...BUSINESS A STUDY ON THE IMPACT OF REWARDS ON EMPLOYEE MOTIVATION IN THE TELECOMMUNICATION SECTOR OF PAKISTAN Farheen B. Zaidi 1, Zahra Abbas 2 JULY 2011 VOL 3, NO 3 Abstract A good reward system is necessary to motivate the employees of an organization. This study was conducted in order to investigate the impact of rewards on the motivational level of employees of telecommunication sector of Pakistan. The impact of three independent variables rewards, monetary rewards and non-monetary rewards on the dependent variable motivation was studied. Four dimensions of motivation, focus, determination, effort and satisfaction were considered for the development of theoretical framework. A total of 292 questionnaires were returned fully complete. The research study showed that there exists a strong positive relationship in rewards and motivation among the employees. It was concluded that monetary rewards have greater impact on motivation of employees than the non-monetary rewards. Significant differences in rewards offered to employees and motivation level were found in the analysis of comparison of means with respect to gender, age group, marital status, working duration in the organization and salary. Keywords— Focus, Determination, Monetary Rewards, Non-Monetary Rewards, Motivation, Rewards . INTRODUCTION "Motivation is the art of getting people to do what you want them to do because they want to do it." (Eisenhower) Rewards whether monetary or non-monetary can be used as significant...
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...each department within the organization is adequately staffed, compensation, and benefit packages, and keeping employees motivated. While monetary rewards have been linked to motivation so have non-monetary rewards. Some non-monetary rewards include; recognition, communication, flexible working hours, wellness programs, and education and development programs. Introduction A Forbes article investigating the significance of positive work environments mentions, a fundamental benefit creating a favorable environment is the effect it has on motivating employees. The article continues by stating, ‘Employees that are happy tend to be more productive, which is better for a business’ (Forbes, 2013). Showing that there is a correlation employee satisfaction/perception and a company’s success. Rahimli in an article refers to the changing environment, and how critical it is to keep abreast with changes in innovation, to be effective and efficient. Rahimli further remarks, if organizations aid in enhancing the skills of their employees with training, the author alleges the employee’s performance will improve. Training is indeed one way non-monetary way to motivate employees, the skills they learn can be used where ever they may go. Key words Human Resources, Human resources in Health Care, 'the function or role', (non-financial) and (non-monetary), 'motivation or incentive', motivation or drive. ‘Work Motivation’, (role or function), (supervisor or manager). Knowledge Merriam...
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...Final Project Date: 03/06/2011 Subject: Research Methodology Course: MBA Project Title: Role of Incentives in Performance Management Submitted By: Azim Ul Shan 053 Faran Iqbal 005 Farooq Javed 061 Arslan Dogar 063 Section/Batch: A/B6 Submitted To: Rana Nadir Idrees COMSATS Institute of Information Technology Sahiwal Campus Abstract: The unstructured interview is done by the NASIR HAMMID DOGAR of the branch manager of the HBL. Questions: 1. Whether this is people oriented or solely profit oriented organization? That is the people oriented organization and their objective of profit is fulfilled through the objective of people. They take care of their staff very well and when their work is very cooperative with one an other. 2. Whether this institute wants plays safe or is a risk taking venture? It depends upon the market conditions and the situations to involve in the risk taking activities basically their all activities involving giving credit contains risk factors. 3. What are number of employees at each job level? There are 73 employees working at different job levels. 4. What is vision and mission of the organization? ...
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...company provides them. On the other end there are some employees that you can never keep happy not matter what rewards you give them. In this paper, I will discuss the concept of total rewards using the five elements total reward system. I will also discuss the impact of rewards systems on the organizational performance of companies in the Information Technology (IT) industry. Then I will look at the importance of direct financial rewards in comparison to other elements of the total rewards system for the IT industry. Lastly, I will look at the compensation and motivation practices, which are of particular importance in the IT industry. Total Rewards Concept The total rewards system concept is simply about the financial and non-financial benefits given to employees in trade for their services to the company. The employees will give the company their time, their abilities and efforts to support the company in return for the benefits the company provides. Total rewards involve the combination of five essential elements needed to motivate, attract and retain employees needed to accomplish the organizations goals. They are: • Employee Compensation • Employee Benefits • Employee Work-life Balance • Employee Performance and Recognition • Employee Development and Career Opportunities A total reward is the approach of using the five items to develop an employee benefit package...
