Non Monetary Rewards in the Workplace

Topics: Employment, Working time, Reward system Pages: 4 (1352 words) Published: May 6, 2009
Today’s financial outlook seems grim. Companies that once were the pinnacle of the market are slowly crumbling or closing altogether. In these economic times, how can a company remain competitive and keep the best and brightest talent? During times of great wealth and prosperity, it was not uncommon to find companies lavishing expensive gifts upon their employees for work well done or as a means of retaining their top talent. However, now with looming credit crisis, tightening cash flow, and the possibility of a recession, companies need to re-invent their model to rewarding their employees for quality work. Non-monetary rewards are the vehicle that companies can use in these economic times to prove fiscal responsibility to the business community, and acknowledgement of the achievements and quality work ethic of its employees. What this paper intends to prove is that non-monetary rewards in the workplace represent an innovative opportunity to provide positive feedback to employees without an impact on the company’s bottom line. It results in a win-win condition for both the employee and the company. The employee benefits because they receive the morale enhancing respect, support, and recognition from their managers and/or the company. The company benefits two-fold because content employees turn out better quality work, which affects the product the company manufacturers and they begin to attract more workers that have a high quality work ethic. The corporate climate has changed over the years from competitive to cooperative. Gratton says “few of us are wholly cooperative or wholly competitive.” (2007) The competitive environment fosters individualism over the team building philosophy of the cooperative environment. That doesn’t mean, however that a competitive environment is bad. Competition is used frequently to encourage increased productivity. A sales company may use a competitive method to promote the sales of a particular product, with the outcome being...

References: Javitch, D. (2006, June 5). The Benefits of Flextime. Retrieved March 5, 2009, from Entrepreneur: http://www.entrepreneur.com/humanresources/employeemanagementcolumnistdavidjavitch/article159440.html
McKeown, J. L. (2002). Retaining Top Employees. McGraw-Hill Professional.
Williamson, M. (2007, January). Non monetary rewards in the workplace. Retrieved February 12, 2009, from Catalogs.com: http://www.catalogs.com/info/b2b/non-monetary-rewards-in-the-workplace.html
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Non-Monetary Rewards in the Workplace Essay
  • Essay about Non Monetary Rewards in the Workplace
  • Non-Monetary Rewards in the Workplace Essay
  • Are Non-Monetary Rewards in the Workplace Beneficial Essay
  • Job Redesign and Workplace Rewards Essay
  • Essay on Non Monetary Incentives in the Workplace
  • Job Redesign and Workplace Rewards Assessment Essay
  • Non-Monetary Compensation in the Workplace: Employers Helping to Create a Work-Life Balance Essay

Become a StudyMode Member

Sign Up - It's Free