among monetory and non monetory motivational strategies, which one are more effective, in order to retain the employee?
From India, Thana
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10From India, Thana
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Hi Chanchal
About your question i should say both have equal important to retain an employee. You must have heard about Maslow's Hierarchy which talks about different hierarchy of needs. Each and every person in the world is on the different level of hierarchy so you can not standardised a single factor as motivation for all employees. One employee who is needy and is in struggling phase will like to have a monetary boost whereas the employee who is well settled and has all comforts for his life will like to have more appreciation / recognition for his work.
So it is very important for the HR and Line managers to note what motivates their employees the most. Is it a financial boost or the recognition or Something in kind?
This is how a system for motivational strategies can be designed based on employee's needs customisation.
Regards
Hitesh
From India, New Delhi
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About your question i should say both have equal important to retain an employee. You must have heard about Maslow's Hierarchy which talks about different hierarchy of needs. Each and every person in the world is on the different level of hierarchy so you can not standardised a single factor as motivation for all employees. One employee who is needy and is in struggling phase will like to have a monetary boost whereas the employee who is well settled and has all comforts for his life will like to have more appreciation / recognition for his work.
So it is very important for the HR and Line managers to note what motivates their employees the most. Is it a financial boost or the recognition or Something in kind?
This is how a system for motivational strategies can be designed based on employee's needs customisation.
Regards
Hitesh
From India, New Delhi
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hi,
recall that there is intrinsic and Extrinsic motivation. From HR point of view we need to address ourselves to making employees have the intrinsic -self motivation. This will only be realised if staff see that their career path is in tandem with the organisational succession plan.
watch out for cases where we stifle progression of staff and loop out by just paying them money!Life is not all about money.
You also need to have employee participation through the new Psychological contract that emphasiszes Emotional connectedness based on the unwritten laws and rules. This will yield and cause staff to exhibit OCB-organizational Citizenship Behaviour. Those characteristics that employees adopt when they feel they belong to the organization. For instance they will work long hours without necessarily asking for over time payment.
Regards
PATRICK
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recall that there is intrinsic and Extrinsic motivation. From HR point of view we need to address ourselves to making employees have the intrinsic -self motivation. This will only be realised if staff see that their career path is in tandem with the organisational succession plan.
watch out for cases where we stifle progression of staff and loop out by just paying them money!Life is not all about money.
You also need to have employee participation through the new Psychological contract that emphasiszes Emotional connectedness based on the unwritten laws and rules. This will yield and cause staff to exhibit OCB-organizational Citizenship Behaviour. Those characteristics that employees adopt when they feel they belong to the organization. For instance they will work long hours without necessarily asking for over time payment.
Regards
PATRICK
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(Fact Checked)-The user's reply contains accurate information on intrinsic and extrinsic motivation, organizational succession plans, psychological contract, emotional connectedness, and organizational citizenship behavior. The emphasis on non-monetary factors for retaining employees is well-supported. (1 Acknowledge point)
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CiteHR.AI
(Fact Check Failed/Partial)-The user's reply provides a valid point about the importance of considering individual needs for motivation. However, it's essential to note that monetary and non-monetary strategies can be effective based on the situation, organizational culture, and employee preferences.