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Effect of financial incentives on workers motivation

442 Downloads 4 Pages 1105 Words

Report Title:

“Examine the effect of financial incentives on workers motivation”

Business Context:

Marks and Spencer is one of renown British multinational retailer of United Kingdom that is basically dealing in high quality apparels. This company was founded in 1884 by Michael Marks and Thomas Spencer. This organisation is owning various stores across worldwide and is popular among its customers for high quality products. Management team of Marks and Spencer is adopting various kinds of strategies in order to satisfy its workforce at highest level (Halpern, and et. al., 2015). It has been analysed that mainly this company is giving importance to monetary sources for retaining motivating employees to work harder for receiving more financial incentives.

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Project Questions:

What do you identify in literature?

It has been been identified that Marks and Spencer is focusing on improving sales of its products by influencing employees with monetary benefits. This research is conducted for the purpose of analysing impact of financial incentives over workers motivation. In order to attain suitable outcome for research, investigator have used secondary sources for gathering relevant information in less period of time over the chosen topic

What Strategy do you intend to propose or focus on?

For the purpose of analysing impact financial incentive over workers motivation, manager of Marks and Spencer have adopted strategy of communicating with its existing workforce for understanding their actual point of view employees about financial incentives. This will help understanding their actual point of view as they are the only one who could express their thoughts over the same things (Garbers and Konradt, 2014). Along with this, it can be said that strategy of collecting information of secondary sources is also beneficial as it directly provides information of some other researcher too.

Which organisation demonstrates effective use of specific strategy that you intend to propose?

It has been analysed that TESCO is also adopting these similar strategies of details collection from employees as well as gathering information from secondary sources with deep study is beneficial for the investigator. It can be said that with the help of these strategies TESCO have improved motivation level of its employees. As they felt highly motivated with financial incentives. As a result, they works more harder for gaining high monetary benefits.

Current/ Primarily Research and relevant theory:

Marks and Spencer is planning to increase its production level by motivating its employees with financial incentives. In this regard, it has been identified that every worker feels more inspired and motivated with monetary benefits as they are now able to satisfy their financial needs in effective manner (Ashraf, Bandiera and Jack ,2014). It can be said that employees are now placing additional efforts beyond their capacity so that they will be getting more amount. As a result, it will be beneficial for the company in achieving its targeted goals and objective within less period of time.

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Method of enquiry:

In order to examine the effects of Financial Incentives on worker’s motivation it is important for Marks & Spencer’s to motivate their employees and this can be achieved by using both primary and secondary sources of data collection. With the help of primary method, the researcher can easily evaluate the feedback given by customer so that employees can be motivated to achieve their targets. On the other side questionnaire are useful in order to know the opinion of employees as financial incentives are useful for motivating them thus company profitability can be enhanced (Carpenter and Gong 2016). The Literature Review section is useful in order to know the option of different experts by which employees can be motivated thus they will retain for long time at work and enhancing the overall sales and profitability index. The most effective method among the two is primary sources as it helps in gathering first hand data which is beneficial in order to know the factors which helps in motivating employees at work place.

Identify ethical issues that you might intend to face:

The main responsibility of the researcher is to not to revel the information which is given by the respondent to any other person without the concern of the person who had given the information. This results in carrying out the research in ethical and planned manner. There are chances of identifying certain issues at the time of conducting research thus the investigator had focused on executing research activities in ethical manner thus accurate data can be gathered. The researcher should not be biased so that data can be useful for the research (Babcock and et. al., 2015).

Professional and career development skills:

If the project work had to be delivered in the desired time, then the project maker should have good motivational skill by which they can motivate employees thus enhancing growth and development of firms. There are different activities in a project that cannot be completed by a single person thus persons should work in a team as it motivates them in order to achieve their set business goals and targets (Olubusayo 2016). The persons should have effective management and leadership skills as it helps them in minimising conflicts and employees can work together in a friendly environment. In order to achieve proficiency in all the above discussed skills individuals can join different classes which can complete in 7 to 8 months’ time duration.

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Reference:

  • Garbers, Y. and Konradt, U., 2014. The effect of financial incentives on performance: A quantitative review of individual and team‐based financial incentives.Journal of occupational and organizational psychology. 87(1). pp.102-137.
  • Ashraf, N., Bandiera, O. and Jack, B. K., 2014. No margin, no mission? A field experiment on incentives for public service delivery.Journal of Public Economics. 120.pp.1-17.
  • Carpenter, J. and Gong, E., 2016. Motivating Agents: How much does the mission matter?. Journal of Labor Economics.34(1).pp.211-236.
  • Olubusayo, H., 2016. Incentives packages and employees’ attitudes to work: a study of selected government parastatals in Ogun State, South-West, Nigeria. International Journal of Research in Business and Social Science (2147-4478). 3(1). pp.63-74.
  • Halpern, S. D, and et.al., 2015. Randomized trial of four financial-incentive programs for smoking cessation.New England Journal of Medicine.372(22). pp.2108-2117.
  • Babcock, P. and et. al., 2015. Letting down the team? Social effects of team incentives. Journal of the European Economic Association. 13(5).pp.841-870.
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