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Financial rewards are monetary incentives that an employee earns as a result of good performance. These rewards are aligned with organizational goals. When an employee helps an organization in the achievement of its goals, a reward often follows. All financial rewards are extrinsic. Extrinsic motivation is based on tangible rewards, such as pay raises, bonuses and paid time off.
Examples of Non-financial rewards;
· Praise for a good work
To congratulate employee for work well done.
· Challenging work
It is a challenge that employees make to have the best performance at work.
· Career opportunity
Provide promotional development opportunities and training to improve performance.
· Recognition
Non-financial rewards may take the form of recognition, letter of appreciation or certificate of commendation, souvenirs or medals
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