Discuss about the Frontiers in Human Neuro Science.
In this report, aspects related to human resource management has been analyzed and demonstrated. Most important factor that is used in human resource management is by motivating employees to achieve organizational objectives. There are two major types of rewards or motivation factors i.e. financial motivation and non financial motivation. In this report, discussion related to importance of monetary rewards or financial rewards in motivating employees of the business organization. In this modern era, management has been facing various human resource management issues and these can be achieved by motivating employees to perform well. In this report, factors that motivate employees and how these can be achieved were discussed. There are various developments that has been witnessed by management in terms of human resource management has been discussed. Pros and cons of the financial or monetary motivation has been discussed in this report.
Money and other financial rewards are a fundamental part of the employment relationship and can be used effectively in motivating employees. Discuss pros and cons of this argument.
Human resource management is one of the important aspects of business management in modern business environment. Success and failure of business entity is largely depends on efficiency and effectiveness of human resource management. Therefore business entity or management shall apply all those tactics or modern human resource management theories in managing human resource. Most important aspect for business entity in human resource management is to motivate them for achieving highest standards of work and bring efficiency in working cultural. In this topic, discussion related to effectiveness of financial rewards on maintaining employment relationships and motivating employee has been undertaken. There are mixed reactions in relation to effectiveness of financial rewards in human resource management (Rao, 2010). Therefore this topic has been selected for making critical analysis to overcome from ambiguity of management in terms of applying different theories.
There are two types of rewards that can be used for motivating employees to achieve higher efficiency in business operations. Reward for motivation can be financial rewards and non-financial rewards. Non-financial rewards are related to non financial aspects and on the other hand financial rewards are monetary rewards that employees will get from employer. Financial rewards includes bonus, incentives, monetary awards, etc are some financial rewards for employees. Since it can be observed that employees join business organisation primarily on the basis of financial considerations that business organisation provides. Analysis of employee performance is the prime requirement for management to analyse and measure efficiency of employees (Abeler et al., 2015). Another important relationship between financial rewards and employee performance is established when targets are analysed by managers. There shall be parallel relationship between financial rewards and employee performance. But it has been observed that financial rewards are short term aspect which can be used to achieve employee satisfaction. Financial rewards are important for motivating employees and following theory has been developed for the same:
Incentive motivation theory– It can be define as the theory which suggests business organisation shall provide some inventive to employees to do something. Incentive for employees can be reward and it can be tangible reward and non tangible reward which is provided to employees to achieve targets or over-achieve them. There are internal rewards i.e. non financial rewards and external rewards i.e. financial rewards. Main element of incentive theory is to give incentive to employees to perform better. There shall be appropriate gap and extend to which employees shall be motivated. Incentive motivation theory becomes important when employee of management or business organisation places important role in achievement of business objectives. Following are different motivation theories that are developed in past and are applied by business organisation to reap benefits of motivation. Following are some non financial theories that can be served as base for enhancing efficiency of employees by motivating them:
Therefore it can be concluded that there are both financial and non financial rewards that are used on motivational theories. Motivation theories use incentives and bonuses and fulfil some needs of employees to engage them in the business organisation of achievement of business objectives.
Business organisation faces various management issues and most important issue is managing employees and motivating them to achieve organisational objectives. Due to change in modern human resource management theories and tactics, management is required to have diversified knowledge. Each and every business organisation at some point of time faces issues related to human resource management. One of the main issue that management faces in human resource management is of change management. Most of the business organisation is changing their business structures and operational management practices so as to achieve organisational objectives effectively. Another discussion area is compensation management and development of compensation policy for business entity. Ethics management and implementation of ethical policies in the business operations is another concern area for business organisation. Cultural development and bringing flexibility at the workplace is another form of motivation in the business organisation (Miner, 2015). Management shall implement leadership theories, staffing and recruitment practices shall be used to motivate employees. Therefore management or business entity has to use both financial and non financial rewards to motivate employees to achieve business objectives.
Employment engagement is the engagement tool that binds employer and employee in a relationship under which employee perform some activities or undertake some work in return of consideration in the form of remuneration. Employee and employer rights and obligation has been decided under employment engagement. Remuneration is financial type of reward that motivates employees to perform with full efficiency. Monetary or financial rewards are considered for the personal growth and creation of wealth of employees (Koffarnus et al., 2013). Each and every employee’s work can relate themselves to financial reward and incentives that employer provides to them. Following are some different situation which monetary or financial rewards can be either favourable or unfavourable in motivating employees:
Cultural- Cultural development in the business organisation places important role in managing business operations and managing people. Culture in the business organisation shares believes values and assumptions that are required to manage people or employee’s behaviour towards organisational objectives. In developing organisational culture, only non financial or non monetary motivational functions are required. Financial rewards or monetary motivation cannot develop and maintains organizational culture (Avbar, 2016). Employees shall be motivated to enhance values and share positive attitude among other employees. Actions of employees or human resource can be managed or directed with the help of non financial aspects of motivation. Employees shall be motivated to develop organizational cultural.
