Impact of Financial and non Financial Rewards on Employee Motivation

Abstract

The basic aim of this paper is to identify /investigate financial and non financial rewards that affect the motivation of employees in organizations. The paper also not only discuss that the employee motivation is imperative for the overall organizational performance, but also talks about how to retain a motivated workforce in the organization (what if this study should include a specific industry or region. E.g education field, or any other sector; generalizes study won't have an impact). Motivation factors may be differing from industry to industry and class to class of employees such as high level and low level labor. Design/methodology/procedure: Qualitative as well as quantitative research methodology has been adopted in this paper. The researchers have conducted a survey in Astro films (PVT) situated in Lahore City of Pakistan. A questionnaire was developed to guess the opinion of employees working in these organizations. A semi structured interview was conducted for getting an insight about their motivation. Findings: The researchers have found from the survey that there are different factors that affect the motivation of employees which can be classified into two categories; financial and non financial rewards. Although financial rewards are important for employee motivation in third world countries like Pakistan, where the inflation rate is so high that people are struggling hard to retain their social status but the importance of non financial rewards cannot even be discriminated. Contribution/ value addition: The paper provides a basis to understand the issues of employee motivation in organizations. It is a good contributor to the knowledge world of human resource management which explores the factors that affect motivation of employees and provide a solution to the problems faced by employees at their jobs. The paper will also compel the management of studied organizations to pay their attention to the problems of employee motivation for the overall benefits of organizations.

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