Does Money Motivate Employees? Empirical Study of Private and Public Financial Sector in Kazakhstan

Arman Kulchmanov · Maniam Kaliannan

18 citations0/0 files storedInternational Journal of Business and Management

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Employee Performance and Management Human Behavior and Motivation Employee Performance and Motivation

Abstract

Purpose: The paper analyzes the financial and non-financial factors impacting employees’ performance ofdifferent financial institutes currently operating in Kazakhstan.Methodology: The survey was conducted by using questionnaire with five-point Likert scale for assessing givenstatements regarding financial and non-financial motivators at the different organizational and demographiclevels for employees at the chosen financial institutes. Additionally was considered different perception ofmotivational factors within different demographic categories.Findings: This study proved sustainability Maslow theory of motivation and Herzberg’s motivation and hygienefactors at the workplace. Money still is the strongest and compulsory factor for employees, which can satisfyonly basic needs. But in isolation of other non-financial motivational factors money are not able to encouragestaff to do go beyond their duties and increase their productivity. Job security, internal relationship andtransparency were defined by interviewees as the most important non-financial motivation factors. Also there isan advantage of Corporation “B” which is Government public financial company over private bank – which isbank “A” is higher level of satisfaction of its employees with financial motivation.Research limitations: The study was limited by only two financial institutes study, meanwhile in Kazakhstanthere are 42 commercial banks.Practical implications: The paper analyzes the financial and non-financial factors impacting employees’performance of different financial institutes currently operating in Kazakhstan. The results can be used as avaluable feedback for improvement Strategic HR Policies in considered financial institutes and will be useful forthose who are interested in HR Management in Kazakhstan in general.

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References

2006The Psychological Consequences of Money 2010The relationship between pay and job satisfaction: A meta-analysis of the literature 1987What motivates employees? Workers and supervisors give different answers 2012Relationship between Motivation and Job Performance at the University of Mines and Technology, Tarkwa, Ghana: Leadership Lessons 2010Employee Motivation and Performance 2007Assessing the role of work Motivation on Employee Performance

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