Financial and Non-Financial Incentives as a Stimulant, Lure/Bait, Inducement, and Motivator

By

TABLE OF CONTENTS

CHAPTER 01: INTRODUCTION1

1.1. Background of the Study1

1.2. Aims of the Dissertation1

1.3. Topic Selection2

1.4. Purpose of the Study2

1.5. Significance of the Study2

CHAPTER 02: LITERATURE REVIEW3

2.1. Introduction3

2.2. Relationship to Existing Published Work3

2.4. Non-Financial Incentives3

2.5. Financial and non-financial Motivational Factors4

2.5.1. Direct Compensation: (Monthly Salary)4

2.5.2. Indirect Compensation4

2.5.3. Profit Sharing4

2.5.4. Gain Sharing4

2.5.6. Empowerment4

2.5.7. Career Opportunities5

2.5.8. Meaningful Work5

2.5.9. Flexible Work5

2.5.10. Employee Stock Ownership Plan (ESOP)5

2.5.11. Patting People on the Back5

2.6. The Impact of Non-Financial Incentives on Motivation5

2.7. The Effectiveness of Financial and Non-Financial Incentives6

CHAPTER 03: RESEARCH METHODOLOGY8

3.1. Introduction8

3.2. Research Method8

3.3. Sampling Technique8

3.4. Overview of Quantitative Method8

3.5. Questionnaire8

3.6. Timing Mileposts9

REFERENCES10

APPENDIX12

Questionnaire for employers12

Questionnaire for employees12

CHAPTER 01: INTRODUCTION

1.1. Background of the Study

Motivation is a central element in a learning process of a human. In the organizational context, motivation plays an important role in ensuring organizational success as humans are the heart of an organization. Humans or employees without motivation are not able to carry out the job perfectly. If the organization is not able to motivate its employees, the knowledge within the organization is not efficiently used. Therefore, it becomes the aim of every organization to search for the clues to motivate employees; otherwise the organization will face difficult to maintain its workforce thus achieving the goal.

Workplace wellness programs have revealed immense beneficial results for both the employer and employee. Examples of results include decrease in absenteeism, turnover rate, medical claims and increases in employee satisfaction, productivity, and return on investment. However, the approach taken when implementing requires greater attention since such programs and the financial and/or non-financial incentives chosen have shown to significantly impact employee participation thus the amount of savings the organization experiences.

A systematic review was conducted to evaluate the overall effectiveness of workplace wellness programs on employee health status and lifestyle change, recognize the majority types of returns observed by such programs, and identify whether financial or non-financial incentives created a greater effect on the employee.

Overall employee health status improvement occurred when participating in wellness programs. The dominant indirect benefit for the organization was employee weight loss leading to a decrease in absenteeism and direct benefits included decreases in medical claims and increases in return on investment. In general, factors such as rate of participation and health status changes were most influenced when a financial incentives was provided in the wellness program.

The basis of providing a program with effective incentives resides from efforts made by the employer and their efforts to play a role on every level of the organization regarding planning, implementing, and strategizing the most optimal approach for creating changes for the employees' wellbeing and productivity, thus the organizations overall returns.

1.2. Aims of the Dissertation

Every research examination procedure aims to create an intelligent response to its questions. Likewise, this thesis will work to create an in-depth analysis of the subsequent topics:

To produce specific statistics in regards to financial and non-financial incentives and motivational factors.

To showcase the various financial and non-financial motivational factors.

Consider the why, how and when implications of financial and ...