COMPARATIVE STUDY OF FINANCIAL AND NON FINANCIAL MOTIVATION OF EMPLOYEES IN AN ORGANIZATION

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COMPARATIVE STUDY OF FINANCIAL AND NON FINANCIAL MOTIVATION OF EMPLOYEES IN AN ORGANIZATION

Abstract

The main aim of this research work is to investigate the relationship of the two types of rewards namely financial rewards and non-financial rewards towards employees motivation. The research work was restricted towards manufacturing company that is, West African Portland Cement. Based on the past literature, it is found that financial rewards or money has become the main motivator for employees performance in an organization. Traditionally, little thought has been given to the impact of non-financial rewards as it does not hold any immediate monetary value to the employees. However, in the context of heightened awareness among employers and employees, there has been greater emphasis on non-financial rewards, such as praise and recognition as it holds a deep and greater impact to the employees especially in the long run. This work defines the nature of financial and non financial rewards on employees motivation. By undertaking a comparison between the financial and non-financial rewards, the outcome of this paper provides vital information for organizations to structure a better rewards plan for their employees.

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