Do employees value monetary incentives more than non-monetary ones?

money is best motivation.if any company want to reduce attrition rate then company must look into this

Priyanka

It is the importance of non monetary item that really matters. If it makes employees happy it is more worth than the monetary incentive. But same time it is very difficult to find an item which really needed by every employee and thus the monetary incentive is getting its popularity.

Moreover the world we are living in is more bend towards monetary value and hence i agree that monetary incentive values more than non monetary one.

Monetary benefits are certainly more lucrative and long lasting than non monetary benefits. Non- monetary benefits are those whose euphoria dies down after a couple of days. however, a pay hike, or an incentive, or a bonus goes a long way in satisfying the employee and making him feel that he is wanted in the organisation. Non- monetary benefits are sometimes considered as perpetual show offs from the company's end and looks superficial even though the company many have the right intentions- its mostly harbours on a politicallly correct/incorrect tinge.

Monetary benefits are clear indications of the company's recognition of the employee's contribution, hard work and sincere efforts. there are no two ways about it.

monetary benefits will be clearly visible to the employees against to the non-monetary services like consulting services which a very few of the employees only may use.

The thing is that some companies think that the way of keeping employees motivated and happy is giving more work for them. This can be named as a "special project", and may be followed by words such as "high visibility", "customer centered", "companywide" and so on. But if no money is involved, what does the high visibilty is for ? Does it matter that it's company wide ? One can accept such "awards" for a while, but then you realize that you've been actually putting an extra effort for free, and that long waited promotion is not coming, or worse: it came but with no salary increase.

So.. I agree with Qamar, more sooner than later one starts to "take whatever I can" and will most definitively start looking for another job.

Job recognition is fine, but any promotion or recognition should have something on the side, call it a bonus, a gift certificate, whatever. At the end of the day, is money what you work for.

Regards

Rather than being bias, i would like to take the middle path. Good life is all about the right mix of good and bad days. Similarly, for ones good career a right mix of monetary and non monetary are required.

One day people can say i favor monetary but later and sooner people will realize only monetary is not enough for the successful career. 

Because we all  work for money, and from this we  can bought any thing we link.

End of the day it comes down to money money money. Incentives like Bonus and variable pay should be linked to performance. In this case, a higher performer, a chap who picks up greater responsibilities and creates work thereby value for the organisation will tend to get a better share of the bonus. Natural.

Monetary incentives means Bonus, incentives etc and I can see maximum youths are opting for these things than anything else these days. They are just seeking chance to grab more money when they are having a chance. So, yes Monetary incentives is what many prefer today.