Monetary Incentive for Employee Motivation: A Report Analysis

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Added on  2022/08/13

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This report examines the effectiveness of monetary incentives in motivating employees within an organization. It argues that financial rewards, such as bonus schemes, are superior to non-monetary incentives in driving employee performance and exceeding goals. The report references academic sources to support its claims, contrasting the benefits of monetary incentives with the limitations of non-monetary schemes. It concludes that monetary incentives are the most effective way to motivate employees, leading to improved company performance. The report emphasizes the importance of money in satisfying both psychological and security needs, which are key drivers of employee motivation and effort. The report offers a comprehensive analysis of the subject, providing a strong case for the use of financial incentives in the workplace.
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Running head: MONETARY INCENTIVE FOR EMPLOYEE MOTIVATION
Monetary incentive for employee motivation
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Name of the Author:
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MONETARY INCENTIVE FOR EMPLOYEE MOTIVATION
Introduction
In the business context there are many kinds of incentives which motivate the employees
in an organization, but which is the better one? Monetary incentives are one of the incentive
which attract the attention of a lot of employees. I think monetary incentives are the best type of
incentive which motivates a lot of employees.
Side A
In the modern era I must say that money has been recognized as the chief factor which
aids in satisfying the needs of the people (Fisher, 2015). With the help of money I can both
satisfy my psychological needs and also my security needs. Employees in an organization need
motivation to go past their limits and work towards the goals of a company (Bellé & Cantarelli,
2015). Monetary incentives are the best possible way which keeps the employee of an
organization motivated and improve their performance. I have seen that many organizations give
bonus schemes to their employees depending on their performance.
Side B
Non-monetary schemes such as recognition or security have been argued to be better than
monetary incentives but I believe to increase the motivation of an employee it is very important
to reward them with money. With the help of non-monetary type of motivation an organization
able to fulfill the psychological needs of its employees but it fails to implement greater
motivation in an employee. In the present context of business it can be said that monetary
schemes works as a greater motivation than non-monetary schemes. So, in my opinion I must say
that monetary schemes are better for motivating employees than other ways.
Conclusion
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MONETARY INCENTIVE FOR EMPLOYEE MOTIVATION
After reviewing the evidences I must say that monetary incentives are the best way by the
help of which employees in an organization are motivated. Monetary incentives aids the
employees to work more and cross their limits and thus increase the overall performance of the
company.
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MONETARY INCENTIVE FOR EMPLOYEE MOTIVATION
Reference List
Bellé, N., & Cantarelli, P. (2015). Monetary incentives, motivation, and job effort in the public
sector: An experimental study with Italian government executives. Review of Public
Personnel Administration, 35(2), 99-123.
Fisher, J. G. (2015). Strategic reward and recognition: Improving employee performance
through non-monetary incentives. Kogan Page Publishers.
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