Non Monetary Rewards Jennifer Kay Jake Lanier Katie Mazzini Allison Eagan Amber Weber Sarah Miller

Introduction Highlight from video Highlight from video  Span of NMC offered

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 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

Growth of NMC Use of NMC is rapidly growing Use of NMC is rapidly growing  Economic incentives are seen as rights and are becoming less effective  Informal rewards are highly desired by today’s employees

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

How is NMC motivating? Intrinsic value Intrinsic value Show of accomplishment Show of accomplishment  Pride Increase productivity of those around you Increase productivity of those around you Difficulty of placing an actual monetary value on an accomplishment Difficulty of placing an actual monetary value on an accomplishment Expectancy theory Expectancy theory  Effort versus reward

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

Now It’s Your Turn! Class exercise and discussion Class exercise and discussion

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

Questions???