Financial and Non-Financial Incentives as A Stimulant, And Motivator
By
ACKNOWLEDGEMENT
I would like to thank my supervisor for supporting me throughout my project and giving his valuable suggestions. Finally thanks to all my friends and family for their utmost support and inspiration.
DECLARATION
I, (Your name), would like to declare that all contents included in this dissertation stand for my individual work without any aid, & this dissertation has not been submitted for any examination at academic as well as professional level previously. It also represents my own views & not essentially the ones associated with university.
Signed __________________ Date _________________
TABLE OF CONTENTS
ACKNOWLEDGEMENTII
DECLARATIONIII
CHAPTER 1: INTRODUCTION1
Background of the Study1
Research Questions2
Main Questions2
Sub Questions3
Aims of the Study3
Significance of the Study4
CHAPTER 2: LITERATURE REVIEW5
The importance of pay for employees5
HRM & Performance Management5
Key elements of performance management8
New trends in specialized work8
Rewarding talent9
Location of the compensation factor10
Literature Review Analysis10
CHAPTER 3: METHODOLOGY12
Research Design12
Research Technique and Process13
Sampling Method14
Participants14
Research Instrument15
Ethical Concerns15
Feasibility16
CHAPTER 4: HOW YOUR WORK FITS EXISTING PUBLISHED WORK18
Current Challenges and Trends in Human Resource Management18
Devolution of Human Resource Management18
Human Resource Management Practices19
A Review of Related Principles and Theories20
The Carrot Principle20
Herzberg's Motivation-Hygiene Theory21
Employee Recognition/Rewards23
Employee Engagement24
Impact of Engaged Employees on an Organization25
Incentives and motivation26
Incentives27
Sources of Incentives27
Objectives of Tax Incentives27
Advantages of Incentives28
Types of Incentives29
Incentive pay programs29
Classification of Incentives30
Impact of Incentives on the job32
Incentives for Managers and Executives32
International Incentives33
Incentives for Groups or Teams33
Incentives for Workers33
Incentive Plan for the Entire Organization34
Motivation34
Why you are doing this topic34
CHAPTER 5: DISCUSSION AND INTERPRETATION36
Major findings from the interview36
Remuneration, Management fees and establishing compensation plans36
Compensation based on the area37
Wages within a framework of management competencies38
Money40
Status40
Power41
Security41
Fun41
Cultural Analysis42
Financial Motivators42
Pay for Individual Performance42
Piece Rate43
Standard Hourly Rates43
Merit Pay44
Individual Bonuses44
Commission Base Compensation44
Pay for Group Performance45
Gain Sharing Programs45
Group Bonuses and Team Awards46
Financial Motivators Analysis46
The variable compensation, is it applied to the entire list?47
The variable remuneration on a per jurisdiction48
What score on?49
Grouping similar positions at financial and non-financial incentives grades50
When wages are increased50
Trends in wages50
CHAPTER 6: CONCLUSION AND RECOMMENDATIONS52
Motivation and the organizational system52
Limitations55
Recommendations55
Different sources for market wages55
Factors to consider when assessing compensation56
Current trends in compensation57
How to make professional and managerial positions58
How to implement a compensation scheme58
Future Research59
REFERENCES61
APPENDICES68
Interview questionnaire68
CHAPTER 1: INTRODUCTION
Background of the Study
Human resource strategy has been identified as a set of processes and activities jointly shared by human resource personnel and managers to address and often resolve people related business concerns and/or issues. Human resource management utilizes human resource strategy to identify present and emerging issues or concerns, assess these issues or concerns, evaluate issues or concerns, and potentially provide resolutions (Garavan, 2007, p. 12). One of the goals of this process is to address issues that would affect the organizations competitive advantage and its organizational success. Strategic human resource management is more action and goal oriented when compared to traditional approaches to human resource management. The procedures and actions utilized in strategic management are aimed at focusing, mobilizing, and directing human resource activities pertaining to issues and concerns that may have an impact on the organization. Focusing on issues that arise, or have the potential to arise, enables organizations to develop and implement programs to resolve and ...