Hi,
Our company is a small manufacturing business that specializes in equipment production. We have recently made the decision to introduce incentives for our employees to boost motivation. Up until now, our pay structure has been consolidated, without any additional incentives.
I would like to reach out to fellow forum members for suggestions on suitable non-monetary incentives for various departments such as marketing, production, finance, service, and R&D, while adhering to a small budget. Your input is highly appreciated.
Looking forward to your responses.
Regards, ARC
:icon1:
From India, Hyderabad
Acknowledge(0)
Amend(0)
1Our company is a small manufacturing business that specializes in equipment production. We have recently made the decision to introduce incentives for our employees to boost motivation. Up until now, our pay structure has been consolidated, without any additional incentives.
I would like to reach out to fellow forum members for suggestions on suitable non-monetary incentives for various departments such as marketing, production, finance, service, and R&D, while adhering to a small budget. Your input is highly appreciated.
Looking forward to your responses.
Regards, ARC
:icon1:
From India, Hyderabad
Acknowledge(0)Amend(0)
Some non-monetary incentive types which I can suggest are:
- Sponsor Cricket Match tickets
- Take employees out for a picnic
- Gift vouchers
- Food coupons
- If a public limited company, then can issue bonus shares to employees.
Regards,
Ritu
From India, Gurgaon
Acknowledge(0)Amend(0)
- Sponsor Cricket Match tickets
- Take employees out for a picnic
- Gift vouchers
- Food coupons
- If a public limited company, then can issue bonus shares to employees.
Regards,
Ritu
From India, Gurgaon
Acknowledge(0)Amend(0)
Hi,
Ours is a small company involved in manufacturing equipment. We have decided to offer incentives to our employees to motivate them. Until now, we have had a consolidated pay structure without any incentives. I request forum members to suggest what kinds of incentives (non-monetary) would be suitable for different departments like marketing, production, finance, service, and R&D within a small budget limit.
Awaiting your replies.
Regards,
ARC
Dear ARC,
Some suggestions for non-monetary incentives include appreciation letters, get-together parties if possible, personal appreciation from the boss, and more. Additionally, you can issue a circular appreciating the employees, mentioning that they are valuable assets of the company. It's important to develop confidence in them, showing that the company does not believe in the policy of hire and fire.
Be happy! 😊
DPS Chauhan
From India, Delhi
Acknowledge(0)Amend(0)
Ours is a small company involved in manufacturing equipment. We have decided to offer incentives to our employees to motivate them. Until now, we have had a consolidated pay structure without any incentives. I request forum members to suggest what kinds of incentives (non-monetary) would be suitable for different departments like marketing, production, finance, service, and R&D within a small budget limit.
Awaiting your replies.
Regards,
ARC
Dear ARC,
Some suggestions for non-monetary incentives include appreciation letters, get-together parties if possible, personal appreciation from the boss, and more. Additionally, you can issue a circular appreciating the employees, mentioning that they are valuable assets of the company. It's important to develop confidence in them, showing that the company does not believe in the policy of hire and fire.
Be happy! 😊
DPS Chauhan
From India, Delhi
Acknowledge(0)Amend(0)
I understand this to be an incentive for every employee of your organization, which will vary depending on their performance. If this is correct, I suggest you first derive some slabs for every performance level and fix a monetary value for the same. Accordingly, you can choose from some packages, viz.:
a. Sodexo / Ticket Restaurant passes
b. Health check-up for family members
c. Give them a Star Badge with different colors which will grade them, and they can wear the same in the office.
d. Give them a small memento with appreciation words for their performance.
- Ramesh R
From India, Mumbai
Acknowledge(0)Amend(0)
a. Sodexo / Ticket Restaurant passes
b. Health check-up for family members
c. Give them a Star Badge with different colors which will grade them, and they can wear the same in the office.
d. Give them a small memento with appreciation words for their performance.
- Ramesh R
From India, Mumbai
Acknowledge(0)Amend(0)
Some more non-monetary incentives like:
- Give holiday plans for the family.
