MINOR PROJECT REPORT

On
A STUDY ON IMPACT OF NON-MONETARY INCENTIVES ON
EMPLOYEE’S PERFORMANCE- A CASE STUDY OF DELOITTE
EMPLOYEES
Submitted in partial fulfilment of the requirements
for the awards of the degree of
Bachelor of Business Administration
Semester-IV (Paper-Code-BBA-218)
To
Guru Gobind Singh Indraprastha University, Delhi
Guide: Submitted by:
Dr. Sunitha Ravi Manish Rawat
Associate Professor 02413701721
2021-2024

Institute of Information Technology &management

New Delhi-110058
2022-2023
 CERTIFICATE
I, Mr. MANISH RAWAT Roll No. 02413701721 certify that the Minor Project Report (Paper
Code BBA-114) entitled “A STUDY ON IMPACT OF NON-MONETARY INCENTIVES ON
EMPLOYEE’S PERFORMANCE-A CASE STUDY OF DELOITTE EMPLOYEES” is
completed by me by collecting the material from the referenced sources. The matter embodied in
this has not been submitted earlier for the award of any degree or diploma to the best of my
knowledge and belief.

Signature of the Student:

Date:

Certified that the Minor Project Report (Paper Code BBA-114) entitled “A STUDY ON IMPACT
OF NON-MONETARY INCENTIVES ON EMPLOYEE’S PERFORMANCE- A CASE
STUDY OF DELOITTE EMPLOYEES” done by Mr. MANISH RAWAT, Roll No.
02413701721 is completed under my guidance.

Signature of the Guide:

Name of the Guide: Dr. Sunitha Ravi

Designation:

Date:

Countersigned

Director/Project Coordinator
 ACKNOWLEDGEMENT

The success and final outcome of this project required a lot of guidance and assistance from
many people and I am extremely privileged to have got this all along the completion of my
project. All that I have done is only due to such supervision and assistance and I would not
forget to thank them.
I respect and thanks Dr. Sunitha Ravi, for providing me an opportunity to do the project work
and giving us all support and guidance which made me complete the project duly. I am
extremely thankful to her for providing such a nice support and guidance, who took keen
interest on our project work and guided us all along, till the completion of our project work by
providing all the necessary information for developing a good system.

(Student’s signature)
MANISH RAWAT
Enrollment No - 02413701721
 Chapter-1
 Introduction

A international professional services network called Deloitte offers a variety of clients all around
the world audit, consulting, tax, and advisory services. With a presence in more than 150 countries
worldwide, the organization is widely regarded as one of the biggest and most reputable
professional services firms in the world.

William Deloitte founded the business in 1845 in London, England, and it has since expanded
tremendously, employing more than 330,000 people globally. Deloitte's success can be due to its
emphasis on innovation, teamwork, and providing clients with excellent value. The business is
dedicated to creating enduring relationships with its clients and offering them specialized solutions
that address their particular demands and difficulties. The capacity of Deloitte to assemble a varied
collection of skilled people who bring a wide range of skills, expertise, and viewpoints to every
project is one of its core strengths. The company values diversity and encourages creativity, and
this is reflected in the culture of the organization, which is founded on respect, integrity, and
teamwork.

In order to better serve its clients, Deloitte has recently been at the forefront of the digital transition
and has made large investments in technology and innovation. The business has extensive
experience in fields like cybersecurity, blockchain, and artificial intelligence, which has enabled it
to stay ahead of the curve and hold its position as a market leader.

Overall, Deloitte is a vibrant and forward-thinking organization that is dedicated to supporting the
success of its clients in a business environment that is undergoing fast change. Deloitte is well-
positioned to thrive and expand in the coming years thanks to its extensive knowledge, varied
talent pool, and dedication to providing clients with outstanding value.
In today's highly competitive business environment, it is becoming increasingly important for
companies to retain talented employees and motivate them to perform at their best. It is crucial for
businesses to retain skilled personnel and inspire them to give their best work in today's fiercely
competitive business environment. Non-monetary incentives are also gaining popularity as
powerful instruments to improve employee performance and satisfaction, in addition to the
frequently utilized monetary incentives like pay increases and bonuses. Non-monetary incentives
are rewards that aren't directly related to a worker's pay or other forms of cash gain; instead, they
provide advantages that are frequently immaterial, such praise, adaptable work schedules, and
training chances.

