EFFECTS OF MONETARY AND NON-MONETARY REWARDS TOWARDS EMPLOYEE MOTIVATION OF THE NON-EXECUTIVE STAFF IN PORT CITY

Abstract

This research study aims to examine the effects of both monetary and non-monetary incentives on the motivation levels of non-executive personnel within the Port City. The objective of this research is to gain insight into the impact of different forms of incentives on employee motivation, and therefore, their job performance and happiness. This analysis focuses on the Port City as it provides a distinctive organizational environment and worker dynamics. The research utilizes a mixed-methods methodology, integrating both quantitative surveys and qualitative interviews. Data is gathered from a heterogeneous sample of non-executive personnel across several divisions within the Port City. The quantitative analysis includes the evaluation of the relationship between various types of rewards and employee motivation, but the qualitative interviews offer a more profound understanding of the subjective experiences and perceptions of the employees. The results of the study demonstrate a complex and varied connection between rewards and the motivation of employees. Research has demonstrated that monetary incentives possess a notable yet constrained influence on immediate motivation, frequently resulting in a transient upsurge in performance. Conversely, non-financial incentives, such as acknowledgment, opportunities for skill enhancement, and a conducive work atmosphere, exhibit a persistent and enduring impact on long-term motivation, job contentment, and total employee involvement. Moreover, the research reveals the significance of personalization within reward systems. Customizing rewards based on individual tastes and ambitions has been found to be more efficacious in bolstering motivation when compared to standardized, uniform approaches. The study also underscores the interdependence of various reward components, underscoring the necessity of a comprehensive strategy that incorporates both financial and non-financial incentives in order to optimize their combined influence. Based on the findings, this study offers recommendations for organizations that operate within comparable situations. The implementation of a well-rounded rewards system, which encompasses both competitive salary packages and a focus on cultivating a supportive work environment, skill development, and recognition of employees' accomplishments, can prove advantageous for the Port City and comparable organizations. This particular methodology has the potential to result in increased levels of motivation, heightened job satisfaction, and improved overall performance within the organization. This research enhances the comprehension of the influence exerted by both monetary and nonmonetary incentives on the motivation levels of non-executive personnel within the Port City. Organizations may enhance their ability to foster a motivated and engaged workforce by acknowledging the intricate connection between various types of rewards and their distinct effects on short-term and long-term motivation.