What are some non financial rewards

Published on the Sep 8, 2016 1 year ago by liverough - End › Sep 15, 2016 1 year ago

Homework subject

Hi! I am in year 10 and doing business studies. There is a concept I have trouble understanding. Can someone tell me what are some non financial rewards please? 

Homework progress

I guess I would understand the concept of non financial rewards better with some examples. If you also have a definition it would be great.

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Posted on Sep 8, 2016

A non financial reward is a method to motivate workers without giving them money. Here are some examples of non financial rewards:

  • Job rotation: it reduces boredom and repetition by occasionally moving workers from one job to another. In this way, workers can learn how to do several jobs, and they can be able to cover for someone who gets ill for example. But in the end this method doesn't improve job satisfaction so much.
  • Job enlargement: when a worker gets good at their job, their productivity increases. It means that they can do the same work in less time, so they can be given more tasks. This will enlarge their job description. It can make the job more varied and interesting and thus the worker feels more valued. 
  • Job enrichment: this method aims at stopping the worker from feeling that their productivity is being punished with more work. With this method, the worker is given more responsibility, like supervision of new staff. Workers may require more training though. But this usually make the worker more motivated. However, they may expect a pay rise. 
  • Fringe benefits: this is a reward that is not part of the worker's main income. Some examples are: company car, gym membership, health insurance.

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