One of the biggest professional services companies in the world, Deloitte, will be the primary
focus of this study as it relates to the effect of non-monetary incentives on employee performance.
The study will examine the numerous non-cash rewards that Deloitte offers to its staff and how
well they work to boost productivity and satisfaction.

An overview of the significance of employee motivation and the function of non-monetary

incentives in accomplishing this objective will be given at the outset of the study. The research on
non-monetary incentives and their effects on employee performance will next be reviewed, along
with the particular non-monetary incentives that have been shown to be most successful.

The study will then go on to detail the research methodology used to perform the employee case
study of Deloitte, including the sampling approach, data collection strategies, and data analysis
procedures. Additionally, the analysis's findings and key insights will be included in the paper. The
study will finish by summarizing the major findings and offering suggestions for Deloitte and other
businesses wanting to improve employee engagement and performance through non-cash rewards.

Any organization's performance depends heavily on employee motivation. Employees that are
motivated are frequently more effective, engaged, and dedicated to accomplishing company goals.
Employee motivation strategies frequently include monetary incentives, but research has shown
that non-financial incentives can be just as powerful.

Non-monetary incentives come in many different forms, such as acknowledgement and

compliments, chances for advancement and development, adaptable work schedules, and attempts
to promote work-life balance. The performance and work happiness of employees can be
significantly impacted by these incentives, which can result in higher levels of engagement,
decreased turnover rates, and better productivity.

Any organization's performance depends heavily on employee motivation. Employees that are
motivated are frequently more effective, engaged, and dedicated to accomplishing company goals.
Employee motivation strategies frequently include monetary incentives, but research has shown
that non-financial incentives can be just as powerful.

Non-monetary incentives come in many different forms, such as acknowledgement and

compliments, chances for advancement and development, adaptable work schedules, and attempts
to promote work-life balance. The performance and work happiness of employees can be
significantly impacted by these incentives, which can result in higher levels of engagement,
decreased turnover rates, and better productivity.

This study will include survey and employee interview data collection as part of its research
approach. To find trends and correlations between non-cash rewards and worker performance, the
data will be evaluated using statistical techniques. To give a thorough analysis of the effect of non-
monetary incentives on employee performance, the study will also take into account additional
aspects including job satisfaction, the work environment, and organizational culture.

Overall, this research has the potential to add to the increasing body of information about non-cash
incentives and how they affect worker performance. This research can assist companies like
Deloitte manage their incentive programs and enhance employee motivation and performance by
offering insights into the most efficient non-monetary rewards and how they can be implemented.
 Chapter-2

 Non- Monetary Benefits Given by Deloitte

Rewards or benefits provided to employees by a company other than monetary compensation are
known as Non-Monetary Incentives. These rewards can take many different forms and are
intended to inspire, involve, and retain employees. Professional development opportunities,
flexible work schedules, health and wellness initiatives, employee recognition programs,
retirement and savings plans, work-life integration initiatives, employee discounts, leadership
development programs, diversity and inclusion initiatives, career mobility and international
assignments, and employee referral programs are a few examples of non-financial incentives.
These rewards are designed to improve all aspects of the employee experience, increase
satisfaction, and support workers' overall health and engagement at work.

As a large multinational professional services firm, Deloitte may offer various non-monetary
benefits to its employees. Some of these non-monetary benefits may include:

1. Opportunities for Professional Development: To advance their skills, expertise, and

professional development, Deloitte may give workers access to training programs,
workshops, seminars, and other professional development opportunities.

2. Flexible Work Arrangements: To aid employees in striking a better work-life balance,

Deloitte may provide flexible work arrangements like job sharing, remote work choices,
flexible working hours, and compressed workweeks.
3. Health and Wellness Programs: To promote staff members' physical and mental
wellbeing, Deloitte may provide health and wellness programs like gym memberships,
fitness challenges, mental health resources, and employee assistance programs (EAPs).

4. Employee Assistance Programs (EAPs): Deloitte may provide confidential counselling

and support services to employees and their families through Employee Assistance
Programs (EAPs). EAPs can help employees get professional support when needed by
covering a wide range of issues, such as mental health, stress management, financial
counselling, legal advice, and other personal challenges.

