BBA-MBA Integrated Programme (2017-22)

Semester V
Human Resource Management

Research Paper
Monetary or Non-Monetary Incentives: A Psychological Study

Submitted to:
Prof. Bhajan Lal
On 7th October, 2019

Submitted by:
Name Roll No.
Aayushi Pandya 177102
Foram Gandhi 177115
Harsh Dani 177118
Keshav Sharma 177121
Acknowledgements

We would like to give our sincere thanks to our Professor and Mentor, Bhajan Lal Sir, who
gave us this challenging task to write such a paper and provided us with his incredible support
at every stage of our project.

We would also like to thank the students of our class for whom we turned to seeking for help
when we had any minor doubt.
ABSTRACT
In a world, where human well-being is taking a priority over other quantitative factors, it
becomes imperative for a company to channelize the qualitative environment to itself. Human
resource is by far the most important resources of the organization. Without these resources,
all other resource's value becomes null and void. This is why every function of the organization
is interdependent. To retain the workforce that drives the organization, certain incentives are
to be provided. This may range from the basic recruitment such as salary to non-monetary
benefits such as recognition, promotion, wellness program, etc. The objective of this study is
to analyse the psychological environment and how employees respond to such benefits and
which of them are effective and acknowledged by the employees. This, we aim to gather
through primary resources such as questionnaire and interviews and support it through
secondary research. Another dimension added to this study is a modern perspective as
perceived by young individuals. In today’s world, at a workplace, an employees’ personal and
professional priorities merge. While a person is fulfilling his/her duties as an employee, it is
important for the organization to fulfil its duty towards the employee as a human being. This
bridge serves as a source of motivation. The future workforce is becoming more diverse and
unique in terms of its regular duties. Now, the organizations have a fine balance of young
individuals giving fresh, creative and out of the box ideas on one hand and older population of
an organization providing an edge to these ideas and maintaining the stability given their
experience and expertise on the other hand. To study this we will be incorporating views from
this diverse combination of workforce. As future managers, it becomes our responsibility to
study the environment we strive to be in. This, coupled with the diversity that we as the
generation Z might bring to the organization strongly suggests and demands a comprehensive
study on these qualitative organizational factors. This will help us not only prepare a research
study material but also prepare us as fresh individuals venturing into new domains in the near
future.
INTRODUCTION
Incentives in an organisation play a key role
in driving the workforce towards the goals
of the organisation. Now, these incentives
can be further categorised into monetary
and non-monetary incentives. Together,
they comprise of the whole motivation
process. Our analysis is based on
identifying which of these categories is
more powerful in its approach to fulfil the
goals of the organisation and at the same,
streamline the goals of the individual as
well.
Monetary incentives are those which have a
quantitative value attached to it. For
instance, salary, a raise in the salary, travel
expenses, promotion, fees payment are a
few examples of it. However, non-
monetary incentives are those which reward
the employee in terms of quality. This could
be in the form of flexible working hours,
healthy working conditions, scope for
development and, recognition to name a
few, in this assignment we have not focused
on basic non-monetary obligations fulfilled
by the organization such as Insurance,
medical etc. since they have become a
prerequisite. To understand the priorities of
employees based on their gender and
designation and further, to realise its impact
on the productivity, we conducted a small
survey to understand the same. Primary
research and brief interviews helped us
understand the employees’ side of the story.
On reading and analysing from other
reputed research papers, we bridged the gap
between our research and the reality.
The secondary research helped us support
some of our arguments and countered us on
others. This research paper is aimed to
realise the unfiltered side of the story from
the employees’ point of view and also have
us prepared as future managers on what to
expect and accept at the same time. Our
research highlights some strong differences
when the gender factor is considered for
giving such incentives. Similar results were
obtained for designation as a factor too.
Incentives, whether monetary or non-
monetary have had a huge impact on an
employee's productivity and continue to do
so. This is why it becomes imperative for
the company to retain their employees in
order to refrain themselves from huge
employee's turnover.
In today's world, work life balance is an
ongoing major issue and it becomes the
company's duty to accommodate both.
Thus, this study realises the importance of
the same and aim to analyse the differences
as they are. Some well-known research
papers and journals have always
emphasized on job satisfaction as a primary
factor in determining job performance.
They have consistently highlighted on the
importance of how an individual's
commitment and loyalty towards his work motivate him to fulfil the goals of the
is always driven by his perception of the organisation.
job. An employee will only be driven to
Review of Literature
work if he is given certain incentives.
Objectives
Now, whether they are monetary or non-
