolizes personal accomplishments and relates to growth needs. 4. People value money as a source of feedback and a representation of goal achievement. 5. Compensation is ...