5. Professional Memberships and Associations: Deloitte may give employees the chance
to join organizations that are relevant to their line of work as professional memberships
and associations. These memberships can give workers access to resources, networking
opportunities, and professional development activities in the industry, enabling them to
stay in touch with their sector and stay informed of the most recent trends and best
practices.
6. Programs for Leadership Development: Deloitte may provide programs for leadership
development for staff members at different organisational levels. For the purpose of
fostering career growth, fostering the development of leadership skills, and preparing staff
members for leadership roles within the company, these programs may include workshops,
mentoring, coaching, and other resources.

7. Initiatives for diversity and inclusion: Deloitte may have programs for diversity and
inclusion that support an inclusive and diverse workplace culture. Employee resource
groups, diversity training courses, awareness raising campaigns, and other initiatives
fostering an inclusive and diverse workplace may fall under this category.

8. Career Mobility and International Assignments: Deloitte may provide opportunities for
career mobility and international assignments, enabling staff members to gain international
work experience, broaden their skill set, and broaden their horizons. These programs might
offer workers the chance to work in various nations, cultures, and industries, fostering their
professional development.

9. Employee Recognition Programs: Programs for recognizing and rewarding exceptional

employee performance may be in place at Deloitte. Employee contributions,
accomplishments, and commitment to their jobs may be recognized and celebrated through
performance awards, spot bonuses, or recognition events.

10. Retirement and Savings Plans: To assist employees in saving for their upcoming
retirement and financial security, Deloitte may offer retirement and savings plans. These
might be choices like 401(k) plans, pension plans, or other programs for saving for
retirement, giving workers the chance to increase their retirement nest egg.

11. Work-Life Integration Programs: Deloitte may offer programs to assist staff in juggling
personal obligations and professional obligations. This could include carer support,
sabbatical leave programs, or parental leave programs for first-time parents.
12. Initiatives for corporate social responsibility (CSR): Deloitte may have CSR programs
that let staff members take part in volunteer work, community service, or sustainability
initiatives. This might involve chances to give back to society, take part in charitable
endeavours, and have a positive influence on the neighbourhood where they live and work.

It's important to remember that depending on the nation, region, or level of employment
within Deloitte, the availability and specifics of these non-monetary benefits may change.
For accurate and current information on the non-financial benefits available to them,
employees should consult their particular Deloitte office or HR policies.
 Chapter-3
 Importance of Non-Monetary Incentives

Deloitte, a multinational professional services company, places a high priority on non-monetary

incentives for a number of reasons.

I. Employee Motivation and Engagement: By praising and rewarding employees' efforts

and accomplishments, non-cash incentives can increase employee motivation and
engagement. These rewards give workers a sense of worth, appreciation, and recognition
for their contributions, which can boost their commitment to the company and job
satisfaction.

II. Talent Attraction and Retention: Deloitte competes in an extremely competitive talent
market, and non-monetary incentives can be a crucial element in luring and keeping top
talent. Offering enticing non-cash benefits can help Deloitte stand out from rival employers
and develop a positive employer brand, both of which can aid in luring and keeping top
talent.

III. Employee Growth and Development: Non-financial rewards like professional growth
opportunities, leadership development initiatives, and career mobility programmes can
help employees grow and develop. These rewards assist employees in gaining fresh
knowledge, experiences, and skills that can improve their career prospects and help them
succeed over the long term at Deloitte.
 IV. Well-being of Employees and Work-Life Integration: Deloitte understands the value of
work-life integration and employee well-being. Non-monetary rewards like flexible work
schedules, health and wellness initiatives, and employee assistance programmes can
promote staff members' physical, mental, and emotional health, assisting them in striking
a healthy work-life balance, and lowering burnout.

V. Inclusion and Diversity: In its workplace culture, Deloitte places a strong emphasis on
inclusion and diversity. Non-monetary incentives, such as diversity and inclusion
initiatives, employee resource groups, and awareness campaigns, can help to create a more
inclusive and diverse work environment in which employees feel valued and respected for
their diverse backgrounds and perspectives.

VI. Employee Loyalty and Retention: Non-monetary incentives can help with employee
loyalty and retention because employees who feel valued and appreciated are more likely
to stay with the company in the long run. This can lead to lower turnover and costs, as well
as increased employee loyalty and commitment to Deloitte's goals and objectives.

VII. Enhanced Employee Productivity: Non-monetary incentives can increase employee

productivity by creating a positive work environment and motivating employees to perform
at their best. Employees are more likely to be engaged, committed, and motivated to excel
in their roles when they feel valued and rewarded for their contributions through non-
monetary incentives. This leads to increased productivity and performance.

