Employee Motivation - Cash or Non Cash Incentives: The HR Analysis
Employee motivation is the ultimate fuel that an organization needs at the end of
the day to keep its business running smoothly for the coming days, months and years. The HR personnel of every organization are responsible for understanding and analyzing the needs of the organization as a unit running to perform business. Hence the workforce of the organization is its bone marrow. To run a long term successful business, a company needs to have a strong and steady team with it, enriched with all the previous experiences of business operations. Therefore it is important that the company takes every possible measure to retain its old, loyal and valuable human resource, which will steer the company towards further progress. So the HR of the company should advise definite employee motivational strategies to the Organizational leadership.
The question whether cash incentives or non-cash incentives have a better impact on the employees is absolutely dependent on the organizational environment, employee background, and the past experiences of the company in the strategies implemented in this aspect. The HR should analyze the overall general as well as individual psyche of the employees, and prepare options that would strive to make everyone happy. Of course this is true that everyone cannot be made happy.
Some employees are happy with financial security while others genuinely crave for recognition. However, it is true for everyone that all seek inspiration, appreciation and the right compensation for the job that they carry out in the organization. It is also necessary to educate and update the employee about the present and future requirements of the organization, so that they develop a sense of self responsibility to self motivate themselves to keep up to the demands of the job market, and work towards their own security. It is also important to ensure job satisfaction for each and every employee working in the organization.
At it might also become necessary to implement a system of check and balance in the strategies implemented in the organization. This is important to check dissidence amongst employees within the organization who are never motivated, or are too greedy to be satisfied. They might create trouble within the organization. Hence employee assessment on a regular basis is necessary.
Employee Motivation - Cash or Non Cash Incentives: The HR Analysis
By: Daniel Chakraborty
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