Impact of Financial Rewards
Topic: Impact of financial rewards on employee motivation in Kenyan Commercial Banks
Thesis: Impact of financial reward system on employee motivation
Thesis statement: Impact of financial reward system on employee motivation because employees are pillars of organization success and they must be motivated to contribute to organization success, organizations offer various reward systems to motivate employees.
Outline
I.Introduction 3
A.Background 3
1.Motivation 3
2.Rewards 3
3.Job Satisfaction 4
4.Banks in Kenya 5
I.Financial Rewards System on Employee Motivation 5
A.Rewards and Recognition System 5
B.Financial Rewards 7
C.Non-financial Rewards 7
D.Employee Motivation 8
E.Remuneration 9
II.Impact of Financial and Non-Financial Reward System on Employee Motivation 10
A.Employee Engagement 10
III.Conclusion 11
A.Recommendation 12
IV.Reference 13
I. Introduction
A. Background
1. Motivation
“Motivation is the desire to achieve beyond expectations, being driven by internal rather than external factors, and to be involved in a continuous striving for improvement”. (Torrington.et al, p. 276).
Employees are motivated by both intrinsic and extrinsic rewards. To be effective, the reward system must recognize both sources of motivation. All reward systems are based on the assumptions of attracting, retaining and motivating people. Financial rewards are an important component of the reward system, but there are other factors that motivate employees and influence the level of performance. Several studies have found that among employees surveyed, money was not the most important motivator, and in some instances managers have found money to have a demotivating or negative effect on employees.
Organizations are constantly looking for ways of enhancing their employee motivation. The employees of an organization are vital to the growth and success of the organization and in many cases, an organization success is defined by its employees
Thesis: Impact of financial reward system on employee motivation
Thesis statement: Impact of financial reward system on employee motivation because employees are pillars of organization success and they must be motivated to contribute to organization success, organizations offer various reward systems to motivate employees.
Outline
I.Introduction 3
A.Background 3
1.Motivation 3
2.Rewards 3
3.Job Satisfaction 4
4.Banks in Kenya 5
I.Financial Rewards System on Employee Motivation 5
A.Rewards and Recognition System 5
B.Financial Rewards 7
C.Non-financial Rewards 7
D.Employee Motivation 8
E.Remuneration 9
II.Impact of Financial and Non-Financial Reward System on Employee Motivation 10
A.Employee Engagement 10
III.Conclusion 11
A.Recommendation 12
IV.Reference 13
I. Introduction
A. Background
1. Motivation
“Motivation is the desire to achieve beyond expectations, being driven by internal rather than external factors, and to be involved in a continuous striving for improvement”. (Torrington.et al, p. 276).
Employees are motivated by both intrinsic and extrinsic rewards. To be effective, the reward system must recognize both sources of motivation. All reward systems are based on the assumptions of attracting, retaining and motivating people. Financial rewards are an important component of the reward system, but there are other factors that motivate employees and influence the level of performance. Several studies have found that among employees surveyed, money was not the most important motivator, and in some instances managers have found money to have a demotivating or negative effect on employees.
Organizations are constantly looking for ways of enhancing their employee motivation. The employees of an organization are vital to the growth and success of the organization and in many cases, an organization success is defined by its employees