Management has to offer the following two categories of incentives to motivate employees

Management has to offer the following two categories of incentives to motivate employees

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Management has to offer the following two categories of incentives to motivate employees:- 1. Monetary incentives- Those incentives which satisfy the subordinates by providing them rewards in terms of rupees. Money has been recognized as a chief source of satisfying the needs of people. Money is also helpful to satisfy the social needs by possessing various material items. Therefore, money not only satisfies psychological needs but also the security and social needs. Therefore, in many factories, various wage plans and bonus schemes are introduced to motivate and stimulate the people to work.
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Unformatted text preview: 2. Non-monetary incentives-Besides the monetary incentives, there are certain non-financial incentives which can satisfy the ego and self- actualization needs of employees. The incentives which cannot be measured in terms of money are under the category of Non- monetary incentives. Whenever a manager has to satisfy the psychological needs of the subordinates, he makes use of non-financial incentives. Non- financial incentives can be of the following types:- a) Security of service b) Praise or recognition c) Suggestion scheme d) Job enrichment e) Promotion opportunities...
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This note was uploaded on 11/26/2011 for the course MANAGEMENT mg101 taught by Professor - during the Fall '09 term at Montgomery.

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