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Impact of Non Financial Incentives as Motivational Strategy in Achieving Organizational Objectives (Case Study of Guaranty Trust Bank PLC)

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CHAPTER ONE1.0. INTRODUCTION 1.1    Background of The StudyThe first chapter of this study gives a brief introduction on the subject matter,followed by the statement of problem, purpose of the study, as well as researchquestions   and   research   hypothesis.   Furthermore,   we   take   a   look   at   thesignificance of the study, then we analyse the scope and limitations of the studybefore concluding the chapter with the definition of terms.Managing reward is largely about managing expectations that employees expectfrom their employers in return for their contribution and what employers expectfrom their employees in return for their pay and the opportunity to work anddevelop their skills. Expectations are built into the employment relationship, thestarting point of which, from the rewards point of view, is an undertaking by anemployee to provide effort and skill to the employer, in return for which theemployer   provides   the employee   with   a   salary   or   a   wage.   The   purpose   ofmanaging the system of rewards within the organisation is to attract and retainthe human resources the organisation needs to achieve its objectives. To retainthe   services   of   employees   and   maintain   a   high   level   of   performance,   it   isnecessary   to   increase   their   motivation   and   commitment.   In   effect   theorganisation   is   aiming   to   bring   about   an   alignment   of   organizational   andindividual objectives when the spotlight is on reward management. The overall

success of an organization in achieving its strategic objectives relies heavily onthe motivational level of employees. All organizations, regardless of sector, sizeor   industry   require   motivated   workforce   that   ensures   the   efficiency,   highorganizational   output   and   prosperity   of   the   organization.   De-motivatedemployees are likely to   put  in  little  or  no  effort in their  jobs, produce  lowquality work, mostly avoid their workplace and even exit the organization ifprovided the opportunity. On the other hand, employees who are motivated towork   are   likely   to   be   determinant,   innovative   and   competent.   Motivatedemployees   are   contended,   dedicated   and   work   enthusiastic,   resulting   inoptimum level of employee retention, loyalty and harmony. This contributessignificantly to the growth and development of the overall organization. It isworthwhile to take a closer look at the impact of non-financial incentives as amotivational strategy in achieving organizational objectives. People act only when they have a reasonable expectation that their actions willlead to a desired goal. Because of this, employers put in more in motivatingemployees and one of the ways through which this (motivating) can be done, isthrough the means of non-financial incentives so that workers are treated inright manner in order to accomplish the organization’s objectives. Organizationsare being   faced   with  what  resources   to   give  out  as   non-financial   incentive,because of the poor state of the economy. 

Thus, employees of an organization have motives and inner desires that areexpressed in the form of actions and efforts towards job roles to meet theirneeds. Employee motivation is the level of energy, commitment, and creativitythat a company's workers apply to their job (Ebrurajolo, 2004). In effect, it isthe ability to activate human potentials, influence human efforts and will to do agiven job. Mullins (2005) contends that having the workforce with the righttalents   and   skills   is   not   enough   for   realization   of   maximum   results,   butindividual effort, motivation and employee retention are keys to maximizingorganisational productivity and performance. Therefore, the performance of anindividual   employee   or   the   entire   workforce   is   a   major   determinant   toorganizational success. Organizational members meet their personal needs fromthe rewards given to them in exchange for the services rendered and outstandingperformance on the job. Organisations provide rewards to their personnel inorder to motivate them and enhance the loyalty and retention of the workforce.According to Krietner and Kinicki (2007), reward is the compensation for doingwork well given to a worker in the form of both financial and non-financialincentives.   While Torington  and   Hall  (1991)   submit that   reward  suggests  aspecial payment for a special act. Reward is a consideration that flows from theperformance of the contract of employment relationship. Rewards are allocatedto organizational members  for   the  performance of task or  realization of settargets. Luthans (2008) submits that Organisational rewards take a number ofdifferent   forms   including   money   (salary,   bonuses,   and   incentive   pay),

recognition and benefits. The view of Luthans confirms that rewards are in bothmonetary and non-monetary forms offered to employees for meeting targets setin   organizations.   Monetary   rewards   are   financial   rewards   or   direct   cashpayments which consist of performance pay, competency pay, gain sharing andprofit sharing to workers for their contributions in an organization while non-monetary rewards are non-cash rewards which consist of all intrinsic motivatorssuch   as   achievement,   responsibility,   opportunity   for   growth   and   extrinsicmotivators such as recognition, job enrichment and praise. Motivation is one ofthe   key   elements   in   employee   performance   and   productivity.   Indeed,   highperformance   will   remain   elusive   to   organisations   without   adequate   staffmotivation. The dynamic state of the economy had led the federal governmentto   take   some   measures   to   stop   the   downward   economic   trend   which   hasadversely   affected   many   organizations.   For   instance,   a   good   number   ofcompanies have cut down their incentives and some have even stopped givingany   to   their   employees.   This   has   prompted   me   to   write   on  Non-FinancialIncentives as Motivational Strategies in achieving organizational objectives. Non-financial incentives can be defined as the benefits given to workers by theiremployers other than wages and salaries, either in kind or services. However,there is an important group of motivating forces that can be considered underthe   broad   heading   of   “Non-Financial   Incentives”.   The   management   of   acompany cannot afford to overlook these incentives or forces which intangible

though they may be, have much to do with the spirit of an organization and itspower of accomplishment. But   the   attitude   of   both   employees   and   the   general   public   towards   thisprogramme has changed considerably. The various legislation’s that are beingpassed by the  government  had   led   many   to  believe   that   the  private firm ismorally responsible   for the  lives of  its employees,   it  is  no longer   what  theemployers   need   to   introduce,   but   a   requirement   imposed   by   government,competitors or the labour unions. As stated earlier that non-financial incentivesis motivational strategies, one would want to ask the meaning of motivation. Motivation can be defined as the psychological process that gives behaviour anddirection. By appealing to this process, managers attempt to get individuals towillingly   perform   an   activity   or   willingly   pursue   organizational   objectives.When this activity is conditioned by the ability to satisfy an individual’s wants,it can also be referred to as the ways, urges, aspirations, drives and needs ofhuman beings that direct, control or explain their behaviours. It can also belooked   at   as   the   conditions,   which   influences   the   arousal,   direction   andmaintenance of behaviours relevant in work settings. Every organization existsto accomplish particular objective and individuals to satisfy some needs. However,   since   all   organizations   cannot   achieve   all   its   objectives   andindividuals cannot fulfil all their needs, the manager has the responsibility ofdirecting individuals so that they can satisfy their needs, the manager has the

The literature review consists of analysis of secondary sources, with the objective of gaining a holistic view of previous research on similar themes. Textbooks and journals were used for the study and are considered as secondary information sources. It is important to note that GUARANTY TRUST BANK PLC is among others, used as example to support the literature review. The purpose of this section is to get an understanding of non-financial incentives and how it can serve as motivational strategies in achieving organization objectives. 

Impact of Non Financial Incentives as Motivational Strategy in Achieving Organizational Objectives (Case Study of Guaranty Trust Bank PLC)

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Details

Type Project
Department Business Administration and Management
Project ID BAM2264
Price ₦3,000 ($9)
No of Pages 67 Pages
Format Microsoft Word

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    Details

    Type Project
    Department Business Administration and Management
    Project ID BAM2264
    Price ₦3,000 ($9)
    No of Pages 67 Pages
    Format Microsoft Word

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