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Monetary Rewards and Job Security towards Employee Motivation

Discuss about the Relationship between monetary reward and job security for motivation of staff.

This study explores on relationship that exists between the monetary and job security for motivation of the staff. Most of the research studies have indicated that encouragement and appraisal of the employees resulted to higher retention rate, productivity and job satisfaction.

The bond that exists between the employee and employer should be very vital (Wang, Noe & Wang, 2014). This relationship should be based on the respect from the employer to the employee to motivate and offer job security (McDermott, Conway, Rousseau & Flood, 2013). The employer should provide different means as symbolic rewards it may inform of monetary rewards or even assurance on their job security (McShane & Von Glinow, 2015). If offers these aspects the staff get motivated connect to their work and the comfortable environment that are offered by the authorities in regards to job security will help make them more devoted and committed towards their job (Anitha, 2014). The aspect of the monetary rewards enhances on the direct satisfaction of the staff, the job security assures them of their importance, and thus they become more committed to the organization (Appelbaum, 2013). According to the stakeholders theory it stipulates that organizations should have the social responsibility that entails them to consider all the interests of the parties that are affected by their actions (Arekar, Jain, Desphande & Sherin, 2016). This means that it is their responsibility to clearly utilize on the resources such as monetary rewards towards the beneficial of the staff and in turn will offer the real nature benefits to the stakeholders through their outputs (Mowday, Porter & Steers, 2013). The monetary rewards can boost motivation since these incentives have the extrinsic motivational impacts on the staff. Moreover, individuals who are motivated will naturally enjoy on the work they undertake (Armstrong & Taylor, 2014). For better understanding on the relationship of monetary rewards and jobs security on motivation, it is essential to know the meaning. Psychologists define motivation as the process that drives people towards the achievement of a goal (Muogbo, 2013). Motivation has been found to give individuals purpose and the drive to achieve a certain thing (Azar & Shafighi, 2013). It has helped individuals to push or perhaps pull a bad situation that are negative aspects in their lives.  Brayfield and Crockett (1995) has studied on the relationship between monetary rewards and job security as motivational factors for the employees (Perry, 2014). These individuals believed that they is a lot of relationship between these variables. Vrom (2003) reviews on the subject found out that the median correlation on these variables to be 0.54 (Bayraktar, Araci, Karacay & Calisir, 2016). The research proposal will try to elaborate on the relationship between monetary rewards and job security in the motivation of the staff, to begin on the discussing it is important to define on the research problem and the objectives of the research.

Psychological Meaning of Motivation and Relationship to Work

In the recent years, there have been an increase focus on the relationship between monetary reward and job security for the motivation of the staff. The prior studies have generally found out a positive relationship between monetary reward and job security to motivate the staff. However, there are also research where such a relationship has not been found (Muogbo, 2013). One of the measure, which has been found to assess the firm performance has been typically, been a combination of both the profitability and the growth measures (Azar & Shafighi, 2013). The previous research were inclusive or even contradictory on the study of relationship on monetary reward and job security as aspects of motivating the employees. Consequently, many of the research have concluded that more research is needed in that areas in that there are many factors that can be considered when motivating employees and towards firm performance. The basis of the this study was due to the research gap I identified in this area of the need to found out of other factors and to define what type of relationship that exists between monetary rewards and job security for motivation of staff.

Two authors Taylor (1856-1915) as well as Gibreth (1868-1924) they considered that the employees have small feeling to work so they ought to be motivated. Within this research, I want to examine on the relationship between monetary reward and the job security for motivation of the staff (Posthuma, Campion, Masimova & Campion, 2013). Therefore, motivation will be measured in relation to the job performance (Armstrong & Taylor, 2014). According to many researchers, there exists many of the common and different aspects in the field of motivation. In this study, it has been designed to offer a better understanding on the relationship of these factors to motivation of the employees. The research will be aimed to explore variables, which can drive the employees’ motivation (Azar & Shafighi, 2013). Nonetheless, the research has been limited to determine on the level of motivation to the staff. The study aims to address the following problem: what is the relationship between monetary reward and job security for the motivation of the staff.

  • To determine the effects of monetary reward and job security on the performance of organization
  • To find how monetary reward and job security can have an effect on motivation of staff
  • To guide the researchers and scholars in regards to importance of monetary rewards and job security as tool for motivating staff.

Motivation has originally been derived from the Latin word ‘mover,’ that means to move. It generally refers to the relations that exists between people and position (Rynes, Gerhart & Minette, 2004). It entails the processes of how individuals put efforts, which are directed towards the achievement of a goal. Therefore, motivation of the staff entails to the intensity of their efforts to achieve the goals of the firm (Bayraktar, Araci, Karacay & Calisir, 2016). According to Lazear (1986) suggests that provision of the monetary rewards to the staff for the aspect of motivation can attract and gear them to be productive in the organization (Scott, Brown, Shields, Long, Antoni, Beck-Krala & Perkins, 2015). Further, he suggested t monetary rewards could gain extra efforts for the staff to the extent where the marginal value added is essentially equal to the marginal cost that is paid for the additional work (Buurman, Delfgaauw, Dur & Van den Bossche, 2012). This means that this concept of monetary reward can be one of type of the paid value to the staff in return for extra effort they put in work. Lazeer shown that there was a positive relation between monetary rewards for the motivation of the staff.

