Abstract
Impact of Motivational Incentives on Employee Performance – The present research was conducted on the Effectiveness of Motivational Incentives on Employee Performance. The main objective of the research was to find out level of motivational incentives and to analyze the impact of those incentives on the performance of employees. The variables which were the focus of the research were level of job Satisfaction, level of performance, efficiency, organizational productivity, employees loyalty and professionalism. The sample size of the research was 121. The research was based on convenient sampling technique. The data is collected using structured questionnaire developed by the researcher, specifically for this research. A set of descriptive statistics including pie charts and frequency tables were used to present the results of the research. The research established the various ways employees were motivated including both monetary and non-monetary recognition based incentives. The results of the hypotheses indicated that motivational incentives had impact on employees performance. The research concluded that though incentives had impact on employees performance the employees were not satisfied with their incentives. The research recommends that only monetary incentives were not enough. The capacity building programs should be initiated for the employees which will not only make their work challenging but will also increase commitment towards their organization.
Introduction
The success and promotion of a company or organization can be evaluated in terms and conditions of various things, such as well planning, better administrative system, system of working of employees, follow up rules and regulations, management of resources and many others. These are the some of the basic tips for the promotion of any company. But there are some other components must to be keeping in mind that is concern to human resource management. An organization is majorly depended upon the human resources available to it. Human resources are everything for any company /organization, although a company needs many other resources for its promotion and success but without human resources they are useless. It is the man who operates the machines and utilizes other resources for development. Every person has his own wants and desires, for that purpose he/she works to get fulfill them. It is not enough for an employee to be satisfied materially but non material aspects are as essential as material aspects, an employee need both to be fulfilled. Material means his salary, bonuses, allowances, job security and other facilities. While non-material aspect includes leaves, excellent working environment, good understanding among other fellow workers and top management, all these elements have much to do with motivation of employee. Employees play very important part in the daily operations of any organization especially where the markets are very competitive and have ever-changing environment which is supported by majority of the theorists. The fate of an organization is usually determined by its employees so it sounds logical to understand how employees can be motivated. As far as the employee’s motivation is concerned, employee motivational incentive programs have been found to be the most commonly adopted technique among organizations. The purpose of the program is to reward productive performance, reinforce positive behaviour and stir interest in employee Performance and how it could it could be enhanced is central to the concern of industries and organizations, therefore many organizational scientists are very much interested in different schemes and techniques related to performance and its growth incentives are one of those techniques used in workplaces to stimulate employees in order to get desired performance.
Some of the needs for incentives for an organisation are:
- To increase productivity.
- To drive or arouse a stimulus work.
- To enhance commitment in work performance.
- To psychologically satisfy a person which leads to job satisfaction and avoid.
- To shape the behaviour or outlook of subordinate towards work increasing efficiency.
- To inculcate zeal and enthusiasm towards work.
- To get the maximum of their capabilities so that they are exploited and utilized maximally to achieve their personal goals as well as organizational goals.
Need for the Study
- To know the different type of incentive provided by the organisation to the employees.
- To study how the incentives are used in an organisation to elevate the performance of the employees.
- To learn how the incentives provided to the employees help to motivate them.
- To offer useful suggestions for improving the motivational incentives structured questionnaire is prepared and presented to the employees to ascertain suggestions from them. Such suggestions are presented to the company in order to overcome the drawback and pitfalls.
Scope and Significance of the Study
- In the course of study, it examines primarily the effect of Motivational incentives on employee performance.
- To help the company know the various type of incentive methods adopted by the companies.
- To reveal overall effectiveness of motivational incentives so that the company can identify the drawbacks and suitable change brought on this present research.
Components of a Project Report
A project report varies according to the MBA final year project course at top colleges, depending on the consequences and the requirements of the concerned project. But broadly, a project covers the following components:
- Title page
- Table of contents
- Introduction
- Background of the project
- Project objectives
- Methodology
- Results
- Discussion and Analysis
- Conclusion
- Bibliography or references
- Appendices
Project Report Pages : 80
Can be used in : HR Final Year Project
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