VIII. Employee Morale and Job Satisfaction: Non-monetary incentives can improve
employee morale and job satisfaction. Employee morale can be boosted and a positive
work environment created when they receive recognition, rewards, and other non-monetary
benefits for their hard work and achievements. This, in turn, can lead to increased job
satisfaction, employee happiness, and overall well-being.
IX. Positive Organizational Culture: Non-monetary incentives can assist in shaping and
reinforcing a positive organizational culture at Deloitte. When employees are recognised,
appreciated, and rewarded with non-monetary incentives, a culture of appreciation,
recognition, and fairness is created. This can contribute to a positive work environment,
teamwork, and collaboration, as well as a culture of high performance, innovation, and
excellence.

X. Enhanced employee Loyalty and Advocacy: Non-monetary incentives can help boost
employee loyalty and advocacy for Deloitte. Employees are more likely to feel committed
and loyal to an organisation when they receive non-monetary benefits such as professional
development opportunities, flexible work arrangements, and other perks. Employees may
become Deloitte advocates, promoting the organization's brand and culture through
positive word-of-mouth, and even referring potential talent to join the organisation.

XI. Non-Monetary Rewards: When compared to traditional monetary incentives such as

salary increases or bonuses, non-monetary incentives can be a more cost-effective way for
Deloitte to recognise and reward employees. Non-monetary benefits, such as flexible work
schedules or employee recognition programmes, can frequently be implemented at a lower
cost while still having a significant impact on employee motivation, engagement, and
retention.

XII. Alignment with Employee Preferences: Non-monetary incentives can be tailored to meet
the wide range of employee preferences and needs. Different types of non-monetary
benefits may be valued differently by different employees, and Deloitte can tailor these
incentives based on employee preferences, demographics, and individual circumstances.
This can assist Deloitte in providing a more personalised and meaningful employee
experience, resulting in increased employee satisfaction and engagement.
At Deloitte, one example of a non-monetary incentive is their "Spotlight Recognition Programme."
Employees can nominate their coworkers for outstanding performance or contribution to the team
or organisation through this programme. Employees who have been nominated are then publicly
recognised and celebrated through internal communication channels such as email announcements,
social media posts, and recognition events.

The significance of this non-monetary incentive is multifaceted. For starters, it fosters an

appreciation and recognition culture in which employees feel valued and acknowledged for their
efforts and contributions. This can improve employee morale and motivation, resulting in higher
engagement and productivity.

Second, the "Spotlight Recognition Programme" encourages collaboration and teamwork.

Employees who nominate their coworkers foster a sense of camaraderie and teamwork by
recognising and appreciating each other's efforts. This can foster a collaborative work environment
in which employees encourage and support one another, resulting in improved teamwork and
performance.

Thirdly, the programme improves employee retention. Employee job satisfaction and loyalty to
the organisation can increase when they are recognised and appreciated for their contributions.
Employees who feel valued and appreciated are more likely to stay with the company, lowering
turnover and the costs associated with it. Additionally, the "Spotlight Recognition Programme"
helps Deloitte's positive employer branding. The programme positions Deloitte as a company that
values and recognises its employees, which can attract top talent and position Deloitte as an
employer of choice in a competitive job market.

Finally, the practical real-world example of Deloitte's "Spotlight Recognition Programme"

demonstrates the value of non-monetary incentives in improving employee morale, promoting
teamwork, improving retention, and enhancing employer branding. It demonstrates how non-
monetary incentives can contribute to a positive work environment, foster employee engagement,
and help organisations achieve overall success.

In Conclusion, Non-monetary incentives are important in the context of Deloitte because they
contribute to increased employee productivity, improved morale and job satisfaction, positive
organisational culture, increased employee loyalty and advocacy, cost-effective rewards, and
alignment with employee preferences. These incentives can assist Deloitte in attracting, retaining,
and motivating top talent, as well as promoting employee well-being and development and
fostering a positive and inclusive work environment.
 Chapter-4
 Advantages and Disadvantages of Non-Monetary Benefits

A. Non-monetary incentives are extremely important in the context of Deloitte, a well-known

global professional services firm. These incentives have a number of benefits, including
increasing employee morale and motivation, encouraging teamwork and collaboration,
increasing retention rates, and improving employer branding. Recognition programmes,
such as Deloitte's "Spotlight Recognition Programme," can foster an environment of
appreciation and recognition in which employees feel valued and acknowledged for their
contributions. This can result in higher levels of employee engagement, productivity, and
loyalty. Non-monetary incentives can also help Deloitte position itself as an employer of
choice, attracting top talent and reinforcing a positive employer brand image in a
competitive talent market. Non-monetary incentives, in general, contribute to a positive
work environment and help Deloitte achieve organisational success. Here are some
Advantages of Non-Monetary benefits.

