Istilah Glosari

Glosari Pengurusan Sumber Manusia dan Syarat Faedah Pekerja

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Monetary rewards

Monetary rewards are one of the most common types of incentives used in employee recognition programs. They are generally used to recognize and reward employees who have reached certain levels of achievement, performance, or productivity. Monetary rewards can be used to recognize an individual's contributions toward the company's goals and objectives.

Monetary rewards are a great way to motivate your employees. They can be used in place of or in addition to non-financial rewards, like trophies and plaques.

What are monetary rewards?

Ganjaran kewangan ialah jumlah wang tertentu yang diberikan kepada pekerja untuk menyelesaikan tugas atau matlamat. Ganjaran ini boleh datang dalam bentuk bonus, komisen, atau insentif dan boleh berdasarkan prestasi, merit atau kekananan.

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Why are monetary rewards important?

Here is why giving monetary rewards to employees is important:

Motivate employees to demonstrate their loyalty to the company.
Enable people to correct their mistakes, and improve their performance.
Encourages them to work hard, and even to take risks that might otherwise be avoided.
Make workers more productive, because they're motivated to do more than just survive.
Create a positive atmosphere at work and make employees more likely to go the extra mile for the company.
Are better than other forms of positive reinforcement in motivating employees, because money provides a clear target for attention and achievement.

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What are the different types of monetary rewards?

The major types of monetary rewards used are:

Performance-based pay
Digital gift cards
Bonuses
Pay raise
Commissions
Gainsharing plans
Employee stock options

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What is the difference between monetary and non monetary rewards?

Monetary rewards

Monetary rewards are defined as rewards that involve direct money to the employee.
A monetary reward might come in the form of a cash bonus, or salary hike or it could be in the form of stock options.

Non-monetary rewards

Non-monetary rewards are rewards that don't involve direct money to the employee.
Non-monetary rewards can be service discounts, reward points, flexible working hours, professional development opportunities, etc.

What are the advantages of monetary rewards?

The benefits of using monetary rewards are highlighted below:

They are simple to administer.
They motivate employees to do their best work every day.
They help increase employee engagement when implemented correctly.
They help offset pay freezes or salary increases during tough economic times.
They keep your employees happy while helping your company stay competitive in the labor market.
They encourage innovation because people like doing things that make them feel good about themselves.
They can be used to motivate employees of all levels and backgrounds, from entry-level employees with little experience to senior managers who have been in the workforce for decades.

What are the advantages of monetary rewards?

The benefits of using monetary rewards are highlighted below:

They are simple to administer.
They motivate employees to do their best work every day.
They help increase employee engagement when implemented correctly.
They help offset pay freezes or salary increases during tough economic times.
They keep your employees happy while helping your company stay competitive in the labor market.
They encourage innovation because people like doing things that make them feel good about themselves.
They can be used to motivate employees of all levels and backgrounds, from entry-level employees with little experience to senior managers who have been in the workforce for decades.

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What are the disadvantages of monetary rewards?

The disadvantages of monetary rewards are:

They create difficulties in sustaining a high level of motivation.
If employees earn a bonus, they may expect similar rewards in the future. That expectation may not be realistic, leading to disappointment and demotivation if managers don't deliver on their promises.
They won't motivate employees who aren't motivated by money because some are more motivated by recognition than by money.
They can create unhealthy competition between coworkers or team members.
They can create stress or pressure among employees and make them feel less connected with each other.
They may reduce intrinsic motivation if employees see them as being tied too closely to performance outcomes or if they need to understand how their efforts contribute to company success.

What is the impact of monetary rewards on employee performance?

Monetary rewards have proved to be the best kind of positive reinforcement that motivates employees to give their best in all circumstances. Money is considered one of the strongest motivators; therefore, it can change a person’s attitude in the workplace and bring a positive change in the work environment.

Employees who have a positive attitude towards their job feel committed to the organization and get engaged.

Tinjauan nadi pekerja:

Ini ialah tinjauan pendek yang boleh dihantar dengan kerap untuk menyemak pendapat pekerja anda tentang sesuatu isu dengan cepat. Tinjauan ini mengandungi kurang soalan (tidak lebih daripada 10) untuk mendapatkan maklumat dengan cepat. Ini boleh diberikan secara berkala (bulanan/mingguan/suku tahunan).

Pertemuan satu lawan satu:

Mengadakan mesyuarat berkala selama sejam untuk sembang tidak rasmi dengan setiap ahli pasukan ialah cara terbaik untuk memahami apa yang berlaku dengan mereka. Memandangkan ia adalah perbualan yang selamat dan peribadi, ia membantu anda mendapatkan butiran yang lebih baik tentang sesuatu isu.

eNPS:

eNPS (skor Promoter Bersih pekerja) ialah salah satu cara paling mudah lagi berkesan untuk menilai pendapat pekerja anda tentang syarikat anda. Ia termasuk satu soalan menarik yang mengukur kesetiaan. Contoh soalan eNPS termasuk: Sejauh manakah anda mengesyorkan syarikat kami kepada orang lain? Pekerja menjawab tinjauan eNPS pada skala 1-10, di mana 10 menandakan mereka 'berkemungkinan besar' mengesyorkan syarikat dan 1 menandakan mereka 'sangat tidak mungkin' mengesyorkannya.

Berdasarkan maklum balas, pekerja boleh diletakkan dalam tiga kategori berbeza:

Penganjur
Pekerja yang telah bertindak balas secara positif atau bersetuju.
Pengkritik
Pekerja yang telah bertindak balas secara negatif atau tidak bersetuju.
pasif
Pekerja yang kekal neutral dengan jawapan mereka.