Question

Since this team will be new, your bank has decided to compensate the team members initially with nonfinancial rewards. By working well together, members could be part of a permanent team focused on improving operational efficiency. What type of team compensation system would work best for them?

Answer 1

Team based Non Financial Reward System will work best for the employees in a team.

Explanation:

There are two broad categories of rewards in any organization.

• Financial Rewards
• Non Financial Rewards

Financial Rewards are the rewards that include money from any aspect, either in the form of pay increment, bonus, overtime allowance, etc. But Non Financial Rewards are the ones that do not include any sort of money, rather it is totally concerned with the non tangible aspects of compensation. There are many non financial rewards. Some of these are as follows:

• Career Advancement Opportunities
• Job Enrichment
• Employee Recognition Programs
• Job Security
• Employee Empowerment, etc.

So when the bank has decided to initially reward the team with non financial rewards, then best suited non financial reward for them would be Career Advancement opportunities, employee empowerment programs, recognition programs, etc. Such programs will enhance the employees' morale and give them motivation to work together in a team or in individual capacity as well.

Learn more about Compensation and Rewards at:

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