What is intangible motivation
Intangible motivation received its distribution as an integral part of management style in the company. Motivation encourages movement. In total there are two types of motivation for employees: material and non-material. Material motivation is aimed at employee interest through bonuses, bonuses and wages. Whereas intangible motivation does not involve rewarding employees through cash.
The intangible motivation may include: written or verbal thanks of the management, the opportunity to switch to flexible working hours, additional days off, career growth, a friendly team and corporate events. It should be noted the effectiveness of such non-financial motivation, as corporate events and Team-building (from English. Translated as "team building"). Such joint trips, holidays, contests and participation in joint events create a healthy atmosphere in the team, which positively affects the efficiency of employees.
Intangible motivation is aimed at reducing the staff turnover at the enterprise and strengthening the corporate spirit. Often, the prospect of promotion or a friendly atmosphere in a team can compensate for low salaries. But even if a large company has no problems with material incentives for employees through various bonuses and bonuses, it is possible that the employee will leave high-paying jobs due to a loss of interest in work or the lack of career prospects.
This kind of non-material motivation, like the praise of a manager, can be a stronger and more pleasant incentive for an employee. Employees usually appreciate the praise of their supervisor. And if it is framed on a special form as a letter of commendation, stamped and framed, so that the employee can hang it on the wall with pride, then such non-financial motivation can be more successful than the material one.
Intangible motivation is more strategic than material. If monetary compensation can be of interest to the employee for a short period, then non-financial incentives are designed for the long term.
A motivated employee is much more efficient and useful for a company, and the question of motivation is fundamental to management. The choice in the means of motivation is great, and what type of incentives to choose depends on the managers and finances of the company itself.
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