What are non-monetary incentives? Why are they provided?
Non-monetary incentives are the benefits which are granted to the workers in the various forms, such as better working conditions, health and safety services, Canteen Facility, Medical facility to the workers and their family members, Loans at reduced rate of interest etc. with an intention to attract better workers, retain existing workers, and reduce labour turnover.
Explain Indirect Monetary Remuneration.
Indirect Monetary Remuneration includes following two forms:
- Profit Sharing : in which workers are entitled to have share in the profits earned by the company.
- Co-partnership : in which workers are granted ownership rights in the operations of the organization.