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 ...