Impact of Non-Monetary Rewards for Employee Satisfaction in Apparel Industry
Impact of Non-Monetary Rewards for Employee Satisfaction in Apparel Industry
Introduction
Reward management can be identified as a key concerning area
of Human Resource Management to ensure employee satisfaction with their job and
organization. Rewards can be offered through monetary and non-monetary forms. Both
monetary and non-monetary rewards play a vital role in employee motivation through
satisfying their multiple needs
Employee reward is related with both financial (monetary) rewards such
as wages, bonus and financial benefits, etc. and non-financial rewards such as recognition,
job enlargement, job security, career development opportunities, etc.
Figure 1 – Types of Rewards
(Source: MTI, 2021)
Conclusion
Reward management is a crucial function in HRM and it is
essential for providing both monetary and non-monetary rewards for employees to
enhance their satisfaction with the job. Apparel industry is largely engaged
with several non-monetary rewards practices to maintain a satisfied workforce
as employees are key for their manufacturing process
References
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Employee Motivation of the Telecommunication Industry of Bangladesh: An
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pp. 22-30.
Armstrong, M., 2010. Armstrong's
Handbook of Reward Management Practice. 3rd ed. London: Kogan Page.
Coccia, . M., 2019.
Intrinsic and extrinsic incentives to support motivation and performance of
public organizations. Journal of Economics Bibliography, 6(1), pp.
1-11.
MTI, 2021. MTI. [Online]
Available at: https://www.mtievents.com/blog/why-non-monetary-incentives-are-replacing-monetary-incentives/[Accessed
21 November 2021].
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& Ratnayaka, R. M., 2018. EFFECT OF NON-MONETARY REWARDS ON EMPLOYEE JOB
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Rewards and Employee Motivation -A study of Private Sector Organisations in
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Monetary rewards enhance the direct satisfaction of employees and non-monetary rewards are helpful for the recognition of employees and that recognition is a motivational tool for the employees and leads to the work engagement.
ReplyDeleteMonetary reward is directly motivational process to get worker satisfaction and it built their trust on company .
ReplyDeleteAbove article is really a true explanation on this regards .
Non-monetary benefits have an effective influence as well. Employees may lose some of their impact when they're not recognized with bonuses or promotions. The best way to reward an employee is to do so quickly Thanks to share
ReplyDeleteNon monetary benifits are essential to attracting a productive workplace.Benefits can be a key element in addressing the lowest level of of Maslow's need hierarchy.This is true and different blog , everyone can get benefit reading this blog.
ReplyDeleteAgreed with your words.
ReplyDeleteMoney does not buy happiness but appreciation, recoginition and motivation have biggest impact on morale.
In fact non monetary rewards is a key factor in employee satisfaction. Unlike monetary rewards it's very difficult for human resources managers handle and assess employees for non monetary rewards like promotions, recognition etc. I believe this process is much more difficult in apparel sector because managers has to work with large number of employees in a same grade.
ReplyDeleteThe main objective was to analyze the effects of non-monetary items such as recognition, training, and rewards and incentives on employee productivity. When employees are motivated,
ReplyDeletethey develop a willingness to work hard and thus increase performance.
Monetary rewards enhance the direct satisfaction of employees and non-monetary rewards are helpful for the recognition of employees and that recognition is a motivational tool for the employees and leads to the work engagemen. Everyone can get benefit reading this blog. Thanks to share.
ReplyDeleteI have read this article carefully. I really like these writing. I have learned a lot of new things
ReplyDeleteI would like to get many more articles like this from you.
Thank You.
Non-monetary motivational are being made which help the
ReplyDeleteorganization to motivate their workers and thus they can
perform better in their workplace.
We have huge learning scope from this blog.
I really like this words and agreed with your words.Non monetary motivational which will help our Organization also.
ReplyDeleteMoney does not buy happiness but appreciation, recoginition and motivation have biggest impact on morale.
This article described and illustrated the effect of different nonmonetary rewards on employees performance. It seems very effective contents.
ReplyDeleteNon-financial rewards such as health benefits, care on the family members of employees and giving vacations for employees should also be considered in order to motivate employees.
ReplyDeleteDefinitely it's a use full artical I love to learn and keep learning by this
ReplyDeleteIt will very much helpful for the managements involved with RMG as well other sectors
ReplyDeleteMonetary and non- monetary both are important to enhance the satisfaction of employees. But non- monetary rewards are more helpful to recognition of employees with motivated thus they work hard and increase better performance.
ReplyDeleteVery important topics that I learned here.
Thank you.
Non-monetary rewards are largely connected to the emotional aspect of employees in the apparel industry. This is very important article. Thanks to share.
ReplyDeleteNon-monetary rewards enhance employee commitment in the workplace, ensure retention, enhance productivity and disciplines with higher job satisfaction. Important role. Thanks to share
ReplyDelete