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123654789 Essay

1644 words - 7 pages

Student Name: Jing LiStudent Number: c3177731ASSESSMENTGSBS 6004 ORG BEHAVIOUR & DESIGNFinancial Rewards In EmploymentDate of Submission: 02-11-2013Lecture's Name: GSBS6004 ORG Behaviour and DesignWord Count: 18261. IntroductionAs the personal value has enormous changed, money and other financial rewards became a tool for employer to stabilize relationship of the employment and effectively motivate employee. Some managers think that there are several distinct benefits for using money to motivate workers to achieve more and keep a stabilized relationship, such as effectiveness, broad options and far-reaching. However, there are also lots of disadvantages on using money and financial rewards to encourage employee, like increasing risk of job-hopping, financial burden and bad competition.According to dictionary, internal and external factors that stimulate desire and energy in people to be continually interested and committed to make an effort to attain a goal. That is motivation. Traditional approaches to motivation emphasize the importance of financial rewards. However, modern approaches are based on a better understanding of human psychology, which is they recognize the role of money in a broad approach to motivation. Financial rewards include payment system, incentive schemes and fringe benefit. Payment scheme is methods that determine basic pay for a job; incentive scheme is reward system that tries to link financial rewards to work performance, which includes performance-related pay, profit-sharing, share ownership, bonus and commission. (Mckinney); Fringe benefits is extra rewards on top of basic pay which are offered to staff as part of their reward package, such as health insurance subsidy, profit share, shares and study costs.This essay will argue about the pros and cons about money and other financial rewards in employment relationship and motivating employee. The first part is the advantages to motivate employee by using money and other financial rewards, subsequently it will point out the disadvantages to show that money and other financial rewards are not the basis of the employment relationship, and obviously make a bad effect on motivating employees.2. AdvantagesAs it will make a positive affect to encourage and rewards employees in a proper way, managers need an effective way to keep a stabilized relationship and achieve more. Most workers see work as something unpleasant they have to do because they need money. That is one of the reasons why money and financial rewards can be used effectively in motivating employees on a broad industry. Money is an effective way for most managers to achieve more and leave on employees (Lynda Moultry). Moreover, managers do not need to spend much energy and time to come up with the idea to improve the enthusiasm of the staff. According to the Personnel System, a study show that up to 89 percent of companies using financial rewards was positive. As everyone can use much more money to do what they...

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