Dissertation: Impact of Motivation on Employee Retention Strategies

This dissertation investigates the impact of motivation schemes on employee retention within the workplace, focusing on Barclays as a case study. It aims to understand the basic concepts of motivation schemes and employee retention, determine the effect of rewards and incentives on employee retention, examine the challenges faced by managers in implementing these schemes, and identify strategies for building attractive rewards and incentives. The research employs a qualitative research method, utilizing secondary sources and thematic analysis to gather reliable information. The study covers the importance of motivation in enhancing employee performance and productivity, the role of leaders in motivating staff, and the different types of rewards (monetary and non-monetary) that can boost employee morale and engagement. Ultimately, the dissertation seeks to provide insights into how organizations can effectively retain talent through well-designed motivation schemes.

Dissertation
(Impact of motivation of employee
retention)
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ABSTRACT
The main idea of carrying out this research is that it helps in developing an understanding
about the concept of motivation schemes and employee retention within the workplace. In the
present research, the researcher has focused on addressing following objectives such to study the
basic meaning of employee retention and motivation schemes, to determine the effect of
effective rewards and incentives motivation schemes for employees retention, to examine the
challenges faced by managers while implementing certain rewards and incentives and to identify
strategies for building attractive rewards and incentives that helps in motivating employees. The
researcher has also used qualitative research method for gathering authentic and reliable
information relate to the research topic. This information is collected by using secondary sources
with the help of thematic analysis effectively.
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Table of Contents
ABSTRACT.....................................................................................................................................2
CHAPTER 1: INTRODUCTION....................................................................................................5
Background of the topic ..............................................................................................................5
Overview of the company ...........................................................................................................5
Research topic: ............................................................................................................................6
Research aim, objectives and questions.......................................................................................6
Rationale of the research .............................................................................................................7
Significance of the research.........................................................................................................7
Summary......................................................................................................................................8
CHAPTER 2: LITERATURE REVIEW.........................................................................................9
Introduction..................................................................................................................................9
What do you understand the basic concept of motivation schemes and employee retention?....9
What is the impact of rewarding and incentives motivation scheme for retaining employees
within Barclays?.........................................................................................................................10
What are the challenges faced by managers while setting up rewarding and incentives
motivation scheme within Barclays?.........................................................................................12
Different types of rewards and incentives schemes that helps in motivating employees of
Barclays......................................................................................................................................14
Summary....................................................................................................................................15
CHAPTER 3: RESEARCH METHODOLOGY...........................................................................16
Introduction................................................................................................................................16
Summary....................................................................................................................................20
CHAPTER 4: DATA ANALYSIS AND FINDINGS...................................................................21
Introduction................................................................................................................................21
Summary....................................................................................................................................26
CHAPTER 5: CONCLUSION AND RECOMMENDATION.....................................................27
Introduction................................................................................................................................27
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Summary....................................................................................................................................29
REFERENCES .............................................................................................................................30
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CHAPTER 1: INTRODUCTION
The introduction chapter mainly helps in defining about the topic in an effective and detailed
manner so that the further research can be carried out in a proper way.
Background of the topic
The research is conducted on identifying the importance of motivation schemes on the
retention of employees within the company. Motivational schemes are considered as a most
important factor that helps in increasing the level of motivation and moral among employees of
the company is that they work with confidence and dedication (Waclawska, 2018). Highly
motivated employees tend to be more productive and efficient in performing the given task and
helps in achieving the desired objectives and goals of the organization. Motivation scheme is
generally used for driving the behavioral changes within the company and this can be of many
types such as recognition and rewards, training and development, growth opportunities, engaging
employees in the activities of the business. It is important for the company to motivate their
employees in an effective manner in order to increase their level of performance and
productivity. Employees are the most important asset of the company that helps in fulfilling the
predetermined goals of the company and for this motivation is very important so that they get
retained within the business for long period of time (AZERE, 2019). Motivation schemes are the
key source for the company as it helps in gaining the confidence and satisfaction of employees
by providing those rewards for their good performance and efforts.
