In made any further progress in understanding what motivates

In today’s corporate world
competitiveness in securing the right employees with key skills and attributes
for the job is at an all-time high, especially in multinational companies where
the demand for a skilled and educated workforce is particularly intense.
However while attracting employees to a company is a pivotal issue, providing a
substantial and appealing reward package to promote motivation and entice
employee loyalty, to reduce the level of staff turnover is imperative.

The productivity of multinational
companies in an intense corporate environment relies on the work motivation of
its employees. With this in mind, this research aims to investigate what
motivates an employee and examines the properties and importance of various
correctly implemented reward systems. As a worthwhile topic of research this
dissertation should show how an adequate use of financial and non-financial
rewards can increase an employee’s motivation levels and in turn increase their
commitment and loyalty to the organization. Within researching such an area, it
is important to acknowledge that many employees are unique and what motivates
one person may be vastly different to another person. Taking this into account
should show how effective employee reward does encourage motivation.
‘Acknowledging these differences often necessitates that varieties of
motivational approaches be utilized’ (Staren, 2009). While numerous research
has been carried out in the areas surrounding employee reward, focusing on
benefits packages, performance related pay and correlating factors such as
staff retention, this research aims to explore motivation and how employee
reward, both financially and non-financially impact on employee motivation in
the workplace. Seeing as motivation plays such an important role in employee
performance and improving factors such as productivity and efficiency (Shields,
2007), this research is important to look at what kind of reward systems, and
how they act out in motivating employees, particularly in Multinational
companies. Without
a human capital involvement in the workplace the functionality of an
organization may come into question when efficiency and productivity are looked
at. Because of this a key area of human resource management surrounds
motivation. Motivation plays a huge part in any organization from the top level
management to entry level employees and those employees in between (Kirstein,
2010). Understanding motivation as part of the broader aspect of human behavior
is a complex area. With this in mind many managers in the workplace have not
made any further progress in understanding what motivates their employees than
that of the research carried out by their equivalents at least thirty years
previous (Kovach, 1980). Throughout the Celtic Tiger era, background research
shows the researcher that many companies tended to adopt more financially based
incentives as a means to motivate employees. However, in recent times in every
area of business, companies are trying to reduce costs, thus the availability
to offer financial incentives as a means of motivating effectively may be
jeopardized. If this is the case the correct research must be carried out to
find out if alternate means such as non-financial incentives are as equally
effective in motivating employees. Another reason why this area is such a
worthy topic of study is to look at the effect the post Celtic Tiger era had on
reward packages and how current Irish employees feel their current reward
packages impact on motivation.

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The aim of this
research was to use any available literature that had been carried out
previously in this area along with collected data using suitable methodology to
investigate and carry out the set of objectives for this dissertation. This
research would be collected by means of the objectives of this research, which
were as follows:

Explore how reward systems positively motivate employees.

Explore employee perception of the motivating effects of
reward and benefits.

As will be shown in
the literature review, there are numerous theories developed to try and
understand motivation and how employees are motivated. However for the nature
of this research on of the simplest ways to do this is to ask employees what
motivates them. While carrying out such analysis, many researchers compiled
data from employees with varying demographic, education and level of skills
backgrounds. This research aims to emulate the findings of previous research in
showing while that the importance of motivating factors might differ depending
on a group of employees, certain motivating factors are often highly regarded
according to Lindahl, 1949 (as cited in Sonawane, 2008; Harpaz, 1990; Kovach,
1980; Linder, 1998; Kinnear and Sutherland, 2000).