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How Intrinsic And Extrinsic Rewards Can Help Advanced Business Solution

2048 words - 8 pages

INTRODUCTION1.1Background of the CompanyThe company, Advanced Business Solution (ABS) established in 1992 to provide services in the area of auditing and general management advice to Small and Medium Enterprises (SME) in the Eastern States of Australia.1.2 The aims of the report:•how Intrinsic and Extrinsic rewards can help ABS to retain her employees and how these can help the organisation survive the loss of the experienced staff.•This report also looks at how to motivate and empower employees by ABS using various motivational factors.1.3.The objective of the reportThe main objective of this report is to help ABS to:•to offer incomparable training needs and motivational factors such as intrinsic and extrinsic rewards to increase the commitment of the present employees in raising productivity and reduce job turnover level.•Provide growth to the remaining professional employees of ABS through promotion.•Motivate the remaining professional employees to perform better by offering monetary rewards, international travel, bonuses, increase in salaries and other attractive benefits within the organisation.•Provide feedback to employees and involve the remaining senior professional employees in decision making process thus strengthening the employees long term commitment within the organisation.2.Summary of the three articles2.1Article one:'The role of Organisational culture in motivating innovative behaviours in Construction firms'Summary of the articleMotivation is the process that account for an individual willingness to exert high levels of effort to reach organisational goals, conditioned by the effort's ability to satisfy individual need.Organisational culture plays a pivotal role by motivating innovative behaviours and create a sense of commitment in an organisation and making them believe in innovations as an organisational values and accepting innovation-related norms in the organisation.1.2Article two'Motivation in organisations'Summary of article twoHere, various proponents of management and schools of thought in motivation came into limelight. It started from the history of motivation, dating back from Scientific management to human relations movement, human resource approach, Alderfers and Maslow's theories. It also looked at process based approach to motivation, reinforcement based approaches to motivation and other approaches to motivation in the workplace.2.3Article three'The relationship between intrinsic and extrinsic motivation and organisational commitment: a study in a European environment'.Summary of article threeIntrinsic and Extrinsic motivation as a tool to motivating employees will be examined. Herzberg two factor theory of motivation posits that there are two sets of factors that could motivate individuals at workplace. Intrinsic factors are concerned with achievement, work itself, growth and achievement while extrinsic factors includes: company policy, supervision, interpersonal...

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