Question
Distinguish between ‘monetary’ and ‘non-monetary’ incentives.
✓
Answer
Difference between Monetary and Non-monetary Incentives:
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S. No.
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Basis of Difference
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Monetary Incentives
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Non-monetary Incentives
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1.
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Measurement
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These cannot be measured in terms of money.
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These can be measured in terms of money.
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2.
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Suitability
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These are effective in case ofmanagers.
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These are highly effective in case of workers.
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3.
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Level of Satisfaction
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These help in satisfying lower level needs (food, clothing and shelter).
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These help in satisfying higher level needs (esteem, status and selfactualisation).
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