BUSINESS ADMINISTRATION
PRINCIPLES AND PRACTICE OF MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Motivational techniques
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Financial reward
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Non financial reward
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All the above
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Detailed explanation-1: -In addition to regular compensation, financial rewards are monetary incentives that an employee earns as a result of good performance. These rewards are aligned with organizational goals. When an employee helps an organization in the achievement of its goals, a reward often follows. All financial rewards are extrinsic.
Detailed explanation-2: -A monetary reward is a specific amount of money given to an employee to complete a task or goal. These rewards can come in the form of bonuses, commissions, or incentives and can be based on performance, merit, or seniority.
Detailed explanation-3: -Q: What are monetary incentives? A: Monetary incentives are cash or financial compensation provided by an employer to an employee, typically in addition to their salary. Examples of monetary incentives include redeemable recognition points, cash spot bonuses, and digital gift cards.
Detailed explanation-4: -The purpose of monetary incentives is to reward associates for excellent job performance through money. Monetary incentives include profit sharing, project bonuses, stock options and warrants, scheduled bonuses (e.g., Christmas and performance-linked), and additional paid vacation time.
Detailed explanation-5: -This is a general desire of company staff which motivates employees towards their performance. A monetary incentive is an extra commitment to staff for their future growth, career options, health care options, or any type of employee reward.