Non-monetary rewards are always motivating for the employees because of a number of reasons, therefore, the organizations are coming up with different Non-monetary rewards for their employees. The main benefit of such rewards is that they increase the motivation of the employees.
Secondly, these rewards show the concern of the organization towards its employees. Employees feel a sense of prestige after getting such rewards. I agree that there are few employees are which are motivated by the Non-monetary rewards because of the employee are always attracted by financial rewards but the system of Non-monetary rewards is also increasing.
Non-monetary rewards also increases the satisfaction and confidence among the employees and it can reduce the employee turnover and may increase the employee retention. Employee recognition programs and team work rewards also increase the efficiency of employees, for example, if a company is lacking team work skills in its employees then such rewards can increase their skills to work together.
Secondly, these rewards show the concern of the organization towards its employees. Employees feel a sense of prestige after getting such rewards. I agree that there are few employees are which are motivated by the Non-monetary rewards because of the employee are always attracted by financial rewards but the system of Non-monetary rewards is also increasing.
Non-monetary rewards also increases the satisfaction and confidence among the employees and it can reduce the employee turnover and may increase the employee retention. Employee recognition programs and team work rewards also increase the efficiency of employees, for example, if a company is lacking team work skills in its employees then such rewards can increase their skills to work together.