Review of the effect of financial and non financial incentives on staff productivity

Every organisation is most likely to deploy the best measures to increase productivity. One of such measures are targeted at staff productivity scale. In a scale of 1-10, staff motivation targets 7 of 10 of organisational productivity scale. Consequently, both financial and non financial incentives consists the major motivation approaches. However, the question of the effects of financial and non financial incentives on staff productivity is still pending.

One of the human resource project topic in  review seeks to confirm the relationship between motivational incentives and staff productivity. Motivation certainly means different things to different people including staff and management of organisations. Claims of the tendency of incentives reducing labour turnover and how it makes putting extra effort by staff worthwhile is also considered in this project research.

Meanwhile Financial and   non financial incentives seem to answer to different levels of staff motivation; some of which this project has findings and answers to. Let’s consider them individually:-

Financial incentives includes but not limited to the following:-
•   Increase in basic salary
•   Cash bonuses
•   Additional allowances

Non financial incentives may include:-
   
•   Commendation from the organisations leader(s)
•   Special attention from leaders
•   Opportunity to lead or head projects
•   Job Security
•   Status upgrade like promotion, appointments etc.

Theoretical  concepts, principles and techniques of management have come through in response to this effect. But scholars suggest that an empirical research is required to establish the relationship between financial and  non financial incentives and staff productivity, hence this project topic.

EDITOR'S SOURCE

Posted: at 8-03-2021 01:53 PM (3 years ago) | Newbie

I agree with you; motivation indeed is essential. But for a successful affair, you need a little more than just a desire. You must understand the business well and clearly plan your expenses and profits. Building a SaaS business, it's already hard on its own. That's why in such questions, I ask for help professionals https://sturppy.com/models/financial-model-for-saas. They are good at building a financial model without any mistakes. So, I don't need to waste time on it, and I'm sure that they will make everything perfect. It is also an essential thing in business to have a proven partner.

Posted: at 1-05-2021 06:20 PM (2 years ago) | Newbie