Question

Distinguish between monetary and non-monetary incentives.

Answer 1

Sr. No.	Basis	Monetary Incentives	Non-Monetary Incentives
1.	Measurement	Monetary incentives can be measured in terms of money.	Non-monetary incentives cannot be measured in terms of money.
2.	Suitability	Monetary incentives are highly effective in the case of workers.	Non-monetary incentives are effective in the case of managers.
3.	Level of Satisfaction	Monetary incentives help in satisfying lower-level needs.	Non-monetary incentives help in satisfying higher-level needs.
4.	Visibility	Monetary incentives are visible, as they are measurable in terms of money.	Non-monetary incentives are not visible, as they are not measurable terms of money.
5.	Example	Monetary incentives mainly includes wages, salary, bonus, commission etc.	Non-monetary incentives mainly includes Job Satisfaction Job Security, Job Rotation etc.