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| Open Access | An analysis carried out to predict the development of brand equity in the Chinese apparel industry
Abstract
The current economic situation has placed a significant burden of decision-making on businesses and their management teams. Downsizing, reorganization, and other cost-cutting measures are currently being planned. Furthermore, these actions and practices may have a negative impact on employees, affecting their motivation, loyalty, morale, perspective, and attitude.
The purpose of this research is to look into the effectiveness of monetary and non-monetary incentive systems and programs in motivating employees to work toward the organization's stated goals. Many businesses face the question of what type of incentive program will best boost employee morale while also assisting the company in meeting its goals. The study aimed to answer the question of whether an effective incentive scheme really Motivates workers.
According to the survey results, both employers and employees place the highest value on monetary advantages. When compared to what organizations valued, employees prioritized professional development opportunities, guidance from experienced coworkers, and a healthy work-life balance. Furthermore, the findings show that organizations use both non-monetary and monetary benefits as part of their compensation package to meet the needs of their diverse workforce. Given the financial constraints faced by businesses in the current economic environment, there is a strong case for putting a greater emphasis on non-monetary awards to motivate employees. Although monetary incentives were ranked first, it is possible to provide a person with a reward package that includes both monetary and non-monetary incentives.
Keywords
Human Resource Management, Non-Monetary Motivator Strategies, Multinational Corporations' Human Resources
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Copyright (c) 2023 LI JIYAN, ABHIJIT GHOSH (Author)
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Copyright (c) 2023 LI JIYAN, ABHIJIT GHOSH (Author)
This work is licensed under a Creative Commons Attribution 4.0 International License.
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