monetary is a different issue altogether. The objectives of this study are: -
However, job satisfaction and job
 To investigate the various monetary
performance are closely related. Some even
and non-monetary incentives
say that they may be directly proportional.
available in select business
This implies that an employee being
organisations.
satisfied in a job will result in him or her
 To measure the effect of both
working proactively towards the
(monetary and non-monetary)
organisational goals. This also means less
incentives on employees’
absenteeism, minimising misbehaviour and
motivation.
higher productivity. This variable doesn't
 To understand the preference of
only mark the employee's point of view. It
different types of incentives based
is also a key variable in determining the
on gender.
organization's effectiveness to deliver value
 To investigate the presentence of
not only to its consumers but employees
different types of incentives based
and thereby, making a healthy environment
on designation.
to work in.
 To open new vistas of research.
As a result, a person's willingness to work
So as to comprehend why this gender gap
is dependent on a few key variables that will
in the work market exists, it is basic to look
in turn help the organization progress.
at how people contrast when it comes social
When certain needs beyond financial gains
standards and the amount of their conduct
are fulfilled by the organisation, the
contrast influences their basic leadership.
employee feels like a valued part of the
Bryant, et al. (2012) portrays the gender
organisation and thus, where monetary
orientation jobs that existed in the
gains might lack, certain non-mom
nineteenth century Victorian period as men
incentives such as recognition and
being the essential providers and ladies
development opportunities will play a key
remaining at home to think about their
role. This will help in sustaining the
families as well as to play out any family
employee in the organisation and moreover,
unit obligations. These gender orientation Robbins et al. (2003) proposes that low-
jobs that have been fortified in the public level occupations; possess qualities, for
arena for a long time still apply as social example, employments with low passage,
standards are similar today, particularly in low aptitude prerequisites and no
developing nations. possibility for upward portability. Lower-
level representatives are characterized as
that classification of representatives that
It is proposed in the literature of human Hellriegel (2004) mark as non-
asset the executives and hierarchical administrators. In the retail business, these
conduct that non-financial motivators act incorporate manual specialists, for
viably in persuading representatives. The example, till administrators, process
embodiment of impetuses is to set up controllers, and technicians, cutting edge
linkage with wanted conduct and the result laborers, for example, administration
that makes the representative feel increased chaperons, drivers, cleaners and deals staff.
in value (Whetten and Cameron, 2007). Odendal et al. (2003) noted, low level
Non-money related prizes assume a critical workers are consigned to the least
job in the view of the worker with respect requesting employments at the back of the
to the reward atmosphere in the work work line and their compensation levels are
environment (Khan et al., 2013). At the minimal above least wage. These
point when associations focus on non- incorporate unpracticed adolescents and
money related apparatuses, for example, deliberate laborers for whom these
chance of expanding occasion and family occupations are short lived work before
benefits, the worker may see the association proceeding onward to perpetual work.
as a supporting and minding association. There are moreover those with moderately
Prizes are significant elements that clarify more prominent abilities who are caught in
certain activity perspectives that contribute low level occupations by separation of
altogether to the association, for example, geographic detachment from ethnic
work fulfillment. Prizes, along these lines, minorities, outsider gatherings, female, or
include every single monetary advantage economically discouraged zones. To
that are being provided by the association guarantee high profitability, this gathering
pay, advancement, verbal of representatives should be propelled.
acknowledgment.
Research Methodology 7) Are you satisfied with the
Relationships built with others in
For the purpose of this research paper, we
the organisation you work?
have collected data from Primary as well as
8) Are you satisfied with the pay you
Secondary sources. The inferences in the
receive for your job?
paper have been drawn on the basis of both
9) Are you satisfied with the
the data. For our primary source we
opportunities which exist in your
conducted a google survey in the form of
organisation?
google forms and received 69 responses.
10) Are your efforts recognized by your
The questions that we have taken are from
supervisors and colleagues?
the Job satisfaction index developed by
11) Rank the following factors from 1-
Schriesheim and Tsui in 1980 it uses
6, on the basis of importance while
questions to determine the job satisfaction
selecting a job
of the employee and we have taken that
a) Work Profile
survey to understand and differentiate the
b) Supervisor
monetary and non-monetary part and with
c) Team Building and group
the help of the secondary data mainly
cohesiveness
research papers have tried to analyse and to
d) Salary
attain the objectives. This index is a very
e) Career development
reliable survey since the coefficient of
f) Recognition
alpha is 0.78 and thus, we have taken this
12) Considering Everything, how
survey.
satisfied are you with your current
The questions of the questionnaire are: - job?

