Abstract

The present economic situation has placed a heavy burden of decision-making on businesses and their management teams. Downsizing, reorganization, and other measures to reduce expenses are now in the planning stages. Further, these actions and practices may have an adverse impact on workers, altering their drive, loyalty, morale, perspective, and outlook.

The purpose of this study is to examine the effectiveness of monetary and non-monetary incentive systems and programs in encouraging workers to work toward the organization's stated goals. The question of what kind of incentive program is the best boost employee morale while also helping the company reach its goals is a common one for many businesses. The study set out to answer the question of whether or not an effective incentive scheme really motivates workers.

According to the survey's findings, both employers and workers value monetary advantages the highest. When compared to what organizations valued, employees placed a higher value on opportunities for professional growth, guidance from experienced coworkers, and a healthy work-life balance. In addition, the findings demonstrate that organizations are using both non-monetary and monetary benefits as part of the reward package to meet the demands of their diverse workforce. Considering the financial constraints encountered by businesses in the present economic environment, there is a strong argument for placing a greater emphasis on non-monetary awards to inspire staff. Though monetary incentives were ranked highest, it is possible to give a person with a reward package consisting of both monetary and non-monetary incentives.

Keywords

• Human Resource Management,
• Non-Monetary Motivator Strategies,
• Multinational Corporations' Human Resources

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