Monetary Incentive Plan From Employee Motivation Perspective Essay

As a manager the three motivational methods that should be used would be to provide monetary incentives, employee recognition, and training incentives. Monetary incentives are one method that can be used by a leader or a manager in his or her workplace, these incentives is to reward an employee for his or her outrageous work-related performance. These incentives may include such as profit-sharing within the company, stock options, performance bonuses, and scheduled bonuses. These different types of monetary incentives can increase the motivation of its workers and can lead to more productive, less absenteeism, and may improve one’s quality of service. Monetary incentives when awarded to one employee may also be a morale booster can also encourage other workers to improve his or her work performance, and maintain a healthy, friendly, positive work environment. A healthy workplace is a product of a successful and productive work environment. Working in this kind of economy, monetary incentives is the excellent method to use. However, these incentives may persuade others and may not to some; the result will be the same, increased quality work

At the for profit college, the upper management is experiencing an issue with their employee’s morale. Because there are government regulations that do not allow for traditional sales bonuses be given to employees, they need to find a way to offer their employees, who do everything they can to get as many enrollments as possible (just like any other sales company), go without any type of incentive program. This paper will outline the project that upper management and executives have decided to use for an incentive program. This will help improve employee morale, enrollment and profit for the organization.

There are five major components of job satisfaction, one being monetary benefits (Ghillyer 2010). According to Ghillyer (2012) an employee’s behavior towards their pay may affect their work performance. The issue that arises with employee motivation is that management is unable to satisfy all (Ghillyer 2010). This becomes an even larger problem when employees being joining unions, resigning and being frequently absent (Ghillyer 2010).

Pay and Rewards – pay and rewards attract, motivate and retain staff. The employment contract which lists rewards, whether it be pay, bonus or benefits, can remove animosity amongst employees and employers. However, recent research reveals that employees are no longer motivated by a financial reward alone, but

It is clearly that the company is experiencing some growth; however, the management needs to find a solution to solve the arising issue where their employees are lacking of motivation in their job. However, the executive team’s decision to raise pay rates for its customer service staff and the vested profit-sharing plan does not improve the employees’ work performance or customers’ satisfaction.

The case study presents an interesting concept of organizational behavior and performance measurement systems. The CFO and Chief Administrative Officer of Rainbarrel products, Hiram Phillip was very confident about the changes he brought in Rainbarrel. He had been in the company for only a year and had done lots of infrastructural changes. Some of the changes included cost cutting in budget, headcount reductions of 10 % across all units, introducing the ‘wall of shame’ policy for customer care representatives, on time shipment policy. He felt, according to his metrics and figures, he had single handedly improved the company’s performances by leaps and bounds. And today was the day where he

Question 1 Higher pay will result in a high productivity and low turnover. Financial incentives are motivational factors. Primarily, two motivational theories prove this fact. The first one is Hertzberg’s Two-Factor theory.

Reward Management (RM) has been defined as the distribution of monetary and non-monetary rewards to employees in an effort to align the interests of the employees, the organisation, and its shareholders (O’Neil, 1998). In addition O’Neil (1998) also suggests that a RM system can serve the purpose of attracting prospective job applicants, retaining valuable employees, motivating employees, ensuring legal requirements relating to direct and indirect rewards are not violated, assisting the company in achieving human resource and business objectives, and ultimately assisting the organisation in obtaining a competitive advantage.

that employees remain motivated if they are rewarded to achieve goals of a company. And when they are

There are very many factors that motivate employees to do outstanding work in their jobs. Though most of them are non-monetary factors like participative decision making, work teams, challenging jobs, goals in life or in the company, power and other factors. Most of the employees that emerge in their workplace, either in a small cubicle or a mega office have got some drive that enable them to perform in their work, but the key question is, is money is the key motivation in their workplace? In this essay both sides will be argued in order to find the answer to this (Robbins, Odendaal & Roodt, 2003).

Motivation is the effort that is put in to something in order to reach a certain point or goal in a career. This can be motivation to get up and go to work, or motivation to get the job done when at work. Motivation can come from feelings and thoughts felt on the inside, or actions and tasks that are done on the outside. The inside motivations are called intrinsic motivators, which is the internal desire to complete a task. This could bring personal satisfaction, so for example losing a desired amount of weight would be an intrinsic motivator. For Henrys Plumbing and Pumps, some of their intrinsic motivators could be the desire to complete a pump job by a certain date in order to go on vacation on

The article pertains mainly to employee compensations and the incentives which govern that compensation. The company due primarily to the prevailing market sentiments has incurred a steep decline in earnings and profit margins. Management therefore, wants to realign incentives to encourage both revenue and profit margin growth within the company. The companies inability to grow organically while maintain a competent work force have put downward pressure on the margin. As such, the company wants to provide incentives by which employees can grow revenue, earn money for themselves, while also helping the company grow organically.

Being rewarded and recognised for their work or contribution is what keeps an employee motivated to work towards achieving the organisational as well as personal goals. When the employees is motivated by rewards, they will have job satisfaction consequently increasing the productivity of the organisation. It necessitates the need of managers to pay more attention in understanding their employees and come up with suitable types of reward systems for the organisation so that the employees are intrinsically and extrinsically motivated all the time. The hypotheses that I put forward here is to support this statement that effective reward management is critical to

Employees are motivated by both intrinsic and extrinsic rewards. In order for the reward system to be effective, it must encompass both sources of motivation. Studies have found that among employees surveyed, money was not the most important motivator, and in some instances managers have found money to have a de-motivating or negative effect on employees.  This research paper addresses the definition of rewards in the work environment context, the importance of rewarding employees for their job performance, motivators to employee performance such as extrinsic and intrinsic rewards, Herzberg’s two-factor theory in relation to rewarding employees, Hackman and Oldman model of job enrichment that

Inadequate financial motivation is the first hygiene factor that influence motivation. With the development of the company, Xinye has established salary system containing clear-cut rating salary of different level of positions. The reality, however, is not always as fair as what it says in the regulations. For example, two members of the same position in one department doing totally same tasks but having distinction cross even three levels of salary. According to Adams (1963), comparison cause inequity between colleagues, thus the one who was paid less may requires for a higher salary, which always rejected by the managers in practice. What is most likely to occur in reality is that the one who was paid less tends to invest less energy and endeavor in their daily work, and even quit their job, to pursue a psychological balance. Besides, comparison also exist between different organizations, such as employees tends to compare their welfare with other company’s. As a result of which, employees in Xinye always feel frustrated due to