The impact of monetary and non-monetary incentives on employee’s motivation: a case of non-teaching staff of Kumasi Polytechnic.
Abstract
Successful corporate strategies are those executed well by management, however, the execution of the strategies itself rest on the employees involvement in the processes of the business. It is therefore important for management to have a good understanding of factors that influence employees to be motivated in carrying out the necessary task and achieve or exceed management expectation. The study was conducted in Kumasi Polytechnic among the non-teaching staff. The sampling method used was the purposive or judgmental sampling. Questionnaires were distributed to 144 non-teaching staff. The data collected was analyzed using both descriptive and inferential statistics. The results of the study shows that the monetary incentives used in Kumasi Polytechnic consist of Merit Pay, Bonuses, Salaries and wages, Gain sharing, Accommodation Loan and Scholarship. Whiles the non-monetary incentives consist of Job Promotion, Career Development, Recognition and Fringe Benefit. The study also revealed that generally, the non-teaching staff of Kumasi Polytechnic are motivated. Furthermore, the study revealed that both monetary and non-monetary incentives have impact on motivation, however those that have significant impact were salaries and wages and Merit pay for monetary incentives and crèche for non-monetary. In addition, the study revealed that challenges faced in employee motivation include management not knowing what motivate employee at each time therefore failing to provide what motivates them most. The study recommended that those monetary and non-monetary incentives that have significant impact on employee motivation should be reinforced to enable employees give out their best.
Description
A thesis submitted to Department of Marketing and Corporate Strategy
Kwame Nkrumah University of Science and Technology - School of Business in partial fulfilment of the requirements for the degree of Masters of Business Administration (Strategic Management option), School of Business, KNUST, College of Humanities and Social Sciences,