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Money and Other Financial Rewards

   

Added on  2021-01-02

8 Pages2042 Words341 Views
Money and other financial rewards are afundamental part of the employment relations

TABLE OF CONTENTSTopic: Money and other financial rewards are a fundamental part of the employment relations...1REFERENCES................................................................................................................................5

Topic: Money and other financial rewards are a fundamental part of the employmentrelationsMoney cannot buy us happiness but only money can fulfill most of our needs and provide ahigh level of satisfaction. To retain an employee in the organization, organizations are requiredto maintain a balance between what employee has contributed through his work and what he isgetting in the return. Objective of organization can only be achieved by retention of employeesby fulfilling their requirements. Organizations are adopting various approaches to motivate theiremployees, to accomplish the organizations objective (Gallus and Frey, 2016). There are variousmonetary and non-monetary incentives that impact the performance of employees in theorganization. People prefer only money in form of salary, bonus, increment and paid holidays.But there are employees who get motivated by non-monetary awards too like flexible workinghours, recognition, health benefits, education, insurance, free foreign tours, etc. Money helps toimprove the performance of employees and makes the job more enjoyable. A highly satisfiedemployee will put in proper efforts for its growth. A person is never satisfied with what he isbeen paid, he always wants more (Gubler, Larkin and Pierce, 2016). Organizations conductprograms to develop their employees to improve their efficiency and effectiveness but rewardhas gained more importance. Investing in training and development will improve the employeeperformance which will in return expects more from the organization. Highly engagedemployees will contribute more to the organization. Organization behavior is study that shows the behavior of an individual, group or anyorganizational structure, their knowledge, abilities and skills for achievement of organizationalgoal. It includes motivation, interpersonal communication, attitude, development, structure,process, work stress, conflicts, behavior, power and work design. It is important to identify theattitude and behavior of people who work for us. It is the study which shows what people aredoing and that behavior is affecting the performance of organization. They help to build the moreimproved work surroundings. The process of recruitment will not help to determine theperformance of the employee but his behavior at workplace will help us to measure hisperformance (Ali, Mohamad and Hamid, 2016). There are number of organizational theorieswhich help to measure the performance of employees. One of the motivational theory is,Abraham Maslow's hierarchy of need theory which is divided into 5 levels starting from1

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