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The Effects of Non-monetary Incentives on Employees

Extracts from this document...

Introduction

Running Head: THE EFFECTS OF NON-MONETARY INCENTIVES ON EMPLOYEES The Effects of Non-monetary Incentives on Employees [Name of the writer] [Name of the institution] The Effects of Non-monetary Incentives on Employees Chapter 1: Introduction ?utlin? Thi? r????rch f?cu??? ?n th? v?ri?u? ??p?ct? ?f N?n-m?n?t?ry Inc?ntiv?? ?n ?mpl?y??? ?nd c?mpri??? ?f th? f?ll?wing ch?pt?r?: (1) Intr?ducti?n (2) Lit?r?tur? R?vi?w (3) Pr?p???d M?th?d?l?gy R?ti?n?l? Thi? ?tudy highlight? m?ny i??u?? r?l?t?d t? N?n-m?n?t?ry Inc?ntiv?? ?nd giv?? ? br??d ?n?ly?i? ?f t?ngibl? n?n-m?n?t?ry inc?ntiv?? t? ?cc?mpli?h ? firm'? ?mpl?y?? m?tiv?ti?n g??l? b?tt?r th?n ? c??h inc?ntiv? ?f ?qu?l m?rk?t v?lu?. Firm? f?c? th? ch?ll?ng? ?f m?tiv?ting th?ir ?mpl?y??? t? put f?rth th? ?ppr?pri?t? ?m?unt ?nd typ? ?f ?ff?rt. ?n? t??l firm? u?? t? ?cc?mpli?h thi? ?bj?ctiv? i? th? u?? ?f ? lump-?um b?nu?. F?r ?x?mpl?, ? firm might giv? ? ??l??p?r??n ? $5,000 c??h b?nu? f?r ?xc??ding hi? ?r h?r qu?t? f?r th? y??r. ?lt?rn?tiv?ly, th? firm c?n pr?vid? high-?nd m?rch?ndi?? ?r v?c?ti?n tr?v?l ?uch ?? ? trip t? H?w?ii f?r which th? ?mpl?y?? w?uld n??d t? p?y $5,000. I will u?? th? t?rm t?ngibl? n?n-m?n?t?ry inc?ntiv? t? d??crib? inc?ntiv?? lik? thi? trip t? H?w?ii which ?r? p?rf?rm?nc? b???d, n?n-c??h, with n?n-trivi?l m?rk?t v?lu?. Wh?n ch???ing th? typ? ?f ?xtrin?ic inc?ntiv? t? ?ff?r, ? firm w?uld lik? t? d?t?rmin? which inc?ntiv? w?uld b? th? m??t m?tiv?ting f?r it? ?mpl?y???, ?? th?t it c?n r?c?iv? th? m??t imp?ct p?r d?ll?r ?p?nt. ?t?nd?rd ?c?n?mic th??ry ??y? th?t c??h i? ?lw?y? b??t du? t? ?pti?n v?lu? ?nd thi? r??ult i? ?l?? f?und in ?urv?y r??ult? which c?nfirm th?t m??t p??pl? ?t?t? ? pr?f?r?nc? f?r c??h inc?ntiv?? (H?in, 1998). In thi? p?p?r, I will di?cu?? why c??h i? n?t ?lw?y? th? b??t ?xtrin?ic inc?ntiv? t? u?? ?nd why t?ngibl? n?n-m?n?t?ry inc?ntiv?? m?y ?cc?mpli?h ? firm'? ?bj?ctiv?? b?tt?r th?n ? c??h ?w?rd ?f ?qu?l m?rk?t v?lu?. Und?r?t?nding why ?nd wh?n t? u?? ...read more.