(i) Enhanced Employee Motivation: Non-monetary incentives, such as recognition

programmes, employee development opportunities, and work-life balance initiatives,
can motivate employees to perform well and go above and beyond in their roles. These
incentives can increase employee morale, engagement, and satisfaction, resulting in
greater motivation and commitment to Deloitte.
(ii) Improved Employee Retention: Non-monetary incentives can help Deloitte retain its
employees. Employees are more likely to stay loyal to an organisation and less likely
to seek employment elsewhere when they feel valued, recognised, and rewarded
through non-monetary benefits. This can assist Deloitte in retaining top talent and
lowering turnover costs.

(iii) Positive Organisational Culture: Non-monetary incentives can help Deloitte foster a
positive organisational culture. When employees are appreciated, recognised, and
rewarded for their contributions, a culture of appreciation, fairness, and inclusivity is
created. This can result in a more engaged, collaborative, and high-performing
workforce, as well as a more positive workplace environment.

(iv) Non-Monetary Rewards: When compared to traditional monetary incentives, non-

monetary incentives can be a more cost-effective way for Deloitte to recognise and
reward employees. Implementing flexible work arrangements or offering professional
development opportunities, for example, may be less expensive than salary increases
or bonuses, but they can still have a significant impact on employee motivation and
engagement.

(v) Competitive Advantage in Talent Acquisition: Offering appealing non-monetary

incentives can provide Deloitte with a competitive advantage in attracting and retaining
top talent in a competitive job market. Non-monetary benefits, such as flexible work
arrangements, unique employee perks, and a positive organisational culture, can help
Deloitte stand out as an employer of choice and attract top-tier candidates who share
the company's values and vision.

(vi) Positive Employer Branding: Non-monetary incentives can help Deloitte build a
positive employer brand. Employees are more likely to share positive feedback about
the organisation, both internally and externally, when they are provided with non-
monetary benefits that demonstrate the organization's commitment to their well-being,
development, and recognition.
The "Innovation Challenge." This programme encourages employees to think of new ways to
improve processes, improve client service, or drive business growth. Employees are encouraged
to pitch their ideas to senior leaders, and winning ideas are implemented, recognised, and rewarded
with non-monetary incentives such as special recognition, career advancement opportunities, or
professional development resources. This programme fosters an innovative culture, encourages
employees to contribute creative ideas, and fosters a sense of ownership and pride in their work.
It increases employee engagement, fosters collaboration, and drives continuous improvement, all
of which benefit Deloitte's clients, employees, and overall organisational performance.

B. The subjective nature of non-monetary incentives is one potential disadvantage.

Employees' perceptions of what constitutes recognition or appreciation may differ,
resulting in disparities or perceived favouritism, potentially leading to morale issues or
conflicts among employees. Another disadvantage is that non-monetary incentives may
lose their effectiveness over time. Employees may become desensitised or lose motivation
if the same incentives are repeated or become routine, reducing the effectiveness of these
incentives in driving sustained engagement and performance. Non-monetary incentives
may also be less tangible or valuable to some employees than monetary incentives.
Employees' needs and preferences vary, and non-monetary incentives may not always align
with their personal motivations or goals. These are some major Disadvantages of Non-
Monetary Incentives.
 (i) Subjectivity: Non-monetary incentives, such as recognition programmes, can be
subjective and affect employee perception. This could lead to disparities or perceived
favouritism, which could lead to employee demoralisation or conflict.

(ii) Diminishing Imapct: Non-monetary incentives may lose their effectiveness over time
if they become routine or repetitive. Employees may become desensitised to these
incentives or lose motivation, reducing their effectiveness in driving sustained
engagement and performance.

(iii) Individual Preferences: Because people have different needs, motivations, and
preferences, non-monetary incentives may not be equally valued by all employees.
What one employee finds rewarding may not be as meaningful to another, limiting the
effectiveness of these incentives in motivating and engaging the workforce.

