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Leading industry experts answer your strategic queries
Most employers recognize that employees need to be managed holistically to ensure they are productive, motivated and loyal. This involves ensuring their work is appropriate and satisfying, recognizing exceptional performance or hard work, motivating employees to work productively, encouraging loyalty and fostering a positive culture in the workplace. Employers often choose a combination of financial and non-financial rewards and incentives. This is known as the "total reward" approach.
What are non-financial rewards?
Non-financial rewards are benefits given to employees for good performance or loyalty. They are not to be confused with incentives, which encourage good performance and loyalty by way of retention, although there is clearly scope for overlap between the two. Examples of non-financial rewards include team events, subsidized meals or services, non-work training or education, additional holiday and reduced hours.
Show me the money
Most employers recognize that paying at or above market-levels is not sufficient to encourage and motivate staff. Moreover, focusing solely on pay and remuneration may encourage disaffection in the workplace as employees feel they are made to work harder in a less happy environment....