Middle

? purch??? ?f th? ??m? it?m by th? ?mpl?y?? w?uld n?t c?rry th? ??m? ??ci?l v?lu? ?? if it w?r? ?w?rd?d by th? firm. ?nc? th? m?n?y i? giv?n t? th? ?mpl?y?? it b?c?m?? th? ?mpl?y??'? m?n?y ?nd th?r?f?r? ?nything purch???d with it i? ??m?thing th? ?mpl?y?? ch??? t? purch??? r?th?r th?n ??m?thing th? firm g?v? t? th? ?mpl?y??. F?mily, fri?nd?, ?nd c?ll??gu?? will ?l?? b? m?r? lik?ly t? vi?w th? trip ?r ?th?r purch??? ?? ??m?thing th? ?mpl?y?? b?ught r?th?r th?n ??m?thing th?y r?c?iv?d f?r g??d p?rf?rm?nc?. Th??? i??u?? m?k? th? link b?tw??n th? c?mp?ny ?nd th? ?w?rd w??k?r ?nd ?? w?uld n?t pr?vid? th? ??m? m??n? ?f di?cu??ing g??d p?rf?rm?nc?. ?n ?dditi?n?l ?id? b?n?fit t? th? u?? ?f t?ngibl? n?n-m?n?t?ry inc?ntiv?? i? th?t th?y ??rv? ?? r?mind?r? ?f th? g??d p?rf?rm?nc? th?t l?d t? th?ir r?c?ipt. Phy?ic?l g??d? lik? ? big ?cr??n t?l?vi?i?n will r?mind th? ?mpl?y?? ?v?ry tim? th?y turn it ?n. V?c?ti?n tr?v?l will pr?vid? m?m?ri??, pictur??, ?nd m?m?nt?? th?t will d? th? ??m? thing. C??h ?w?rd? c?n ?l?? d? thi? pr?vid?d th?y ?r? ?w?rd?d with ??m? phy?ic?l m?rk?r ?uch ?? ? c?rtific?t? ?r ? pl?qu? ?f ??m? ??rt. Wh?t m?k?? ? t?ngibl? n?n-m?n?t?ry inc?ntiv? m?r? ?ff?ctiv? i? th? vi?ibility ?f thi? typ? ?f ?w?rd ?nd th? l?ck ?f ??ci?l n?rm? ?g?in?t di?cu??ing thi? typ? ?f ?w?rd. Pr?p??iti?n 4: Th? pr?dict?d utility ?f ??rning ? n?n-m?n?t?ry inc?ntiv? will incr???? with th? ??ci?l utility ?f th? ?w?rd. Th? ??ci?l utility ?f th? ?w?rd will incr???? with th? ???? with which th?t ?w?rd c?n b? di?cu???d with ?th?r?. ?? with th? i??u? ?f ju?tifi?bility, th? n?tur? ?f r?inf?rc?m?nt ?bt?in?d fr?m ? t?ngibl? n?n-m?n?t?ry inc?ntiv? i? lik?ly t? v?ry ?cr??? ?rg?niz?ti?n?l ?nd n?ti?n?l cultur??. ??m? ?rg?niz?ti?n?l cultur?? h?v? f?w?r pr??cripti?n? ?g?in?t di?cu??ing c??h b?nu???. F?r ?x?mpl?, inv??tm?nt b?nk?r? ?r? ?ft?n ?xp?ct?d t? br?g ?b?ut th?ir inc?m?. ??ci?l r?c?gniti?n l?vi?h?d ?n ?n individu?l in ? c?ll?ctivi?t cultur? might l??d t? l??? utility c?nv?y?d fr?m th? ?w?rd, wh?r??? ??rning ?dmir?ti?n fr?m ?n?'? gr?up m?y b? ...read more.

Conclusion

L. 1988. How do I feel about it? Informative functions of affective states. In K. Fiedler & J. Forgas (Eds.), Affect, cognition, and social behavior: 44-62. Toronto: Hogrefe International. Shafir, E., Simonson, I., & Tversky, A. 1993. Reason-based choice. Cognition, 49: 11-36. Shore, L. M., & Shore, T.H. (1995). Perceived organizational support and perceived justice. In R. Crompanzano & K. M. Kacmar (Eds.), Organizational politics, justice, and support: Managing the social climate of the workplace: 149-164. Westport, CT: Quorum. Smith, C. A., Organ, D. W., and Near, J. P. 1983. Organizational citizenship behavior: It's nature and antecedents. Journal of Applied Psychology, 68: 653-665. Solnick, S. J. & Hemenway, D. 1996. The deadweight loss of Christmas: Reply. American Economic Review, 86: 1299-1305. Stajkovic, A. D., & Luthans, F. 1997. A meta-analysis of the effects of organizational behavior modification on task performance, 1975-1995. Academy of Management Journal, 40: 1122-1149. Steers, R. M. 1977. Antecedents and outcomes of organizational commitment. Administrative Science Quarterly, 22: 46-56. Thaler, R. H., 1980. Towards a positive theory of consumer choice. Journal of Economic Behavior and Organization, 1: 39-60 Thaler, R. H. 1985. Mental accounting and consumer choice. Marketing Science, 4: 199-214. Thaler, R. H. 1999. Mental accounting matters. Journal of Behavior Decision Making, 12: 183-206. Thaler, R., & Johnson, E. J. 1990. Gambling with the house money and trying to break even: The effects of prior outcomes on risky choice. Management Science, 36: 643-660. Tolchinsky, P. D., & King, D. C. 1980. Do goals mediate the effects of incentives on performance? The Academy of Management Review, 5: 455-467 Tversky, A., & Kahneman, D. 1991. Loss aversion in riskless choice, a reference-dependent model. Quarterly Journal of Economics, 106:1039-1061. Vroom, V. 1964. Work and motivation. New York: Wiley. Waldfogel, J. 1993. The deadweight loss of Christmas. American Economic Review, 83:1328-1336. Waldfogel, J. 1996. The deadweight loss of Christmas: Reply. American Economic Review, 86: 1306-1308. Welsh, D. H. B., Luthans, F., & Sommer, S. M. 1993. Managing Russian factory workers: The impact of U.S.-based behavioral and participative techniques. The Academy of Management Journal, 36: 58-79. ?? ?? ?? ?? 1 Non-monetary Incentives ...read more.

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