Impact of Financial and non Financial Rewards on Employee Motivation

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1、Middle-EastJournalofScientificResearch21(10):1776-1786,2014ISSN1990-9233©IDOSIPublications,2014DOI:10.5829/idosi.mejsr.2014.21.10.21756ImpactofFinancialandnonFinancialRewardsonEmployeeMotivationSairaYousaf,MadihaLatif,SumairaAslamandAnamSaddiquiDepartmentofMan

2、agementSciences,TheIslamiaUniversityofBahawalpur,PakistanAbstract:Thebasicaimofthispaperistoidentify/investigatefinancialandnonfinancialrewardsthataffectthemotivationofemployeesinorganizations.Thepaperalsonotonlydiscussthattheemployeemotivationisimperativefort

3、heoverallorganizationalperformance,butalsotalksabouthowtoretainamotivatedworkforceintheorganization(whatifthisstudyshouldincludeaspecificindustryorregion.E.geducationfield,oranyothersector;generalizesstudywon’thaveanimpact).Motivationfactorsmaybedifferingfromi

4、ndustrytoindustryandclasstoclassofemployeessuchashighlevelandlowlevellabor.Design/methodology/procedure:Qualitativeaswellasquantitativeresearchmethodologyhasbeenadoptedinthispaper.TheresearchershaveconductedasurveyinAstrofilms(PVT)situatedinLahoreCityofPakista

5、n.Aquestionnairewasdevelopedtoguesstheopinionofemployeesworkingintheseorganizations.Asemistructuredinterviewwasconductedforgettinganinsightabouttheirmotivation.Findings:Theresearchershavefoundfromthesurveythattherearedifferentfactorsthataffectthemotivationofem

6、ployeeswhichcanbeclassifiedintotwocategories;financialandnonfinancialrewards.AlthoughfinancialrewardsareimportantforemployeemotivationinthirdworldcountrieslikePakistan,wheretheinflationrateissohighthatpeoplearestrugglinghardtoretaintheirsocialstatusbuttheimpor

7、tanceofnonfinancialrewardscannotevenbediscriminated.Contribution/valueaddition:Thepaperprovidesabasistounderstandtheissuesofemployeemotivationinorganizations.Itisagoodcontributortotheknowledgeworldofhumanresourcemanagementwhichexploresthefactorsthataffectmotiv

8、ationofemployeesandprovideasolutiontotheproblemsfacedbyemployeesattheirjobs.Thepaperwillalsocompelthemanagementofstudiedorganizationstopaytheirattentiontotheproblemsofemployeemotiv