1) Name (optional) For the secondary sources we have selected

2) Age multiple articles form Google Scholar
3) Gender (cited as per need).
4) Designation
Result and Analysis
5) Are you satisfied with the nature of
work you perform? People differ in their preferences between
6) Are you satisfied with the person taking monetary and non-monetary
who supervises you? incentives. This difference can be attributed
to broadly 3 categories:
1. Based on designation
Lower level employees have a need to fulfil
the basic needs of themselves and their
family. This might lead one to think that
monetary is a priority. However, along with
monetary there are other incentives that
play a major role in determining their
course of employment. The empirical
results in a study showed that, non-
monetary rewards were given number one
ranking by the lower level employees
especially (Harunavamwe and Kanengoni,
2013).
This will result in a debate and a popular
notion that workers at such levels prefer
hard cash to hold as against other benefits
given their standard of living. This suggests
that the other factors which include the non-
monetary factors such as recognition,
healthy working conditions, flexible
working hours do not have much impact on
the workers at this level. However, this
contradicts the results of Herzberg’s two
factor theory of motivation by Nelson
(2004) which shows that 78% of employees
indicated that it was extremely important to
be recognized by their managers when they
do good work.
In this case, the limitation of sample and the
generalisation based on a small study may
not reveal the actual results. Even, the
factors that differ from one industry to
another are omitted and therefore, may raise
questions.
Similarly, our research based on the
distribution of questionnaire showed that
the lower level employees prefer as much
non-monetary as monetary or sometimes
prefer it over monetary as well.
Interviewing a few employees of the lower
level we found that, if they were treated
poorly, they would be willing to leave the
organisation no matter what salary they pay
them. This strongly suggests a good salary
and healthy working conditions go hand in
hand for overall development of an
organisation and the employee.
In middle level managers, work profile was
given first rank by 33% of the respondents
of our research findings followed by close
to 14% preferring salary as their second
rank and third as career development. This
shows that people who are in the middle-
class level have a knack of fulfilling basic
requirements more than other progressive
ones.
The top management on the other hand is
always in the limelight of large monetary
rewards in addition to their salary. On
conducting our research, we found that the
top management cared little about the
monetary rewards beyond a point. In fact,
they preferred non-monetary incentives
such as recognition and development
opportunities. More than 80% of the top
management employees were satisfied with
their job and had made a remarkable
progress from the middle level to their
current level as revealed from our primary
research. Some of them even suggested that
beyond a point, monetary increment seldom
mattered to them. Most of the top
management managers ranked work profile
as the first option that mattered to them
while working. Career development
followed it. This shows how progress
determines a person's commitment towards
their job.
2.Based on gender
Gender plays an important role
determining the incentives that motivate the
employee. Psychologists and management
researchers have for long tried to find how
an employee responds to different kinds of
incentives based on their gender. The
difference generally arises due to the fact
that, both men and women have different
roles to play in the society. Even today men
are considered to be the bread winner of the
family, while women are expected to
balance both their work and family
responsibilities at the same time. This
difference is a result of how the children are
brought up. From early age boys and girls
are treated differently by the society boys
are encouraged to play with trucks/play
football while girls are encouraged to play
with dolls/encouraged to dance. Also, the
parents, relatives, teachers and the society
hold different expectations from boys and
girls. Boys are expected to be more
rambunctious and physically active,
whereas girls are expected to be more
sensitive and sociable. Thus, people in
children’s social environments reinforce
and send consistent messages as to what is
expected of them according to their gender.
The Role of Congruity model suggests that
a person will be positively evaluated when
his/her characteristics align with the
group’s typical values and beliefs. Based on
this model, we see in today’s society that