Organisational ethical- Organizational ethics can be defined as the principles or standards that business organization shall apply to incorporate and maintain ethics while performing business operations. Business ethics are set of principles that shall be followed by business organization including employees to take decisions ethically. But in the other hand, monetary rewards or financial motivation can create state of competition among employees. This situation can lead to hostile business environment of competition and can lead to employee dissatisfaction (Meyer-Waarden, 2013). Bonus and other financial rewards can lead towards unethical behavior and attitude of employees in terms of human resource management. Development of leadership skills and other business management practices can be achieved only with the help of non monetary motivation.
Social concerns- Social concerns in the business entity can be defined as performance of social practices. Social needs of human resource and employees can be fulfilled by monetary aspects or monetary consideration of employees. By earning extra financial benefits from the business organisation, employees can lead to better social life. Social for employee can be within the organisation or it can be outside business organisation. It can be achieved from the remuneration or financial rewards that they get from employer. Employment relationship between employees and employers can be stronger when employee feels satisfied (Avbar, 2016). But esteem in the business organisation for employees can be achieved from non monetary motivations also like awards, reorganisation, etc. But non monetary benefits are important for employees after they achieve financial strength or when they are financially strong.
Financial rewards or monetary motivation can be used to achieve short term objectives or short term profitability can be achieved from motivating employees. Monetary or financial motivation can lead to distress in the business organisation and among employees. Employees can be over motivated to achieve organisational objectives by offering them with more monetary or financial motivation. On the other hand, leadership qualities and influencing capabilities of the leader can be used to achieve organisational objectives. But these are not related to dependent on financial or monetary motivation of employees. Self-leadership system shall be followed and used by business entity to develop leaders in the business organisation. This non financial or non monetary motivation will create scenes of job satisfaction among employees. Employees will feel satisfied with the job and growth that are getting in terms of developing as a leader. This will raise graph of employees in terms of their career opportunities and development opportunities.
There are some developments that had taken place in recent time in human resource management practices. In order to achieve these developments, management or managers are required to motivate employees to achieve the same. Management of change in workforce and working environment is the recent development in the human resource management. Use of Information technology at workplace has changed the working style and nature of employees. Therefore employees shall be motivated to be more flexible in performing their roles and responsibilities (Bassous, 2015). Providing flexible working environment, work from home capabilities and much other motivational aspect shall be incorporated in the business management.
Pros of this argument can be reflected under different aspects of the business operations and business management practices. Following are some pros of financial rewards:
Therefore it can be concluded that financial or monetary reward can be considered as fundamental part of employment relationship and can be used as effective motivating tool for employees.
There are many cons of financial or monetary rewards that management of business organisation has to consider. Following are some cons of financial or monetary reward policy of business organisation:
Conclusion
It can be concludes that human resource management is the most important factors that are required to be managed by management. After analysing the report, it can be concluded that management or managers of the business organisation are required to develop and maintained employment relationship. It can be concluded that motivation to employees can be achieved by motivating them with financial and non financial motivation. It has been analysed that both financial and non financial motivations are required to be implemented so as to achieve organisational objectives. On the other hand, management is required to manage and implement motivational theories to achieve implementation of motivation theories. It can be concluded that there are various pros and cons of financial or monetary motivation that management shall understand and use.
References
Abeler, J. & Nosenzo, D. 2015, “Self-selection into laboratory experiments: pro-social motives versus monetary incentives”, Experimental Economics, vol. 18, no. 2, pp. 195-214.
Avbar, D. 2016, “Motivation in the workplace and its influence on the effectiveness of work”, RUO : Revija za Univerzalno Odli?nost, vol. 5, no. 3, pp. 222-232.
Bassous, M. 2015, “What are the Factors that Affect Worker Motivation in Faith-Based Nonprofit Organizations?”, VOLUNTAS: International Journal of Voluntary and Nonprofit Organizations, vol. 26, no. 1, pp. 355-381.
Brandimonte, M.A. & Ferrante, D. 2015, “Effects of Material and Non-Material Rewards on Remembering to Do Things for Others”, Frontiers in human neuroscience, vol. 9, pp. 647.
Koffarnus, M.N., Wong, C.J., Fingerhood, M., Svikis, D.S., Bigelow, G.E. & Silverman, K. 2013, “Monetary incentives to reinforce engagement and achievement in a job?skills training program for homeless, unemployed adults”, Journal of Applied Behavior Analysis, vol. 46, no. 3, pp. 582-591.
Meyer-Waarden, L. 2013, “The impact of reward personalisation on frequent flyer programmes ‘ perceived value and loyalty”, Journal of Services Marketing, vol. 27, no. 3, pp. 183-194.
Miner, J.B. 2015;2005;, Organizational Behavior 1 : Essential Theories of Motivation and Leadership, Routledge, Armonk.
Rao, P.S. 2010, Management and Organisational Behaviour, Himalaya Publishing House, IN.
Shrestha, S.A. 2015, When monetary rewards fail to motivate workers, Singapore Press Holdings Limited, Singapore.
Talabi, A.S. 2016, “Job Satisfaction and Work Performance of Public Secondary School Teachers In Akoko North West Local Government Area Of Ondo State”, Journal of Arts and Humanities, vol. 5, no. 8, pp. 39.
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