(iv) Cost and Resource Allocation: Implementing and managing non-monetary incentive
programmes may necessitate investments in systems, processes, and personnel, which
may incur additional costs and resource allocation. This could present logistical,
administrative, and budgeting challenges for firms like Deloitte.

(v) Prospective Expectation Misalignment: Non-monetary incentives may raise

expectations among employees, which may lead to disappointment or dissatisfaction if
those expectations are not met. Managing and meeting non-monetary incentive
expectations can be difficult for organisations.

(vi) Lack of Tangibility: Non-monetary incentives may lack the tangible nature of
monetary incentives, which can be converted into financial rewards or used for personal
purposes. Employees' perceived value of non-monetary incentives may suffer as a
result.

For example, if the process for recognising and rewarding employees through non-monetary
incentives is opaque or lacks clear criteria, employees may perceive favouritism or inequity. This
could lead to employee demoralisation, decreased motivation, and even conflict, all of which
would have a negative impact on team dynamics and overall morale. Furthermore, if non-monetary
incentives are not aligned with employees' individual preferences and motivations, they may be
less effective in driving sustained engagement and performance, leading to dissatisfaction or
disappointment. It emphasises the importance of meticulously planning, implementing, and
managing non-monetary incentive programmes in order to avoid potential disadvantages and
ensure fairness, transparency, and alignment with employee expectations.

It is critical that Deloitte and other organisations carefully consider the potential disadvantages of
non-monetary incentives and strategically design and implement them to mitigate any potential
challenges and ensure they are effectively aligned with the needs and preferences of their
employees.
 Chapter-5

 Analysis of Impact of Non-Monetary Incentives on Employee

Performance

Non-monetary incentives can improve employee performance by increasing motivation, job

satisfaction, engagement, and well-being. Employees are more likely to be motivated, satisfied,
and committed to their roles when they feel valued, appreciated, and supported through benefits
such as flexible work arrangements, training and development opportunities, recognition
programmes, and wellness initiatives.Non-monetary benefits can also help to retain employees by
lowering turnover rates and encouraging loyalty and advocacy. Employees are more likely to stay
with an organisation when they feel supported and engaged through non-monetary incentives,
lowering turnover costs and ensuring performance continuity.

Furthermore, non-monetary benefits

can shape Deloitte's organisational culture by promoting positive work environments, teamwork,
and collaboration. Employees are more likely to collaborate, innovate, and perform at their best
when they feel connected, appreciated, and engaged through team-building activities, social
events, and recognition programmes. Non-monetary benefits can also help Deloitte attract top
talent by providing an appealing and comprehensive compensation package. Organisations that
offer appealing non-monetary incentives can stand out in a competitive job market and attract high-
performing employees who are looking for more than just monetary rewards. These are some
points which an further elaborate for more understanding.
 Employee motivation can be increased by providing non-monetary benefits that meet their
needs for personal growth, work-life balance, and recognition. Offering opportunities for
skill development and career advancement, for example, through training and development
programmes, can increase employees' motivation to perform well in their roles, leading to
improved performance.

 Non-monetary benefits can contribute to higher levels of job satisfaction among Deloitte
employees. Employees are more likely to be satisfied with their jobs and committed to the
organisation when they feel valued and appreciated through perks such as recognition
programmes or wellness initiatives. This can lead to improved performance because happy
employees are more engaged, productive, and willing to go the extra mile.

 Non-monetary benefits can also help Deloitte retain top talent. Offering appealing non-
monetary incentives can foster a positive work environment and increase employee loyalty,
thereby lowering turnover rates. Retaining experienced and skilled employees who bring
valuable knowledge and expertise to their roles can help maintain a high level of
performance.

 Non-monetary benefits that promote employee well-being, such as wellness programmes,

can improve employee performance. Employees who are physically and mentally healthy
are more likely to be present, engaged, and productive at work, which leads to better
performance and business outcomes.

 Non-monetary benefits can help increase employee engagement, which is linked to

improved performance. Flexible work arrangements, for example, can assist employees in
balancing their personal and professional responsibilities, resulting in increased
engagement and motivation to perform well.

