Research has shown that people have a basic need for recogni

Research has shown that people have a basic need for recognition. Managers often think that financial rewards are the best incentive for employees. List three ways managers can use incentives to reward and recognize their teams of employees without spending any money. Explain your reasoning.

Analyze why money is often thought to be the most effective motivator and how the hospitality industry is able to dispel this common assumption.

Solution

Ans:- Three ways managers can use incentives to reward and recognize their teams of employees without spending any money:-

  Flexible Hours. Let your team work when they want to work. The flexibility can be worth a lot more than cash. Maybe they won’t need daycare services for their child, for example, if they can make their own schedule.

A Thank You Note. Saying thanks about something specific may be the ultimate reward. If you do it selectively yet authentically, a thank you note may be pinned above your employee’s desk for years.

Flip Flop Day. Casual Friday has turned into casual every day. Change things up by allowing flip flops as a fun way of recognizing success.

The Morphing Trophy. We did this at my first company and it always brought fun, laughter and recognition. Get a big trophy and give it to the employee you are recognizing for the week. At the end of the week, they must return the trophy but they need to add one thing to it. (You would be shocked how many things can stick to a trophy.) Then next week give it to the next winner. At the end of the year, you\'ll have a trophy with 52 things stuck to it. It looks hysterical and has lots of memories. At the end of the year, retire the trophy and put it in your reception area. Do it every year.

Employee of the Month. This can be a great way to show recognition as long as employees take the award seriously and it comes with real perks, like a parking space for the following month, flexible hours or a longer lunch hour.

Money is often thought to be the most effective motivator:-

Money is the biggest motivator of people at the workplace. Most people are motivated by money. According to Alison Griffiths, journalist of Metro Canada, survey showed that 53 percent of Baby Boomers in Canada did want to earn more money while 32 percent of them did plan to open a own business after retirement to earn more money too. Besides that, Reuters (2012) also stated that 31.4 percent of Americans aged from 65 to 69 were still working in year 2010, compared to year 1990 with a lower percentage which is 21 percent. These showed that Baby Boomers value money as an important motivation factor. For example, A Generation X employee tells a Boomer manager that he had been working too hard and request for taking an off for family vacation. Instead of saying thanks, the Boomer replies, \"I work to get ahead, to get a promotion, not for a vacation.\" The Boomer manager then gave the employee a bonus, rather than a vacation (Hammill, G., 2005). In contrast, Generation X seek a work-life balance where they will take less money if they are given opportunity to work lesser hours and have time off to spend with family or take a vacation. For them, money act as an incentive or reward but it does not add value to the job. Whilst, Boomers are attracted to position and even more money rather than placing value on vacation time or flex time. According to Mcshane (2010), Generation X and Generation Y employees expect a more egalitarian workplace. For them, money is an important factor but it is not a standalone. A study by Accenture consulting firm found that 50% of middle managers were interested in new job that provide benefits such as more time off rather than more pay (Williams, R., 2010) Thus, money is very important to employees for number of reasons. I firmly believe that money is the major and biggest motivator at the workplace. Some of the motivation theory model also explains the importance of money as a major motivator factor such as Maslow\'s Needs Hierarchy Theory, ERG Theory, Equity Theory and etc.

Believe it or not, employees are working for money. We are working for money. I am laughing when I am looking for some “quotations”, some quoted as “I work for money, if you want loyalty, hire a dog”.

If you will give an employee a great incentives, they will become inspired and keep on making initiative. You too, as a business owner, you will never lose your enthusiasm as an entrepreneur if you know you can make a lot of money on what you are doing now. If you can’t make even a single dime for profit, there’s no reason to keep what you are doing now.

Money is often thought to be the most effective motivator in the hospitality industry because it isa universal incentive. Managers don’t have to worry about what kind of gift card or flowers toget an employee. They can just give them money or bonuses so they can buy whatever theywant. The hospitality industry is able to dispel this common assumption because it encourages employees to work harder and more efficient. Everyone loves incentives, especially money.Since the hospitality industry has such a high employee turnover rate, businesses feel the need tooffer better benefits such as incentives to create a more fun environment for them to stay.