Non-Monetary Rewards and Employee Perceptions

Abstract

Non-monetary rewards are influential motivations in the organization for employee perceptions. However, there is a lack of research regarding these non-financial incentives in the earth-moving industry. Therefore, the study aims to investigate the non-monetary rewards on employee perceptions in the heavy equipment industry in Nepal. This study employed a qualitative research strategy grounded in an interpretive philosophy and constructivist paradigm. A company director and three employees of the case company were interviewed using Microsoft Teams. The data were analyzed thematically using Microsoft Office.

The study findings reveal that non-monetary rewards in the Nepalese heavy equipment industry are recognition, autonomy, career development, training, work safety, accommodation, transportation, and a friendly work environment. Likewise, these incentives are just as important as financial compensation and are closely tied to employees’ emotional and professional needs. Theoretically, the study emphasizes that incorporating a balance between monetary and non-monetary rewards into Hertzberg’s two-factor theory can enhance employee perception.

This study suggests that companies must strike a balance between financial and non-financial incentives to create a more effective reward system in the heavy equipment industry. It also suggests that assessment processes must be equitable and transparent to support a work-life balance and foster optimistic perceptions among employees.