Research Problem and Objectives

In accordance to literature review, there is development of the theoretical framework to represent the relationship between monetary reward and job security for motivation of staff. In this study, the factors influencing motivation are monetary and job security. According to Osterloh, staff who are creative have two main reasons for being motivated (Chen & Hsieh, 2015). These reasons ought to be addressed by the organization for better performance. One of the reason is that monetary reward way of motivation is needed in order to create and exchange on the knowledge and ideas (Crawford, Rich, Buckman & Bergeron, 2014). Staff who are motivated they tend to be inherently interested towards engagement in their work. Second reason is that is to enhance of the aspect of time. This aspect has owned on the tasks related to job and to the improvement of the productivity in all the levels of individuals within the firm. Research form Yahya and Goh (2002) highlights that incentive offered to the groups or the staff members could raise on the level of the creation of the knowledge, transfer of the knowledge and acquisition. Mathios (1998) has argued that the monetary rewards are more preferred by the highly educated individuals. Empirical investigations have indicated there is a positive relationship between the responsibility security as an inspirational component as well as the overall performance of the work. Based on Miller et al. (2001) researched that job security carries essential impact on the performance of the staff and they tend to be motivated to perform their responsibilities when the job security is low (Davenport & Beck, 2013). The experts have discovered the fear of job loss reveals that the staff behaviour changes to worse as soon they commence worrying relating to this loss. Additionally, the investigations with this research signifies that job security give employees with a substantial enthusiasm, which has an effect on other motivation levels. An instance from Senol study emphasizes job security was rated as certainly one of the three most crucial motivational instruments to all the subcategories. Poyraz together with karma research study in 2008 on hotel employees also displayed that job security functions as a substantial tool for motivation because it can change on the side work behaviors and the thought of leaving the employment (Erbasi & Arat, 2012). The majority of research has shown that job security as a motivational technique to the staff. Armstrong (2007) mentioned that financial incentives may work as an objective, which staff generally aim for, as well as an tool, that gives the outcomes of values. Furthermore, also a representation signifies that the recipient value of a given business might function as the basic reinforce given it is related to the feedback value. According to Bates, for the monetary reward to be effective in motivating staff, there should be a merit pay, which rises above seven percent of the base pay for the staff to perceive them as motivational and to catch their attention (Florida, 2014). The importance of money as a motivating aspect has been consistently downplayed by most of the behavioral scientists example Herzberg who has clearly pointed out that value of changing jobs, the feedback and the cohesion exhibited from the team members are stimulants to motivation (Gerhart & Fang, 2015). Armstrong research further argues that the more the staff they are motivated with the use of the monetary rewards, the more they tend lose interest in whatever they had to do in order to get this rewards.

Literature Review

The research study will address the following questions.

What is the relationship between monetary reward and job security for motivation of staff?

What is the relationship between monetary reward and job security to job performance?

How will monetary reward and job security guide the researchers and scholars on motivating the staff?

Research design

The strategy used for the research is cross sectional study in which I will conduct to investigate find the relationship of the monetary rewards and job security for the motivation of the staff (Harunavamwe & Kanengoni, 2013). The study will be based on quantitative approaches and survey techniques that will be used for collection of the data. The focus of the research will be on staff in the service industry (Houston, 2000). The study will focus on the motivation factors of which are monetary reward and job security. The research instrument that will be employed in the research is structured questionnaires.

  • Quantitative research method

The research will use quantitative research method in quantifying of the problem through generation of the numerical data, which will be transformed to useable statistics (Khan, Shahid, Nawab & Wali, 2013). In the research, we have dependent variable, which is job performance, and the independent variable that are job security and money reward. There will be use of the measurable data in the formulation of the facts and uncover the patterns to test the hypothesis.

Justification of the method

The use of this research method is significant in that it will allow me to measure and analyze the data. There will be study of the dependent and the independent variable. This will help the research be objective in explaining on the findings and will help to test the hypothesis.

  • Data collection method

The method for collecting of data will be survey technique where there will be use of the structured questionnaire. The questionnaires will be issued to 150 respondents from the selected organization.

Justification of survey methods

This method will the structured questionnaires to gather the information. The use of the survey in this research will help to decide on what needs to be changed, and where money could be, spend, and what the problems might be. The use of this method is better than the others is because it is less expensive as comparison to others. Moreover, they can be sent to various locations through either email, telephone or perhaps mail.

The study area will be different organizations in the service industry. Organizations that will be included in the survey are the banks, private sector and the universities (Lăzăroiu, 2015). Due to limited aspect of time and the resources the number of organization that will be selected are 25 organization. The method used for sampling used will be systematic. The primary data that will be gathered will be through structured questionnaires. The sample size will be 150 individuals selected from the 25 organization.

