The Best Way to Increase Work Motivation for an Organisation Is Through Financial Rewards. Discuss.

Introduction

The purpose of this essay is to distinctively identify the effects of financial rewards on the work motivation of an organization and also whether or not this system of reward can cause an increase in the levels of work motivation already present in the organization. It furthermore aims to discuss weather Financial Rewards are the best way to increase the work motivation present. Although the essay shall primary be focused on Financial Rewards and Work Motivation, other factors that may have an effect on work motivation shall be discussed. For this purpose the understanding of work motivation shall be taken as such: The factors that are internal and external to employees that determine when he or she works, how hard he or she works and how long he or she works (Colquitt, Lepine and Wesson, 2009, pp.178-179). Furthermore the understanding of Financial Rewards to be undertaken is : The entire Reward System which focuses on Salary, Bonuses, Incentives etc., which aims to increase the amount of effort put in by the employees to achieve their work goals and increase work motivation in the organization as a whole (Hollyforde and Whiddett, 2002, p.166). By the conclusion of this essay the need for Financial Rewards its importance and status as apparently “the best way” to increase work motivation shall understood.

There have been countless efforts over the years to understand the numerous factors and desires that determine and help to fully appreciate the intensity, quality, efficiency and reliability of the work performance of an employee. Since the eventual progress of learning and observation of the environment and factors has led to the conclusion that an employee’s performance is one of the most distinguishing factors that the organization or a business needs to cultivate in order for the organization to succeed. Work has always existed and been around in one form or another throughout our history but it

References: Armstrong, M. (2010). Armstrong 's Handbook of reward Management Practice Improving Performance through Rewards. 3rd ed. London: Kogan Page Limited. pp.143-144. Armstrong, M. (2010). Armstrong 's Handbook of reward Management Practice Improving Performance through Rewards. 3rd ed. London: Kogan Page Limited. pp.147-150. Chiang, F.F.T. and Birtch, T.A. (2012). The Performance Implications of Financial and Non-Financial Rewards: An Asian Nordic Comparison. Journal of Management Studies. Vol.49, No.3, pp.538-541 Chiang, F.F.T Ciorbagui-Naon, R. (2010). Modalities of Non-Financial Motivation of Employees Within Organisations. Annals of the University of Petrosani Economics. Vol.10, No.4, pp.44. Colquitt, J., Lepine, J. and Wesson, M. (2009). Organizational Behavior Improving Performance and Commitment in the Workplace. 2nd ed. New York: McGraw-Hill/ Irwin. pp.178-179. Furnham, A. (2006). Pouring Money Down the Drain?. British Journal of Administrative Management. Vol.53, Issue.2, pp.26-27. Kressler, H. (2003). Motivate and reward Performance Appraisal and Incentive Systems for business Success. Hampshire: Palgrave Macmillan. pp.3 Hollyford, S and Whiddett, S Hollyforde, S. and Whiddett, S. (2002). The Motivation Handbook. London: CIPD House. pp.166.