Contrast-comparison paragraph by Daryna Vashchenko

Daryna Vashchenko

Financial and non-financial types of motivation play an equally impor¬tant role in reward management. Recompense strategies are used effectively as part of an integrated total reward process. The first type depends on the values and needs of individuals. Remuneration is concerned with pay delivery through base and variable pay and with the provision of employee benefits and pensions. Non-financial rewards also focus on the needs of people, but for recognition, achievement, responsibility and personal growth, and therefore contribute to increases in motivation, commitment and improved performance. Unlike transitory financial recompense, they make a deeper and longer-lasting impact on motivation and commitment. As the result, using of reward strategies stimulate all members of the organization from the shop-floor to the board room to work more effective and productive.