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...COMM/112 July 25, 2013 Non-Monetary Rewards in the Workplace Incentives are utilizable tools that are used as motivational mechanisms. Incentives are also used for and applied to any aspect of the everyday life as a form to keep the individual who is striving for it the will and the motivation to keep on reaching for the goal. Individuals can even make use of incentives on themselves, for example if an individual wants to stick to a workout regimen that he or she has formulates for him or herself but is finding it hard to keep with the specified routine. That individual can devise an incentive plan that states if he or she sticks with the workout plan, he or she may go purchase for themselves a new outfit. This same proposal can be applied to incentives or rewards in the workplace. Monetary rewards and incentives works wonders in the workplace, for instance programs that employers offer in order to boost the performance levels of their employees while at the same time in return offering employees bonuses, paid vacations, cash rewards and etc. At the same time while employers offer monetary based rewards non-monetary rewards can be just as effective, while delivering more a powerful and consistent outcome with less of a financial impact. The idea of rewarding employees on a regular basis is very becoming in the business world today, the empowerment that it brings to each individual employee is priceless, which is why simple acts can go a long way at the workplace...
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...1.0 - Introduction The purpose of this report is to discuss the issue of employee motivation and rewards, and recommend how a company can successfully motivate its employees and achieve high performance levels similar to Google Australia. Diverse methods/techniques and reward programs are used for successful employee motivation and the effectiveness of these are examined in this report. This report examines the two main arguments comprising extrinsic and intrinsic methods regarding effective employee motivation and job satisfaction and correlating it with high levels of work performance from employees. The arguments of extrinsic rewards for work achieving higher levels of motivation are stated by Victor H. Vroom’s Expectancy theory (1964). It is and also reinforced by Frederick Winslow Taylor Theory which claims employees are primarily motivated by pay. This is contrary to that of Frederick Herzberg’s Two-factor theory (also known as Motivator-Hygiene Theory) , which argues that intrinsic factors such as recognition increase motivation and job satisfaction, against that of extrinsic factors. Therefore in this report it is imperative to identify the most effective scheme in which employees achieve high levels of motivation and performance on a long term and consistent basis for a company. 2.0 - Problem Identification Google Australia Management has been able to effectively achieve success with their unique rewards scheme and sociable work environment. However a potential problem...
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...NAME: ESSIEN, Idorenyin Eno EMAIL: idee.essien@gmail.com STUDENT ID NUMBER: R1504D7489 08 DATE: 19th October, 2015 ASSIGNMENT TOPICS: Question 1 * Comparing and contrasting business environments in 2 countries – Nigeria and United States by: * Evaluating how their business environment is influenced by government economic policy which may be identified through the application of economic theory. * Critically evaluating the local economic business environment measured against the choice of a comparative international economic and business system. (Pictorial techniques may be used which are appropriate to illustrate and justify the evaluation, e.g. Graphs, charts, economic curve diagrams, etc.) (700 – 1,000 words) Question 2 * Critical evaluation of measures used by governments and central banks to manage the economies of their countries. * By critically evaluating, using convincing arguments in support of the measures used to reduce, minimise or alleviate economic difficulties many countries face. (Examples should be used in the submission to illustrate the justified view) (1,100 – 1,500 words) 1. BUSINESS includes all doings linked with production, trade, banking, coverage, finance, energy, advertising, packaging etc. ENVIRONMENT refers to all external forces, which have comportment on the functioning of business. The environment includes factors outside the firm which can lead to opportunities for or threats to the firm. There is...
