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Non-financial rewards - Coggle Diagram
Non-financial rewards
Fringe benefits are significant for a number of reasons
Status
Gives jobs more prestige (status)
Helps to provide the "esteem needs" identified in Maslow's hierarchy
Motivation
People feeling valuable at work and the wualklity of the working environment are as important as money
These help to meet these additional non-financial motivation needs
Labor retention
Gives people better-quality working life and makes their life easier
Employees are less likely to look for another job
Ex: acces to childcare
Good la our retention reduces the cost of recruiting new staff and training
Helps to maintain productivity
Experienced staff is more productive
Cost
The value of a fringe benefit is often higher for the number of staff than the firm
Ex: supermarket let employees take home left-over food
It carries no cost fort the firm but it is a valuable perk (benefi) for the employee
Some companies offer them as a part of a worker's package
Called fringe benefits
Ex: company car, private medical insurance, discount on company products, etc