Question

• The use of incentives and rewards is the single most powerful tool at management's disposal to win strong employee commitment to carrying out the strategic plan. True or false? Explain

• Provide three examples of nonmonetary motivation and rewards practices that have the capability to foster good strategy execution and explain how they act to produce such a result.

Answer 1

Yes, incentives and rewards are the best motivating factors or powerful tools to win strong employee commitment. Management usually ties these incentives or rewards with the goals of the employees. Upon achieving those goals, the incentives or rewards are provided to them. These goals could be monthly or quarterly. Therefore, the given statement is true.

The three examples of non-monetary benefits or rewards practices:

1. Flexitime,

2. Appreciation,

3. Free or discounted parking.

1. Flextime or shift: When employees are provided time and shift flexibility to work, they feel quite motivated. It is because it allows them to work within their own comfort and within their space.

2. Appreciation: Appreciation is one of the key factors that allow the company to retain their employees for a longer period of time. When employees are appreciated for their work, they achieve bigger goals.

3. Free or discounted parking is another non-monetary compensation provided to the employees by the management. When it is hard to find a parking space, allowing customers to have a discounted or free parking space motivates them.