What financial and non-financial incentive can the company use for employees and agents separately to motivate them?
What benefits will company get from them?

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Solution

The financial incentive that the company can use to motivate them are pay and allowances. Salary is the basic financial incentive for every workers in an organisation. Secondly bonus is an incentive over and above the salary.
The non financial incentive the company uses for the employees are firstly to create organisational climate secondly job enrichment and job security.

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Q. Long Answer Type Question:
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Q. Y limited is a bank functioning in India. It is planning to diversify into insurance business. Lately, the government of India has allowed the private sector to gain entry in the insurance business. Previously, it was the prerogative of LIC and GIC to do insurance business. But now with liberalisation of the economy and to make the field competitive other companies have been given licenses to start insurance business under the regulation of ‘Insurance Regulatory and Development Authority’.
Y limited plans to recruit high quality employees and agents and exercise effective direction to capture a substantial part of life and non life insurance business.

Questions

1. Identify how the company can supervise its employees and agents effectively. What benefits will the company derive from effective supervision?

2. What financial and non-financial incentives can the company use for employees and agents separately to motivate them. What benefits will the company get from them?

3. How can the company ensure that higher order needs i.e. esteem and self-actualisation as specified by Abraham Maslow are met?

4. Identify the qualities of leadership in this line of business that the company managers must possess to motivate employees and agents.

5. Give a model of formal communication system that the company can follow. Identify the barriers in this model. How can they be removed?

6. How can informal communication help to supplement formal communication model given by you in answer to question 5?

Q. Six Marks Question:
Explain any four non-financial incentives that can be used to motivate employees.

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What financial and non-financial incentive can the company use for employees and agents separately to motivate them? What benefits will company get from them?

What financial and non-financial incentive can the company use for employees and agents separately to motivate them?
What benefits will company get from them?