Overview of the company
The selected organization in the research is Barclays which is considered as a British
universal bank, headquartered in London and was founded in 1690. The main objective of this
bank is to provide support to small businesses and consumers by the retail services and larger
businesses. The bank generally operates its business operations as two divisions and that is
Barclays International and Barclays UK which is supported by the service company called
Barclays execution services (Barnes and Newton, 2020). Barclays ranks top 50 among other
competitor companies which results in dealing with the competitiveness and in retaining more
number of customers. The bank mainly operates different type of products such as investment
banking, retail banking, private banking, commercial banking and many more which are offered
to the customers in order to get huge investments in return. It provides a clear picture about the
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work they do and how they do in order to get more and more customers to get retained with in
the business. Barclays has also listed on the London Stock Exchange as primary and is
considered as an important element of the FTSE 100 index. The bank mainly comprises the retail
banking operations of British, wealth management business, business related to consumer credit
card and corporate banking for small size and medium size UK businesses (Kyeremeh, Prempeh
and Afful Forson, 2019). It also consists of Barclays Investment and Corporate bank and
consumer related cards and payment businesses in order to provide effective and productive
services to the customers.
Research topic:
The importance of rewarding and incentives motivation scheme in retention of talent in
the workplace.
Research aim, objectives and questions
Research Aim:
“To investigate the importance of rewarding and incentives motivation scheme in
retention of talent in the workplace.” A study on Barclays.
Research Objectives:
 To understand the basic concept of motivation schemes and employee retention.
 To determine the impact of rewarding and incentives motivation scheme for retaining
employees within Barclays.
 To identify the challenges faced by managers while setting up rewarding and incentives
motivation scheme within Barclays.
 To analyse the different types of rewards and incentives schemes that helps in motivating
employees of Barclays
Research questions:
 What do you understand the basic concept of motivation schemes and employee
retention?
 What is the impact of rewarding and incentives motivation scheme for retaining
employees within Barclays?
 What are the challenges faced by managers while setting up rewarding and incentives
motivation scheme within Barclays?
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 What are the types of rewards and incentives schemes that helps in motivating employees
of Barclays?
Rationale of the research
The main purpose of conducting this research is that motivation helps the organization in
achieving overall growth and success in the highly competitive market by retaining employees
within the business. Motivation scheme plays a very important role in the company as it helps in
enhancing the performance of employees in order to achieve the desired aims and objectives of
the business (Al-Azawei and Alowayr, 2020). The main idea of conducting this research is to
identify the impact of motivation schemes in retaining the employees of the company for more
period of time. Motivation is the most important factor that helps in building the working
capability and efficiency of employees for gaining high growth and success in the business
market. Motivation scheme are the effective source of getting employees feel appreciated and
recognized for their good and hard work that they put for achieving success in the competitive
market (Chen, Guo and Wen, 2021). This following research is helpful in fulfilling two types of
objectives which are defined as personal and professional objective. In context of personal
objective, the researcher will gain more knowledge and develop skills about the research topic in
an effective and efficient manner. In context of professional objective, the research will help
other researcher in conducting future research properly.
Significance of the research
The research topic is quite significant in gaining optimum knowledge about motivation
schemes as it helps in increasing the morale of employees to get engaged in the activities of the
business effectively. It is very important for the company to develop productive motivation
schemes for employees that helps in increasing their working capability to attain the goals of the
business for high success and profitability (Rivaldo, 2021). This helps the researcher in
evaluating all the detailed information about the chosen research topic in a reliable and valuable
manner. The researcher chooses several types of research methodologies to carry out the research
in a smooth and effective way. This skill and knowledge helps in gathering information and data
and also helps in identifying the weaknesses and strengths of the researcher for carrying the
future research appropriately. In order to sustain the competitive environment, it is necessary for
the company to train and develop their employees in a proper manner so that employees feel
confident and dedicated in gaining high profitability (Roychowdhury, 2018). This research is
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also helpful for students as it helps in increasing their knowledge about the topic motivation and
which raises their academic career. It also helps others researchers in carrying out the research on
the same topic effectively and efficiently and will use authentic information.
