{"id":134,"date":"2010-01-14T06:46:00","date_gmt":"2010-01-14T06:46:00","guid":{"rendered":"http:\/\/www.idslogic.com\/blog\/?p=134"},"modified":"2021-09-24T12:22:34","modified_gmt":"2021-09-24T06:52:34","slug":"non-monetary-practices-an-emerging-medium-for-employee-retention-motivation","status":"publish","type":"post","link":"https:\/\/www.idslogic.com\/blog\/non-monetary-practices-an-emerging-medium-for-employee-retention-motivation","title":{"rendered":"Non Monetary Practices &#8211; An Emerging Medium For Employee Retention &#038; Motivation"},"content":{"rendered":"<div style=\"text-align: justify;\">Looking to the future, younger workers appear to be much more interested in career planning, competency based performance management &amp; multi-rater evaluation. They don\u2019t seem to be motivated by bigger office, superior title or more money but rather by flexible schedules, the potential to learn new skills &amp; development opportunities. Thus, there is a need to provide non-monetary practices to motivate employees &amp; for developing internal talent of the employees.<\/p>\n<p>Non \u2013 Monetary practice like recognition programs including top-achiever certificate, a trophy &amp; other non- monetary awards offer mechanisms to effectively motivate &amp; retain valued employees who provide exemplary performance and\/or meet specified targets. These practices are intended to reward staff employees whose achievements have resulted in a particular benefit. These practices can make a major difference to a company\u2019s brand image. Its impact in the long run from increasing performance, improving productivity, retention &amp; team-building cannot be underestimated.<\/p>\n<p><span style=\"font-weight: bold;\">Purpose Of Non Monetary Practices<\/span>:<\/p>\n<\/div>\n<ul style=\"text-align: justify;\">\n<li>Recognize individuals &amp; teams, in a cost effective manner, for their exceptional contributions to their department or to the organization as a whole.<\/li>\n<li>Help organization to create an environment of shared success &amp; commitment.<\/li>\n<li>Recognize that each individual can make a difference.<\/li>\n<li>Highlight behaviors &amp; activities that have resulted in the organizational growth &amp; showcase employees as role models.<\/li>\n<\/ul>\n<div style=\"text-align: justify;\"><span style=\"font-weight: bold;\">Benefits of Non Monetary Practices<\/span>:<\/div>\n<ul style=\"text-align: justify;\">\n<li>Motivates employees to perform better<\/li>\n<li>Costs the organization next to nothing<\/li>\n<li>Brings about tremendous self- esteem &amp; satisfaction among employees<\/li>\n<li>Makes employees more loyal to the company<\/li>\n<li>Creates atmosphere where change is not resisted.<\/li>\n<\/ul>\n<div style=\"text-align: justify;\">Non-monetary practices can equal 20-60% of the value of the cash compensation that an employee receives. For the current job seeker, starting salaries have barely increased, frozen or actually dropped. So, finding non-monetary benefits in an offer can be motivating when an employee evaluates it. These added perks can make a lot of difference &amp; can help an organization to achieve higher retention rate, high employee motivation level by making the job atmosphere more interesting &amp; appealing.<\/p>\n<p><span style=\"font-style: italic;\">Contributed by:<\/span><\/p>\n<p>Bosky Khullar<br \/>\nPR &amp; HR Executive<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Looking to the future, younger workers appear to be much more interested in career planning, competency based performance management &amp; multi-rater evaluation. They don\u2019t seem to be motivated by bigger office, superior title or more money but rather by flexible&#8230;<\/p>\n","protected":false},"author":1,"featured_media":6183,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-134","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/www.idslogic.com\/blog\/wp-json\/wp\/v2\/posts\/134","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.idslogic.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.idslogic.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.idslogic.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.idslogic.com\/blog\/wp-json\/wp\/v2\/comments?post=134"}],"version-history":[{"count":1,"href":"https:\/\/www.idslogic.com\/blog\/wp-json\/wp\/v2\/posts\/134\/revisions"}],"predecessor-version":[{"id":6184,"href":"https:\/\/www.idslogic.com\/blog\/wp-json\/wp\/v2\/posts\/134\/revisions\/6184"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.idslogic.com\/blog\/wp-json\/wp\/v2\/media\/6183"}],"wp:attachment":[{"href":"https:\/\/www.idslogic.com\/blog\/wp-json\/wp\/v2\/media?parent=134"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.idslogic.com\/blog\/wp-json\/wp\/v2\/categories?post=134"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.idslogic.com\/blog\/wp-json\/wp\/v2\/tags?post=134"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}