 Non-monetary benefits can also influence Deloitte's organisational culture. Non-monetary

incentives that make employees feel supported, appreciated, and valued can foster a
positive work culture in which employees are more likely to collaborate, innovate, and
perform at their best.
 Non-monetary benefits can increase employee loyalty and advocacy because they feel
supported and appreciated by the organisation. Employees who are loyal to their company
are more likely to go above and beyond in their performance because they have a vested
interest in the company's success. Furthermore, loyal employees may become Deloitte
advocates, promoting the company to others and contributing to a positive employer brand,
which can help attract and retain top talent.

 Non-monetary benefits that promote work-life balance, such as flexible work arrangements
or paid time off policies, can assist employees in better managing their personal and
professional responsibilities. This can lead to decreased stress, improved mental health,
and increased job satisfaction, all of which can lead to increased productivity.

 Non-monetary benefits such as team-building activities, social events, or recognition

programmes can foster a sense of camaraderie and team spirit among Deloitte employees.
When employees feel connected and engaged with their coworkers, it can lead to better
teamwork, collaboration, and communication, all of which are necessary for high-
performance teams. This can lead to improved project outcomes, increased innovation, and
overall performance.

 Non-monetary benefits can boost employee morale by demonstrating that their

contributions and efforts are recognised and appreciated. This can result in increased job
satisfaction, motivation, and morale, all of which can improve employee performance.
Employees are more likely to be engaged, committed, and motivated to perform well in
their roles when they feel valued.

 Non-monetary incentives can also help Deloitte attract and retain top talent. In a
competitive job market, organisations that provide appealing non-monetary incentives can
stand out and attract high-performing employees looking for a comprehensive
compensation package. Furthermore, non-monetary benefits can help to retain employees
by creating a positive work environment and encouraging employee loyalty and
commitment.
In conclusion, non-monetary benefits at Deloitte can have a multifaceted impact on employee
performance. Non-monetary benefits can contribute to improved performance, increased loyalty,
and better business outcomes by improving motivation, job satisfaction, engagement, well-being,
and overall organisational culture. Non-monetary benefits programmes, on the other hand, must
be carefully designed, implemented, and evaluated to ensure they meet the needs and expectations
of employees.
 Chapter-5
 Findings and Suggestions

Non-monetary recognition, such as achievement awards and public acknowledgements, is

important in increasing employee engagement and performance, according to a Deloitte study.
According to the study, the quality of a company's non-monetary incentives is also a strong
predictor of overall employee satisfaction. While monetary incentives are important for increasing
employee satisfaction, non-monetary recognition is equally important. Companies struggle to
motivate knowledge workers to innovate, and relying solely on monetary incentives may backfire.
Innovation is a self-motivated behaviour, and social influences can be powerful motivators.

According to new performance management trends, performance reviews should not be linked to
salary increases. According to research, even if employees receive a pay raise, it does not always
result in improved performance. Employers should instead focus on retaining skilled employees
and capable leaders by providing meaningful work and fostering organisational trust. This can be
accomplished through non-monetary rewards, personal and professional development
opportunities, valued job design, and work-life balance.

Total Rewards is a popular topic in businesses because it includes a variety of non-monetary

incentives. However, key challenges in reward management in the Middle East include the need
for new competencies, a changing workforce, and shifting performance metrics. New
competencies emerge as a result of a mismatch between acquired and required skills, while the
changing workforce includes millennials who seek recognition beyond monetary compensation
and prioritise personal values over organisational goals. In contrast, financial incentives motivate
Generation X, whereas loyalty and stability are important to Baby Boomers. Talent management
necessitates adaptability in order to account for the characteristics and needs of each generation.
Total Rewards should address generational differences and investigate new approaches to
performance management that go beyond salary increases. Equitable reward distribution is also a
challenge in middle east organisations.

Here, is a list of suggestions from our side which, we have been identified during the study.
 Deloitte can design and implement a well-structured and comprehensive non-monetary
incentives programme that includes a variety of incentives such as flexible work
arrangements, training and development opportunities, recognition programmes, and
wellness initiatives. This can cater to various employee preferences and needs, resulting in
improved performance.

 Deloitte should make certain that the non-monetary incentives it provides are in line with
the motivations and preferences of its employees. Conducting surveys or focus groups to
learn what motivates employees can aid in the development of effective incentives that are
relevant and meaningful to them.

 They can provide training and development opportunities to its employees in order to
improve their skills and competencies. This can not only improve their current
performance, but also provide them with valuable skills for future career advancement
within the organisation.
 Deloitte can set up recognition programmes to recognise and reward exceptional
performance. Recognising employees' efforts and accomplishments can increase
motivation, job satisfaction, and engagement, resulting in improved performance and
productivity.

