TENTATIVE SOLUTION:
The Rewards are categorized into two group’s financial and non-financial rewards. The financial rewards are also called extrinsic rewards and non-financial rewards are called intrinsic rewards. Financial rewards:
This type of rewards comprises of:
• Basic pay
• Contingency pay
• Bonuses
• Commission
• Incentives
• Pension
• Gratuity
Non-Financial rewards:
This type of rewards comprises of:
• Recognition
• Employment security
• Challenging work
• Growth opportunities
• Personal relationship at workplace
• Autonomy
Horizon’s services Ltd. had chosen non-monetary rewards to motivate its workforce, which ultimately helps to improve the quality of customer services and efficiency. As a result, employees are motivated to contribute more towards the organizational success because they are given recognition and appreciation for their contribution. Moreover, employees have been given autonomy as a non-financial reward so that employees have the choices that they manage their own actions.
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