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...Pay enough, don’t pay too much or don’t pay at all? An empirical study of the non-monotonic impact of incentives on job satisfaction Pouliakas, K1 Centre for European Labour Market Research (CELMR), University of Aberdeen Business School, Scotland Keywords: Incentives, intensity, job satisfaction, non-monotonic JEL- Code: C23, J28, J33. Abstract This paper attempts to test the non-monotonic effect of monetary incentives on job satisfaction. Specifically, 8 waves (1998-2005) of the British Household Panel Survey (BHPS) are used to investigate the ceteris paribus association between the intensity of bonus/profit-sharing payments and the utility derived from work. After controlling for individual heterogeneity biases, it is shown that relatively ‘small’ bonuses exert a significant negative effect on worker satisfaction. In contrast, job utility is found to rise only in response to ‘large’ bonus payments, primarily in skilled, non-unionized private sector jobs. The empirical evidence of the paper is therefore consistent with a ‘V-effect’ of incentives, suggesting that employers wishing to motivate their staff should indeed “pay enough or don’t pay at all”. 1 Research Fellow, Address: CELMR, University of Aberdeen Business School, Edward Wright Building, Dunbar Street, Old Aberdeen AB24 3QY, UK; Tel: ++44 01224 272172; e-mail: k.pouliakas@abdn.ac.uk. 1. Introduction The principal-agent model, with its convincing illustration of the trade-off that arises between risk...
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...INTERNATIONAL RESEARCH JOURNAL OF MANAGEMENT AND COMMERCE VOLUME-1, ISSUE-6 (September 2014) ISSN: (2348-9766) IMPACT OF FINANCIAL AND NONFINANCIAL REWARDS ON EMPLOYEE MOTIVATION Madhuri Kshirsagar, Dr. V. Y. Waghale, Research Scholar Dhanwate National College Congress Nagar, Nagpur-440012 (Maharashtra) India ABSTRACT Employees lacking motivation can present a problem for all types of organizations, and there can be far-reaching impacts when employee performance is down. The ability to foster a motivating work environment is essential, and strategies must focus on how employee satisfaction and performance levels are tied to motivation. There are several ways that organizations can engage their workforce, and this study allows for an examination of the impacts of financial and non-financial rewards with respect to overall levels of employee motivation. Reward management process covers both financial and non-financial rewards. The concept of the psychological contract is at least as important in understanding and managing motivation as the technical elements of the economics and transactions aspects of reward. Hence, in this paper, we find out the role of incentives in motivating employees and suggest the organizations to make suitable alterations in their rewards system. Key Words: Incentives / Rewards, Motivation, Satisfaction, Performance 1.0 Introduction: Motivation is the act of giving somebody a reason or incentive to do something. It also...
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...1.0 INTRODUCTION Employee is motivated to increase their job performances. The questions are what motivation is and why it is important to motivate employee in workplace? Over the last twenty decades, motivation is number one factor in increasing level of performance. It is operationally defined as inner force that drives individuals to accomplish personal and organizational goals. In other words, motivated employees are needed in our rapidly changing workplaces. This is because every individual or employee needs motivation and so do organization. Employee who is highly motivated will help him achieve his personal goals and increase his job satisfaction and productive. Islam R and Hj Ismail A.Z (2008), based the study of Employee motivation A Malaysian perspective, the purpose of the research paper is to identify the motivation factors of employees that working in the various Malaysian organization. Based on the finding, it indicate that factor such as gender, race, education, employment status and marital status were found some impact on motivation. This finding gives a guideline for manager to develop a motivation program for employees Somehow, the motivation helps in self development of employee and always received gain by working with a dynamic team. And similarly, motivation is important to a workplace in organization as motivation will lead to an optimistic and challenging attitude at work place. Always remember, the more employee are motivated, the more empowerment...
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...Rewards and incentives in company have benefits for both employees and employers. When performance and productivity was recognized, employees have increased high morale, job gratification and involvement in business function. However, the best ways to motivate employees is a controversial and complex issue. Incentive and rewards can be both Financial and Nonmonetary. A number of researcher has reported that the key to organization people to show their high efficiency is to provide employee an incentive or rewards. An examination of the research reveals a variety of perspective. Some researcher argue that financial incentive and rewards increase employee motivation and engagement more than use nonmonetary programs. Whilst, others researcher suggest that nonmonetary incentive and reward can lead higher performance. It is argued that nonmonetary are more effective on employee performance. The distinction between reward and incentive will not add to the above thesis and will therefore not be discuss in this essay. In the workplace employees need some motivation incentives to improve their performance and productivity. However, motivation is complex and people are not all motivated in the same way because people have different desire, different attention and different background so they also have different individual motivational. There are those who are motivated intrinsically, which means bring motivated by internal inspiration or individual feeling depend on person. When...