Summary
It is summarised from the above collected information that the researcher has provided an
overview about the topic, about the organisation. The researcher has also set up certain research
aim, objectives and questions, rationale of the research and significance about the research so
that effective information can be acquired.
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CHAPTER 2: LITERATURE REVIEW
Introduction
Literature review is an important part of the research that helps in providing an summarised
information related to the research objectives with the help of published sources such as articles,
magazines, journals and many more.
What do you understand the basic concept of motivation schemes and employee retention?
As per the view of Nesbit, Christensen and Brudney (2018), motivation plays a very
important role for enhancing the performance and productivity of employees in order to gain
high growth and profitability in the competitive market. It is the responsibility of the leader to
motivate its staff members in order to achieve the business goals and objectives. Retaining
employees in the company is most important because it helps in utilising the resources optimally
and for increasing their working capability. Motivation scheme helps in boosting the productivity
and engagement among employees in order to gain high share in the market and in attaining
more number of customers for buying the particular products and services offered. Every
company needs to employ attractive motivation schemes for employees which help in enhancing
the operations of the business organisation. The employees of the company are considered as the
main asset who is responsible for accomplishing the given tasks in an effective manner.
Employee retention can be defined as a process of showing the ability of the company to prevent
turnover of employees, or on the number of persons who leave their jobs in a certain period of
time, either involuntarily or voluntarily. Increasing the retention of employees has a direct
impact on the performance and success of the business. Retaining employees within the company
helps in keeping the talented people in the business so that they achieve the predetermined aims
and objectives in the competitive market (Das, Rangarajan and Dutta, 2020). Employee always
wants to work in that working environment where they feel safe and secure while performing the
activities of the business and for this it is important for the leaders of the company to create a
positive working culture for them.
Motivation schemes are of different types and works as a motivating factor for employees
for their hard work and efforts they do for achieving growth in the business market. Providing
rewards for their good work is a very important factor that helps in boosting their working
capability and makes them happy and motivated to work in the company for long period of time.
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It is the leader who train and guide employees of the company in the right direction so that they
understand their roles and responsibilities about their job role (Das, Rangarajan and Dutta, 2020).
When employees are trained and developed in the right manner than they get attached with the
business activities more and look for high personal growth in the business so that they get high
satisfaction. Rewarding can be monetary and non-monetary which helps in increasing the morale
of employees working in the company. Monetary rewards mainly includes increment, bonuses,
appraisal and many more whereas non-monetary rewards mainly includes promotion, awards,
gifts, recognition and many more that helps in building motivation of employees. In order to
engage employees in taking part in the activities of the business and in taking decisions
regarding company betterment, it is important for the company to adopt motivation schemes.
This results in motivating them towards accomplishing the personal and professional goals of the
organisation. It is the main responsibility of the leaders to send gifts, emails for their good
performance so that they feel appreciated and rewarded for their hard efforts and this also helps
in building a strong relationship among employers and employees working in the company.
Offering growth opportunities to employee’s works as a motivating factor for employees as this
helps in enhancing their analytical thinking skills for doing more hard work for achieving the
higher position in the business organisation (Grobelna, 2018). Listening to the problems and
issues of employees is very necessary as that helps in giving them a sense of satisfaction that
their issues are addressed by their senior members and motivates them to give their best for
achieving the goals. Thus, motivating staff members is the only solution for developing their
skills and knowledge for gaining growth in future and for attaining the sustainability from other
competitor companies that exists in the business market.
What is the impact of rewarding and incentives motivation scheme for retaining employees
within Barclays?
As per the view of Caruth (2018), rewarding and providing incentives to the employees of
the company helps in retaining and engaging them in the business for more period of time.
