Non Monetary Rewards

1
Non Monetary Rewards

• Jennifer Kay
• Jake Lanier
• Katie Mazzini
• Allison Eagan
• Amber Weber
• Sarah Miller

2
Introduction

• Highlight from video
• Span of NMC offered

3
Definition of Non Monetary Compensation

• 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

4
Growth of NMC

• Use of NMC is rapidly growing
• Economic incentives are seen as rights and are
  becoming less effective
• Informal rewards are highly desired by todays
  employees

5
NMC Impact on Recruiting and Retaining Employees

• People are increasingly more interested in other
  perks the job/company offers
• Each individual values different NMC
• Pfizer example
• NMC can take care of daily errands
• Way for company to create loyalty from their
  employees
• Referrals
• Insurance example

6
How is NMC motivating?

• Intrinsic value
• Show of accomplishment
• Pride
• Increase productivity of those around you
• Difficulty of placing an actual monetary value on
  an accomplishment
• Expectancy theory
• Effort versus reward

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NMC on a Tight Budget

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

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Now Its Your Turn!

• Class exercise and discussion

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Conclusion

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

10
Questions???