It is better to involve the employees emotionally in the organization rather than providing them the monetary and other benefits. Nowadays the ownership culture is becoming a trend. Making the employee to feel as the owner of the business is the idea behind the ownership culture.
This makes the employees to be more attached to the company and be more involved in their job. The ownership culture provides more rights and more responsibilities to the employees. Naturally, the employees hold the responsibility for the success of the company. They are deeply motivated by the emotional feeling and are attached to the organization.
Obviously this increases the work performance. The ownership culture can be infused by involving the employees while creating company policies, obtaining their opinion and feedback for important decisions, providing them enough freedom for decision making about their projects etc.
Anyway, the flip side has some disadvantages. If the employee lacks in decision-making skills, it may lead to negative consequences. The employee’s skills need to be examined before providing the empowerment.