The purpose of this paper is to introduce, discuss, and analyze the topic of business in the U.S. Specifically, it will discuss the use of non-monetary rewards in the workplace. Non-monetary rewards in the workplace are becoming an increasingly common way to reward employees for a variety of workplace issues. For profitability, non-monetary rewards make good fiscal sense for just about any business, and they help maintain a more satisfied and productive workforce as well. Non-monetary reward programs are relatively simple to implement, and even small businesses can benefit by implementing these programs for their employees. At a time when employers must keep their employees motivated, productive, and service oriented, and make a profit, non-monetary rewards simply make sense.
Non-monetary rewards for employee performance in the workplace include "formal and informal acknowledgment, assignment of more enjoyable job duties, opportunities for training, and an increased role in decision-making" (Ryan, 2004). The main goal of implementing non-monetary rewards is to urge employees to perform better and more efficiently. Rewards such as acknowledgment, training, and decision-making can make an employee feel more valuable and valued, thus creating improved job performance. The value of these rewards cannot be overlooked. They add to employee retention, satisfaction, and well-being, and they cost the company next to nothing to implement and continue. They are an important element of any modern workplace, no matter what the industry or how many employees work in the business.
Some businesses may have some intrinsic non-monetary rewards in place that they do not even realize are there. For example, small businesses often attract employees that value the small, "family" feel of a small business, where ideas and self-expression are valued. Two other Human Resource experts write, "{I]t is also often argued that many individuals j...