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Answer :
Nonmonetary incentives and rewards, such as new learning and developmental opportunities, enriched and challenging work, job security, and recognition, are typically included in the category of intrinsic or non-financial rewards.
Nonmonetary incentives or rewards are intangible and do not involve direct financial compensation. Instead, they focus on providing employees with additional benefits, opportunities, and positive experiences in the workplace. These rewards are often related to intrinsic motivators and can contribute to employee satisfaction, engagement, and overall well-being.
Examples of nonmonetary incentives and rewards include:
1. New learning and developmental opportunities: Providing employees with access to training programs, workshops, conferences, or other learning initiatives that enhance their skills, knowledge, and personal growth.
2. Enriched and challenging work: Assigning employees tasks or projects that are intellectually stimulating, challenging, and allow for creativity, autonomy, and personal development.
3. Job security: Offering a sense of stability and assurance to employees through measures such as long-term contracts, tenure, or organizational policies that prioritize employee retention.
Nonmonetary incentives and rewards are aimed at fulfilling intrinsic needs and motivations of employees, such as personal growth, a sense of accomplishment, and a positive work environment. They can enhance job satisfaction, engagement, and overall job motivation, which can ultimately lead to increased productivity and organizational success.
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