women are believed to be less influential
in
and are expected to operate based on this
constraint. Thus, any deviation from these
socially accepted roles, presents a loss of
identity for such deviant women. For the
women, who overcome these barriers they
are less preferred and favoured among their
peers as their role is not congruent with the
socially acceptable norms. Thus, women
tend to shy away from higher managerial
positions which give them greater power
and authority. Thus, at times it may be
observed that delegation of authority may
not motivate the female employees as much
its dos for male employees.
Even today, most of the corporates are
based on the “total commitment model”,
with long work hours and out of hours’
social activities. These requirements are
much easier for the men to fulfil as they do
not bear the additional burden of dealing
with the domestic and family
responsibilities like women. Due to this
woman prefer interpersonal relationship,
easy commute, flexible work hour and
helping others over earnings, promotion
and challenges. Any women would
primarily look for a secure job with flexible
work hours and an average pay. To combat
the issue companies like Apple and
Facebook are offering to freeze eggs for the
women employees in order to provide the
women with greater balance between work
and home commitments.
It is evident that gender plays an important
role while determining how the employee
responds to a particular incentive.
However, employers who use money as a
motivator may find that the response of
both male and female employees is similar.
According to a paper, ‘Motivation Matters:
Career Challenges Broaden Participation in
High-Skills Coursework, like STEM, and in
High-Opportunity Careers’, raises and
bonuses may motivate the employee on a
short-term basis while reducing the overall
motivation in the long term. This is
because, the tendency of the employees to
spend the money as soon as they receive a
raise or bonus, which in the long run brings
them back to the same financial position.
According to a study on job preferences
advancement opportunities, securities and
type of work, were rated as factors most
important to men. While, the women
employees considered type of work,
company and security as the most important
factor while evaluating the job. But
according to the study both men and women
ranked pay lower to advancement
opportunities and type of work. (Jurgensen
1978)
Based on our research men and women both
ranked salary below career development
and work profile. But 30% of men ranked
salary at 3rd position while only 21% of
women ranked salary at 3rd position and
34% of the women ranked salary at 4th
position. Thus, showing that salary holds
greater value to a male employee in terms
of motivation than women.
Recognition is the most common and
powerful tool that is being used in the
organization to drive employee engagement
(Sun, 2013). As a motivator it motivates
both men and women, but the extend of
impact on women may be observed to be
more, as frequent acknowledgements have
favourable impact on women. Roy
Sanderson, columnist of ‘Incentive
Management’ indicated that women like to
get verbal and written acknowledgements
for the work more than men do. However,
it is important for the employer to design a
system that recognizes the efforts of the motivator has grown in the recent years.
employees without any bias based on Employees today expect a higher scope for
gender, race, age, ethnic groups, career development from their existing
favouritism, etc. This is because any kind of jobs. This is because, today work is
biasness identified by the employee may becoming more flexible and less well-
hamper his/her motivation. defined. Also, career transitions have
become more frequent. According to a
Although according to a research conducted
survey by LinkedIn millennials do more
by us, both men and women ranked
job-hopping than any other generation.
recognition, as a factor while considering a
Thus, employers cannot just depend on
new job, at 4th position on an average. The
monetary incentives to motivate the
factors included were work profile,
employees to get better performance.
supervisor, team building, salary, career
Although, based on gender employers may
development and recognition. Recognition
use more monetary incentives to motivate
as a factor was ranked below salary, work
their male employees and non-monetary
profile and salary by both men and women
motivators may be more effective on the
alike. However, it was observed that 54%
female employees.
of men ranked recognition at 4th position
while 60% of women ranked recognition at
4th position. From this data we can infer that
women give higher importance to
recognition than men, while, at the same
time ranking it equally, as a factor while
considering a job, with men.

