Question

2) What are the nonfinancial incentives you would find to be the MOST helpful in creating positive, pro-business behaviors that you would like to see in your current and future employees? Why would you choose those incentives over other forms of financial reward? Are the financial incentives your selected common or uncommon to your industry, and why might that be an important component to consider?

3) What results would you expect to obtain from your efforts above? What are the potential barriers to obtaining these results?

4) Your managers make sure things are done right. But, as the CEO, part of your job is to ensure that people are doing the right things. What incentives would you provide to your managers and executives? Why would those incentives be different or the same as the benefits offered to your lower-level employees?

Answer 1

2) Some of the non-financial incentives that I feel would be most helpful in creating pro-business behaviours are:

- Rewards in recognition in the form of awards and certificates because this will ensure the employee is respected in the organisation and gains confidence.

- Insurance to the employees as it creates a sense of security among employees.

- Adequate and timely training to them as they would feel they are enhancing their skillset and learning something new and not just earning.

These incentives are common but most of the organisations do not use them properly and it needs a whole lot of research basis the kind of employees and their corresponding expectations. This is an important factor because the company has to move as per the industry and has to be in sync with what is happening around the world rather than creating their own rules which many of the people would not comply by.

3) The results that I am aiming to obtain are better productivity at work, low attrition and higher tenure of the employees, lower employee retention cost and also a healthy working environment. Potential barriers are resistance to change as some employee would still be wanting only and only financial benefits, approval form the management is also a barrier and rewards and recognition involves a certain amount of subjectivity which is difficult to eliminate and hence these barriers may pose a challenge.

4) The incentive I would provide to managers and executives are timely delivery, better output and productivity, lesser attrition and greater revenues. Those incentives would be different form lower level employees because the expectations are different and also the motivation factors are completely different so accordingly incentives are to be provided.