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...| Complete statement: RBI's Q3 2009-10 Monetary Policy review | Here is the Policy Review statement, which should be read and understood together with the detailed review in Macroeconomic and Monetary Developments released on Thursday by the Reserve Bank. The statement is organised in four sections. Section I provides an overview of global and domestic macroeconomic developments; Section II sets out the outlook and projections for growth, inflation, money and credit aggregates. Section III explains the stance of monetary policy and Section IV specifies the monetary measures.I. The State of the EconomyGlobal Economy1. The global economy is showing increasing signs of stabilisation. The growth outlook in virtually all economies is being revised upwards steadily, with the Asian region experiencing a relatively stronger rebound. Global trade is gradually picking up, but other indicators of economic activity, particularly capital flows and asset and commodity prices are more buoyant. However, even as most of the forecasts on recovery are generally optimistic, significant risks remain. The recovery in many economies is driven largely by government spending, with the private sector yet to begin playing a significant part. There are signs that high levels of global liquidity are contributing to rising asset prices as well as rising commodity prices. Emerging market economies (EMEs) are generally recovering faster than advanced economies. But they are also likely to face increased...
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...CHAPTER ONE 1.0 INTRODUCTION 1.1 BACKGROUND OF STUDY Breaking away from the shackles of ‘colonialism’ (British control) the oil rich Nigeria got her independence in 1960. Having being plagued by political instability, the negative impact of a prolonged military rule, corruption, unemployment, inadequate infrastructure and poor macroeconomic management for a long period of time, the nation currently undertakes certain reforms under a new reform minded administration. Prior to the present democratic rule, Nigeria's former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 20% of GDP, 95% of foreign exchange earnings, and about 80% of budgetary revenues. The largely subsistence agricultural sector has failed to keep up with rapid population growth - Nigeria is Africa's most populous country - and the country, once a large net exporter of food, now must import food. Following the signing of an IMF stand-by agreement in August 2000, Nigeria received a debt-restructuring deal from the Paris Club and a $1 billion credit from the IMF, both contingent on economic reforms. Nigeria pulled out of its IMF program in April 2002, after failing to meet spending and exchange rate targets, making it ineligible for additional debt forgiveness from the Paris Club. In 2003, the government began deregulating fuel prices, announced the privatization of the country's four oil refineries, and instituted the National Economic...
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...HUMAN RESOURCE ACCOUNTING Definition Assigning, budgeting, and reporting the cost of human resources incurred in an organization, including wages and salaries and training expenses. Measurement in HRA The biggest challenge in HRA is that of assigning monetary values to different dimensions of HR costs, investments and the worth of employees. The two main approaches usually employed for this are: 1. The cost approach which involves methods based on the costs incurred by the company, with regard to an employee. 2. The economic value approach which includes methods based on the economic value of the human resources and their contribution to the company’s gains. This approach looks at human resources as assets and tries to identify the stream of benefits flowing from the asset. The methods for calculating the economic value of individuals may be classified into monetary and non-monetary methods. Monetary Measures for assessing Individual Value a) Flamholtz’s model of determinants of Individual Value to Formal Organizations According to Flamholtz, the value of an individual is the present worth of the services that he is likely to render to the organization in future. As an individual moves from one position to another, at the same level or at different levels, the profile of the services provided by him is likely to change. The present cumulative...
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...Influence Processes MGT615 AIU September 9, 2013 Abstract After encouragement to write a brief article about "CEOs and presidents" for a management journal by a colleague, this paper will compare the leadership styles of three leaders: Andrea Jung, Indra Nooyi, and Brenda Barnes. It will include an introduction to the concept of influence processes, a summary of the various types of influence processes and the factors that can affect them, and an analysis of the processes used by the three leaders. It will also identify the processes that the leaders and top management team (TMT) are using to impact the organization. Influence Processes Influence processes are the processes a leader will use to influence their employees. There are four types of influence processes which are high-control innovator, status quo guardian, participative innovator, and process manager. There are six factors that could affect these influence processes, which are environment, structure, leadership, technology, strategy, and culture (Nahavandi, 2006). Andrea Jung, Indra Nooyi, and Brenda Barnes are three leaders with different leadership skills. A high challenge seeking leader with a desire for high control is a high-control innovator or HCI. This leader will maintain tight control of the organization while seeking a challenge. A high challenge seeking leader with a desire for low control is a participative innovator or PI. This leader will delegate control of the organization while...
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