Theoretical Framework

Justification of systematic sampling method

The use of this method is significance in that it is simple and straightforward to carry out. Moreover, the data that will be chosen will be evenly distributed of which will be a representation of the normal population.

  • Data analysis

The information evaluation is going to be carried out employing the SPSS application. There will be multiple regression employing the enter approach to ascertain on the relationship between the dependent and the independent variables (Lin, 2007). The stepwise regression is going to be used on establish which of the two-predictor adjustable lead most on the staff motivation. The degree of relevance is going to be put at p=0 .05. Hypotheses is going to be accepted should there be a positive relationship between monetary incentive and job security for encouraging of employees. Nevertheless, hypotheses is going to be invalidated if there is no positive relationship between monetary reward and job security for motivating staff.

        Task name

Subtask complete

Date of completion

1.      Ethical Approval

Research topic was approved in phase one

24/8/2016

2.      Literature review & methodology

Research literature review was completed

15/10/2016

3.      Writing

Writing of research proposal

30/10/2016

4.      Editing

Grammar mistakes, errors in sentence structures

12/10/2016

5.      submission

 

15/3/2017

Limitation

Just like any investigation, it will have some limitations. One of the limitation that ought to be experienced relate to the sample size. The respondent for the research will be only 150 due to constraint of funds for research (Manzoor, 2012). Another limitation of the study will likely be the limited geographical location for the analysis of the research. This will likely cause the generalization of the overall findings to be less affirmative.

Conclusion

The research study will try to explore on the relationship between the monetary reward and job security for the motivation of the staff. The research will use survey method for collection of the data where structured questionnaires will be carried out. The type of research for the study is quantitative approach, in which will use multiple regression for analyzes of the numerical data. Moreover, the research will focus on the theoretical framework on the literature review. Various limitation will likely be encountered and they have been identified from the project.

In order to make the research to be successful there is need to fulfil the following elements .one of the recommendation for the study  is need to have a large sample size for the population this will help to generalize on the findings and thus we could have consideration of more motivational factors. Second recommendation is that the organization that would be used for the study should have been applying monetary reward and offering job security to the employees as elements of motivation. There is also need to identify more motivation variables for the research in order to have conclusive results and fill the research gap identified. On the implication, the research should offer further room for studies other than the motivation for the staff and how the firm can improve on their performance.

References

Anitha, J. (2014). Determinants of employee engagement and their impact on employee    performance. International Journal of Productivity and Performance Management.

Appelbaum, E. (2013). The impact of new forms of work organization on workers. Work and        Employment in the High Performance Workplace, 120.

Arekar, K., Jain, R., Desphande, B., & Sherin, P. (2016). Relationship between individual and      structural determinants on job satisfaction–analysis of employee turnover in the Indian          context. The Journal of Developing Areas, 50(6), 387-398.

Armstrong, M., & Taylor, S. (2014). Armstrong's handbook of human resource management         practice. Kogan Page Publishers.

Azar, M., & Shafighi, A. A. (2013). The effect of work motivation on employees' job        performance (Case study: employees of Isfahan Islamic Revolution Housing Foundation).      International Journal of Academic Research in Business and Social Sciences, 3(9), 432.

Bayraktar, C. A., Araci, O., Karacay, G., & Calisir, F. (2016). The mediating effect of rewarding             on the relationship between employee involvement and job satisfaction. Human Factors   and Ergonomics in Manufacturing & Service Industries.

Buurman, M., Delfgaauw, J., Dur, R., & Van den Bossche, S. (2012). Public sector employees:     Risk averse and altruistic?. Journal of Economic Behavior & Organization, 83(3), 279-        291.

Chen, C. A., & Hsieh, C. W. (2015). Does pursuing external incentives compromise public            service motivation? Comparing the effects of job security and high pay. Public Management Review, 17(8), 1190-1213.

Crawford, E. R., Rich, B. L., Buckman, B., & Bergeron, J. (2014). The antecedents and drivers    of employee engagement. Employee engagement in theory and practice, 57-81.

Davenport, T. H., & Beck, J. C. (2013). The attention economy: Understanding the new currency of business. Harvard Business Press.

Erbasi, A., & Arat, T. (2012). The effect of financial and non-financial incentives on job   satisfaction: An examination of food chain premises in Turkey. International Business          Research, 5(10), 136.

Florida, R. (2014). The Rise of the Creative Class--Revisited: Revised and Expanded. Basic            books.

Gerhart, B., & Fang, M. (2015). Pay, intrinsic motivation, extrinsic motivation, performance, and             creativity in the workplace: Revisiting long-held beliefs. Annu. Rev. Organ. Psychol.     Organ. Behav., 2(1), 489-521.

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Khan, I., Shahid, M., Nawab, S., & Wali, S. S. (2013). Influence of intrinsic and extrinsic             rewards on employee performance: The banking sector of Pakistan. Academic Research           International, 4(1), 282.

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