It is true that monetary incentives help bring out the best in employees, and the promise of a considerable cash reward keeps them motivated to always exhibit their peak performance. But what if your cash flow is not able to cover cash bonuses, particularly in difficult economic conditions?
Jun Cabochan, managing director of Pandayan Bookshop, told Entrepreneur.com.ph that there are other ways to give employees a sense of fulfillment and reward them for their efforts other than the dangling of cash gifts.
Cabochan, who is also the executive editor of the People Manager, the monthly magazine of the People Management Association of the Philippines (PMAP), said "feeding their minds" is always an option under the "non-monetary incentives" category.
One of our best non-monetary incentives in Pandayan Bookshop is psychological in nature [which takes the form of] employee empowerment. Empowerment gives the person the opportunity to fulfill his potential. The joy of achievement drives our associates to do their best and try to improve with every new day," he said.
Empowering the employees, however, is not easily done, he quickly added. Fortunately, being in PMAP has allowed Cabochan to be with the cream of the crop in the country\\\'s human resource management, and get acquainted with the best practices in keeping employees motivated. As a result, he has managed to develop a five-step process that his company uses to foster employee empowerment.