Financial and non- financial incentives best practices in work organisations: a critical review of literature
Loading...
Date
2021-11
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
ResearchGate
Abstract
Motivation has effects on employee performance in numerous ways. Cognizant of this, companies have established
various incentives/motivational packages to enhance employees’ morale and hence improve performance.
Obviously, workers are motivated by both financial and non-financial rewards. The literature on employee
motivation focusing on financial and non-financial incentives is reviewed in this article. The intention is to identify
the best practices in connection with these incentives. Using a documentary analysis research process, information
was collected from peer-reviewed journal articles, books, and conference proceedings, employing various search
engines. Keywords including "motivation," "incentive," "financial rewards," “motivation,” “incentive,” “reward”
“financial incentives,” and "non-financial incentives" were used during the search. Publications in English
language were the only ones reviewed. The articles which met those criteria were selected and underwent the
quality assessment and data extraction. The search identified 1497 publications, abstract screening was done from
1091 qualified publications, and 440 full-texts were screened for eligibility. Only 85 articles reflected the theme of
this review. Both financial and non-financial incentives have been found to be crucial in this review, despite the fact
that most of people are working hard to retain their economic and social status. Numerous types of financial and
non-financial incentives were identified through the review. Managers must ensure that their workers operate in
friendly and attractive conditions, according to the findings. This study suggests that managers and other interested
parties use the findings as a starting point for identifying and understanding factors motivating workers in their
organisations in order to create an atmosphere that supports, promotes, and fosters such factors. It is recommended
that the best ways to inspire employees are to build a supportive and exciting working atmosphere, effective
communications and strong association, morale-boosting events and commitment to off-the-job life.
Description
Journal of Co-operative and Business Studies (JCBS) Vol. 6, Issue 2,
Keywords
Financial incentives, Non-financial incentives, Financial/monetary reward, Non-financial reward, Motivation
Citation
https://www.researchgate.net/publication/356998268