 They can provide employees with flexible work arrangements, such as remote work or
flexible working hours, to assist them in achieving a healthy work-life balance. This can
improve employee well-being, reduce stress, and boost job satisfaction, all of which can
boost performance.

 They should concentrate on creating a positive and inclusive workplace culture that values
diversity, encourages collaboration, and promotes open communication. A positive work
culture can foster an environment in which employees can thrive, resulting in improved
performance.

 Deloitte should effectively communicate and promote to all employees the availability and
benefits of non-monetary incentives. This can be accomplished by using regular
communication channels such as intranet, newsletters, and team meetings to ensure that
employees are aware of and can take advantage of these incentives.

 They should evaluate the effectiveness of its non-monetary incentive programme on a

regular basis and make necessary changes based on feedback, data, and employee
preferences. Reviewing and improving the programme on a regular basis can ensure that it
remains relevant and effective in driving employee performance.

 Deloitte can implement a strong performance management system that includes regular
employee performance monitoring and measurement. This can help identify areas for
improvement and provide insights into the impact of non-monetary incentives on
performance.
  They should actively solicit employee feedback on their perceptions and experiences with
non-monetary incentives. Employees' ownership, engagement, and satisfaction with
theprogramme can be increased by involving them in the process of designing,
implementing, and evaluating the incentives programme.

Deloitte can effectively leverage non-monetary incentives to positively impact employee

performance, motivation, engagement, and well-being, ultimately contributing to the
organization's overall success, by implementing these suggestions.
 Chapter-6

 Conclusion

In Conclusion, the study's findings indicate that non-monetary incentives have a significant impact
on employee performance at Deloitte. Non-monetary incentives, such as flexible work
arrangements, training and development opportunities, recognition programmes, and wellness
initiatives, were found to have a positive impact on employee motivation, job satisfaction,
engagement, and well-being. These incentives help to improve employee performance by instilling
a sense of worth, appreciation, and support, which leads to greater commitment and dedication to
their jobs.

According to the study, Non-Monetary incentives play an important role in employee retention
because they reduce turnover rates and promote loyalty and advocacy. Employees are more likely
to stay with an organisation when they feel supported and engaged through non-monetary
incentives, ensuring continuity of performance and lowering turnover costs. Non-monetary
incentives, on the other hand, may be influenced by contextual factors such as organisational
culture, leadership support, and employee demographics. To maximise the impact of non-monetary
incentives on employee performance, Deloitte should consider the specific context of their
organisation when designing and implementing them. Deloitte should continue to invest in non-
monetary incentives as a strategic tool to improve employee performance. This could include
further customising incentives based on employee preferences and needs, evaluating the
effectiveness of existing incentives on a regular basis, and implementing new incentives that are
aligned with changing employee needs and expectations. Deloitte should also think about
monitoring and measuring the impact of non-monetary incentives on employee performance
through regular feedback and performance evaluations.

Despite the positive impact of non-monetary incentives on employee performance, Deloitte and
other organisations may face some challenges. Designing and implementing effective non-
monetary incentives, for example, necessitates careful consideration of employee preferences,
needs, and organisational context. It can be difficult to strike the right balance between incentive
customization and standardisation, as well as to ensure that incentives are inclusive and equitable
for all employees. Furthermore, determining the direct impact of non-monetary incentives on
employee performance can be difficult because it is influenced by a variety of factors such as
employee motivation, skills, and external circumstances. Nonetheless, non-monetary incentive
programmes can be carefully planned, implemented, and evaluated to mitigate these challenges.

Overall, the study suggests that

non-monetary incentives are a valuable driver of employee performance at Deloitte, and that their
effective implementation can lead to increased employee motivation, job satisfaction, engagement,
and retention. More research and ongoing evaluation of non-monetary incentives in the Deloitte
context can provide valuable insights for continuous improvement and optimisation of employee
performance management strategies.
 BIBLIOGRAPHY

1. Deloitte.info.com

https://www2.deloitte.com/in/en/pages/about-deloitte/articles/about-deloitte.html

2. Harvard Business Review

https://hbr.org/2015/04/reinventing-performance-management

3. Weekdone.com

How Deloitte Reinvented Their Performance Management (weekdone.com)