Highly engaged employees are more productive as compared to less engaged employees because
they work with high motivation and dedication to achieve the predetermined objectives of the
company. Providing rewards and incentives to the employees impacts their productivity and
performance in a positive manner and this helps in building their morale and motivation.
Motivation schemes can be of many types and they are defined as training and development,
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rewards and recognition, engaging employees and many more for better attainment of goals and
objectives of Barclays. This helps in reducing employee turnover and in retaining talented
employees in the organisation for longer period of time which results in attaining high growth
rate in the business market (Chinyio, Suresh and Salisu, 2018). Rewarding is the best factor that
help in engaging employees in taking part in decision making process and in gaining high share
in the market and large number of customers. There are several benefits that help the company
that motivation schemes provide to the employees and are defined below:
 Increases productivity and performance – Providing rewards and incentives to
employees of Barclays helps in enhancing their performance and productivity which
results in gaining success in the highly competitive environment (Kobia, 2021). Barclays
provide effective and attractive rewards to the employees of the company in order to
more profitability in the market and for gaining high customer loyalty and experience.
 Enhanced employee engagement – When employees are treated in a proper manner and
when they are guided and supported in their work profile helps in making them feel
highly satisfied and engaged. Barclays focus on their employees to engage them in
business activities so that they work effectively and efficiently for achieving the goals
and objectives of the business. Highly engaged employees are highly motivated to work
in a positive manner in employing more productivity (Saif and Siddiqui, 2019).
 Make employees feel happy – Happy employees are comparatively more productive and
contribute in the success of the business more efficiently and effectively (Chiat and
Panatik, 2019). When morale of employees is high. Barclays employee turnover is low
and the business has a huge chance to hit large targets and to increase the growth level in
the competitive environment. It is important for the company leaders to employ attractive
rewards and high incentives in order to earn high productivity and employees overall
performance.
 Build a positive working environment – Barclays managers mainly focus on creating a
positive working environment for employees where they feel satisfied and motivated to
contribute in the overall growth of the company. Feeling valued and appreciated by
providing effective rewards to employees helps in increasing their working efficiency and
effectiveness to perform in the competitive business world (Daudi, 2021). Building a
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positive working culture impacts the money that they put in the company and in the
people who work there.
 Decreases employee turnover – Employee turnover is generally costly and retention of
talented employees for longer period of time helps in cutting down the cost and results in
achieving organisational growth. It is important for Barclays to focus on hiring
employees for different job profiles so that new type of employees can be gained in the
company in order to reduce the employee turnover an in increasing the retention of
employees. This helps in attracting employees within the company for longer period of
time as they get full chance to take part in the process of decision making so that they
gain profitability and success in the business market (Azim, 2020).
 Helps in recruiting new talent – It is the responsibility of the managers of Barclays to
focus on recruiting new employees in the company by giving those attractive offers and
incentives while engaging work in the business. It is important for the company to show
effective and strong relationship among the employees and employers of the company.
By doing this the bank will able to provide valuable services to customers and for
retaining them for longer time period (Okpebholo and Sheikh, 2020).
What are the challenges faced by managers while setting up rewarding and incentives motivation
scheme within Barclays?
As per the view of Lillis, Malina and Mundy (2022), setting up rewarding and incentives
related motivation schemes within Barclays helps is quite difficult as it requires so much
planning in order to retain them in the company for time period. Rewards and incentives are the
key elements that help in increasing the motivation and morale of employees to work more
efficiently and productively to attain high customer base and market share in the competitive
market. But selecting right type rewards for the right type of employee is difficult for Barclays to
decide and this brings several challenges for the business. It is important for the company to
retain employees in the company by engaging them in interesting activities for better growth and
development in the business market. Appreciating employees for their best performance is very
important as it motivates them to work more hard for achieving the desired aims of the business
organisation. It is necessary for Barclays to take care of their employees so that they work with
high confidence and dedication within the organisation for achieving high success and growth in
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