Thus, we may conclude that though,

monetary incentives play an important role
in motivating the employees, it is not the
only important motivating factor. Non-
monetary incentives such as challenging
work profile, scope for career development
and recognition may motivate an employee
to a greater extent than any monetary
incentives. Researchers today believe that
the importance of career development as a
3.Job Satisfaction and Productivity
It is a well-known fact that job satisfaction
leads to greater employee productivity.
This is because a satisfied employee
associates positively to his/her organisation
Job satisfaction not only helps in improving
the productivity of the employees it also
reduces the employee turnover. Sarwar and
Abugre in a research paper, ‘The influence
of reward and job satisfaction on employees
in the service industry’, mention how
higher job satisfaction leads to positive
attitudes towards and greater commitment
towards the organisation. Hence it is
important for an organisation to understand
what motivates their employee. The
challenge here is that each employee is
motivated by different incentives and
rewards. Some employees may receive
satisfaction from the work itself while
others may receive a greater satisfaction
from their relationships with
supervisors, pay package or
development opportunities.
Based on our research we found that 37%
of the employees were motivated by the
work profile, 30% by the
development opportunities, 17% by pay
cheque, 8% by recognition, and the rest
were motivated by team building and group
cohesiveness and relation with
supervisor. Thus, here it is clear that
employees are motivated by different
incentives and rewards. Moreover, we can
see that only 17% of the employees are
motivated by pay cheque. This goes on to
show the increasing importance of non-
monetary incentives in today’s era. Maslow
indicated that, “many people are influenced
more by non-monetary than monetary
considerations”. Non-monetary incentives
are not only effective motivators but are
also cost effective for the employers.
Aroldis in his research paper reported that
70% of employers used non-cash awards
and incentives in order to motivate their
employees.
Non-monetary incentives and job
satisfaction show positive relationship.
Non-monetary incentives result in intrinsic
motivation which is positively related to job
satisfaction. Tausif (2012) in his research
tried to investigate the relationship between
non-monetary rewards and job satisfaction.
their The research revealed that non-financial
career rewards are more strongly related to job
satisfaction than financial rewards. Thus, it
is evident that job satisfaction and non-
monetary incentives are positively related.
career Similar to job satisfaction, job performance
to has a positive relationship with non-
monetary incentives. Aktar (2012) found
that non-monetary incentives that include
the recognition, learning opportunities,
challenging work and career development,
are effective tool in motivating the
employees which results in better on the job motivates the employees irrespective of
performance. Incentives such as career their age, gender, occupation, status, etc.
advancement opportunities are highly
Thus, we can observe that non-monetary
valued by the employees as it offers a
incentives relate positively to job
chance to the employees to develop higher
satisfaction and job performance. This
skills which would result in promotions and
implies the need for the employers to
better job opportunities and which would
constantly use the non-monetary incentives
lead to higher monetary rewards in the long
in order to increase the productivity and
run. Nonetheless, it is important for the
efficiency of the employees. Meanwhile the
employers to continuously use monetary
importance of monetary incentives is not to
incentives as well. This is because the
be neglected as they are one of the most
monetary rewards are the only factor that
effective motivators in the short run.
Supporting Data from our primary research: -
Accomplishments
1. The available benefits in the
organisations we obtained information
from had limited non-monetary incentives.
They included career development
opportunities and enhancing the work
profile. It also included recognition. In
monetary incentives, it was limited to only
increments and promotion.
2. On analysing the data given, we found
that both the incentives play a major role.
However, non-monetary incentives took a
priority since, a lot of people felt that
healthy working conditions could substitute
for a tiny cut in the salary.
3. On differentiating the importance of both
the types of incentives based on gender, we
found that, females had a greater impact of
non-monetary incentives over monetary
since, they have been given traditional roles
since times immemorial. Males however,
showed a balance with both the kinds of
incentives but they did stress upon non-
monetary benefits motivating them.
4. Based on designation we found that, top
executives having earned their privileges
seldom thought about the monetary rewards
over a certain benchmark. The lower level
employees on the other hand have to fulfil
their basic requirements and hence, a good
salary is preferable. However, on a closer
look they longed to appreciate and
therefore, be recognised in their
organisation and had aims to develop.
Conclusion
We can conclude that an employee values
non-monetary incentives more on the
monetary incentives both the type of
incentives do play a major role in the
productivity and overall motivation of an
employee however we see that the current
employed generation refers challenging
work and a better job profile which will
help them in their career and give them a
good career path monetary incentives take
a backseat. However, we see that in lower
level employees’ monetary benefits that is
in terms of hard cash plays a user role
because monetary benefits help them
improve their standard of living.
When divided in terms of gender across all
management levels we see that women
usually tend to prefer incentives in terms of
work life balance and soft skill
development however men are more likely
to be in inclined towards monetary benefits
this has to do with the society stereotypes
that it has made around women where
women bear the burden of children and
thus, they seek a better level of work life
balance.
on the job satisfaction front we see that
today's workers prefer challenging tasks
which make them feel accomplished and a
very good job profile thus we see that and more broad-minded society. This
employees prefer a better structured and transition will have severe implications on
career-oriented job than a well-paying job. the kind of incentives preferred.

Thus, we can conclude that in general

across middle and top-level management,
non-monetary incentives which are career
building or related with job satisfaction are
preferred over monetary incentives.
However, in lower levels, monetary
incentives play a huge role mainly due to
the employees need to fulfil their
physiological needs (according to
Maslow’s need hierarchy table).

Future Implications

Looking at the nature of progress in the

organisations and the increasing
importance of the human resources it
becomes imperative, for an organisation to
sustain them. This will include all the
necessary steps to retain them. Monetary
and non-monetary incentives play a key
role here. The latter being of significant
importance given, its nature to suit the
needs of the employee. In this fast-paced
world, everyone yearns for a work life
balance and this is exactly what non-
monetary incentives try to achieve. The
progress of people will have direct impact
on the measures to be taken to retain them.
We're slowly becoming less narrow minded
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