Monetary Compensation is comprised of benefits in form of money that the company provides its employees. This, of course, is the prime motivation for getting a job. One of these benefits is the ESOP or the Employee Stock Option Plans. Many companies give their employees option to buy shares after a certain length of tenure in the company. Another benefit is the Salary. Insurance Benefits are very important as well, and so are Bonuses and Incentives. A bonus is usually a percentage of the salary provided by the company.
There are also KPIs that are non-monetary in nature, and they refer to the factors that are not in form of cash, but can still encourage employees to be motivated to do their jobs well. Hygiene Factors are not necessarily very effective key performance indicators, but the absence of Hygiene Factors or a clean working environment can drastically affect employee’s motivation. Family Welfare Programs that are offered by companies are, of course, very important to employees. Recreational Engagements could provide fun and relaxation to employees, therefore a good motivation for them to stay in the company. And, of course, Supervision. A well-supervised company is always a joy to work in. Watch video in link below
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The last category here is composed of the Intrinsic Factors. These are factors that can be used to judge the motivation of company employees. The number of projects assigned to an employee, recognitions received, how well the employee handles competition, and how he handles his subordinates are good ways to measure the motivation of the employee.
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