Non Monetary Rewards Jennifer Kay Jake Lanier Katie

Non Monetary Rewards Jennifer Kay Jake Lanier Katie Mazzini Allison Eagan Amber Weber Sarah Miller

Introduction n Highlight from video u Span of NMC offered

Definition of Non Monetary Compensation n Definition: any benefit an employee receives from an employer or job that is above and beyond the compensation package (salary, insurance, etc) for the specific purpose of attracting to the company as well as retaining and motivating the employees

Growth of NMC n Use of NMC is rapidly growing u Economic incentives are seen as rights and are becoming less effective u Informal rewards are highly desired by today’s employees

NMC: Impact on Recruiting and Retaining Employees n n n People are increasingly more interested in other perks the job/company offers Each individual values different NMC u Pfizer example NMC can take care of daily errands Way for company to create loyalty from their employees Referrals u Insurance example

How is NMC motivating? n n n Intrinsic value Show of accomplishment u Pride Increase productivity of those around you Difficulty of placing an actual monetary value on an accomplishment Expectancy theory u Effort versus reward

NMC on a Tight Budget Effective way to motivate employees despite economic conditions n Maintain productivity n Employees are intrinsically motivated u Feel pleased and fulfilled when recognized for their hard work and effort n Provide a sense of security and protection n

Now It’s Your Turn! n Class exercise and discussion

Conclusion NMC is not necessarily costly to the company n Makes the employees feel valued u Motivating n Monitor usage of NMC n Variety of forms n

Questions? ? ?