Intangible incentive system in modern companies

In the context of a modern market economy and an intense competition among companies for labor resources, staff motivation becomes urgent. Nowadays, tangible rewards represented by wages and bonuses cease to be a key motivator. For this reason, many companies actively offer intangible rewards to motivate their employees. The author considers intangible incentive system in Saratov region. Company employees in this region have been surveyed. Based on survey results, statistical data, and the analysis of Russian and international theoretical approaches to managing staff, the author determines modern intangible incentives and makes proposals for their effective implementation. The relevant methods include public praise, professional development opportunities, career prospects, the favorable social and psychological climate, and a competitive component. However, most of these tools are of a formal nature and therefore unable to motivate staff to perform well. Management team gets used to employing outdated personnel management techniques without a focus on intangible incentives and their potential. Many employers still prefer tangible rewards and the influence of administrative resources.