Please Write 300-500 words on the below given topic.

Role of Monetary and non-monetary benefits in terms of Employee

Growth and Learning
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paraphrase it according to the topic.
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Role of Monetary and Non-Monetary Benefits in terms of Employee
Growth and Learning

By Monetary Benefits we mean, financial rewards which are given to employees for performing their
work. These includes; cash, bonuses or gifts etc. On the other hand, Non-Monetary Benefits are the ones
which does not include money. It includes appreciation, personal growth, work-life balance, job security
or flexible work hours etc.

The managers use these type of benefits to motivate their employees to work even harder to achieve
their goals as well as to achieve organization’s goals. Both of these benefits gives satisfaction to
employees, but not all employees gets motivated by both of these benefits. Their interest varies.

Most employees are intrinsically motivated, which means that they get motivated by non-monetary
rewards. These type of employees yearn for personal contentment which cannot be achieved only
through high pay salary or big bonuses, although these are necessary but are not a source of PERSONAL
CONTENTMENT. These can be achieved when employees are doing the work in which have immense
liking and when they are getting appreciated for their excellent performances. By this, employees feel
themselves as engaged and related with the job and as well as with the organization, they feel that their
organization value them, their personal goals become associated with the organization’s long-term
goals. They work really hard for the ultimate success of the organization. They get motivated to increase
their learning and knowledge to enhance their skill level which ultimately intensify their growth level.

If we talk about those employees who are extrinsically motivated, means those who get motivated by
financial rewards like pay, bonuses etc. these type of employees work only for money. They are not
much concerned whether they are interested in the job or not. And that’s why most people now a days
are not happy with their jobs, because they are running after money and they are not doing work in
which they find peace or in which they are interested. They don’t feel engaged with the job or
organization and eventually they don’t yearn for knowledge. Their physical as well as mental growth
starts to decline. They find themselves unable to achieve personal contentment or satisfaction.
Monster.com study shows that 42% people are dissatisfied with their jobs and 32% people are seeking
new jobs.

Research also indicates that very less people are satisfied with the monetary benefits and more people
are satisfied by job security, achievement, appreciation and promotions.

Role of manager is very important in this regard because he has control over these benefits and he is a
source of motivation for the employees working in the organization. He can inspire his team through
appreciation, promotions and also through bonuses. He should focus on both types of benefits in order
to increase employees’ knowledge and growth. As it is said

“A bad boss can take a good staff and destroy it, causing the best employees to flee and the
remainder to lose all the motivation”