- Present domestic appliances that employees would not have otherwise bought.
- Movie tickets, meal vouchers for reputed hotels.
- Club membership for a year.
- Public recognition/appreciation.
- Sponsorship of an advanced learning program.
- Health check-up is also a good option.
Regards,
ACCHR
From India, Mumbai
Acknowledge(0)Amend(0)
- Give holiday plans for the family.
- Present domestic appliances that employees would not have otherwise bought.
- Movie tickets, meal vouchers for reputed hotels.
- Club membership for a year.
- Public recognition/appreciation.
- Sponsorship of an advanced learning program.
- Health check-up is also a good option.
Regards,
ACCHR
From India, Mumbai
Acknowledge(0)Amend(0)
Hi, Ours is a BPO Healthcare (Medical Billing) company and I need a suitable parameters on how to calculate Incentive for the employees here. Please suggest the parameters Regards, Sathish KK
From India, Bangalore
Acknowledge(0)Amend(0)
From India, Bangalore
Acknowledge(0)Amend(0)
Hi!
Simply implementing any incentive scheme that comes to your mind, or as suggested by others, is not enough. Neither is it the right way of managing Compensation & Benefits.
A very good approach to this issue is implementing "compensation & benefits benchmarking". This way you will be able to compare your current situation with that of your industry and the market rates in your country.
When you are able to do this, then you will be in a position to develop or design an incentive benefit that is best and affordable for your company.
Remember, even if you are able to develop a very good incentive scheme, your top management's decision will ultimately be based on whether the company can afford it and sustain it in the long run. Moreover, no company implements a benefit that is not being given yet by the market leaders in the industry where your company belongs.
To be able to benchmark with your market and industry, you need a good and credible Compensation & Benefits Study (Survey) in your country. This study is normally done by big multinational companies operating in your country.
Now, a shortcut to this is possible. Look around for a matrix or table of benefits that is already prepared within the industry where you belong.
My company has prepared a Benefits Menu for companies in the Middle East the other year. The menu is very comprehensive and based on a very reputable compensation and benefits survey in the Gulf Region. But, we SELL this!
Visit us at: Emilla Consulting
Best wishes.
Ed Llarena, Jr.
Managing Partner
Emilla Consulting
(landline)
(mobile)
From Philippines, Parañaque
Acknowledge(0)Amend(0)
Simply implementing any incentive scheme that comes to your mind, or as suggested by others, is not enough. Neither is it the right way of managing Compensation & Benefits.
A very good approach to this issue is implementing "compensation & benefits benchmarking". This way you will be able to compare your current situation with that of your industry and the market rates in your country.
When you are able to do this, then you will be in a position to develop or design an incentive benefit that is best and affordable for your company.
Remember, even if you are able to develop a very good incentive scheme, your top management's decision will ultimately be based on whether the company can afford it and sustain it in the long run. Moreover, no company implements a benefit that is not being given yet by the market leaders in the industry where your company belongs.
To be able to benchmark with your market and industry, you need a good and credible Compensation & Benefits Study (Survey) in your country. This study is normally done by big multinational companies operating in your country.
Now, a shortcut to this is possible. Look around for a matrix or table of benefits that is already prepared within the industry where you belong.
My company has prepared a Benefits Menu for companies in the Middle East the other year. The menu is very comprehensive and based on a very reputable compensation and benefits survey in the Gulf Region. But, we SELL this!
Visit us at: Emilla Consulting
Best wishes.
Ed Llarena, Jr.
Managing Partner
Emilla Consulting
(landline)
(mobile)
From Philippines, Parañaque
Acknowledge(0)Amend(0)Looking for something specific? - Join & Be Part Of Our Community and get connected with the right people who can help. Our AI-powered platform provides real-time fact-checking, peer-reviewed insights, and a vast historical knowledge base to support your search.
Employee Motivation.ppt
Employee Benefits.doc