FINANCE

There is no research question or aims and objectives. Critical evaluation. 

Introduction

The success of an organization or corporation is contingent upon the level of employee motivation. Motivation is critical to the accomplishment of the organization's goals and objectives. It is critical for firms with varied cross-cultural teams to guarantee that their employees are highly engaged. The management is responsible for ensuring that workplace goals and objectives are consistent with the company culture (Vlaev et al., 2019). Setting workplace goals is critical for establishing and monitoring the organization's level of employee motivation (Pang & Lu, 2018). Employee commitment, engagement, and motivation are critical components of an organization's success. Financial remuneration practices play a significant role in motivating employees.

According to many surveys, if an organization does not try to motivate its employees through monetary incentives, the organization is likely to have low performance (Vlaev et al., 2019). Organizations in the United States work diligently to increase employee engagement through monetary and financial pay and awards. Financial and monetary incentives have a stronger effect on employee motivation, according to studies (Pang & Lu, 2018). The United States government has implemented policies aimed at increasing compensation and incentive programs throughout all sectors of the labor market (Vlaev et al., 2019). As with any other firm, the government is attempting to improve employee performance through a variety of financial incentives.

The Federal Reserve System is the United States of America's central bank. It is in responsible of issuing currency to all financial institutions and exercising influence over the economy via monetary policy (Coccia & Igor, 2018). The Federal Reserve System has a number of financial incentives in place to motivate its personnel. Several of these tools include the following: 

· This assists in meeting rental obligations.

· Gratuities are paid to all contract employees. This is a component of their terminal benefits and a token of appreciation for their long-term contribution to the business.

· Employees are eligible for personal loans and medical insurance coverage if they have worked for the bank for an extended length of time.

Problem Statement

Numerous researchers have sought to determine the effect of motivation on working institutions. According to research, motivating employees increases their performance and morale by making them feel wanted in the workplace (Coccia & Igor, 2018). However, there is a dearth of research on the effect of financial incentives on employee motivation. The purpose of this study is to close this gap by determining the relationship between financial incentives and employee motivation. This is a case study of government employees in the United States. Perhaps more can be added here.

The following research question need to be addressed:

How does incentives affect work productivity of employees?

OBECTIVES

What are the goals that will be achieved? What are the benefits/impact(improved productivity……..)that will be generated if the research problem is answered?

Literature Review

Previous research has established that the public sector does not operate in a businesslike manner. This has resulted in subpar performance from its employees, who do not receive the same treatment as those working in a corporate context. With the implementation of management services in the American government's public sector, it is critical to consider employee motivation via financial incentives (Coccia & Igor, 2018). The government intends to consider pay for performance and compensation in particular. Historically, monetary prizes and incentives were viewed as bribes and unethical. Nevertheless, other scholars have provided explanations for the effect of financial incentives on employee performance. Financial incentives serve as a foundation for the organization's sustained interaction with its employees.

The majority of enterprises worldwide have adopted performance-based compensation. This involves monetary compensation based on an employee's performance. Employees are monetarily rewarded for their accomplishments. Financial incentives are the most fundamental way for employees to feel motivated, as they increase their morale (Coccia & Igor, 2018). Employees feel understood and respected in the workplace when they receive such financial presents and incentives. As a result, employees are more inclined to stay in their current employment, resulting in lower employee turnover.

Maslow established a hierarchical classification of human needs in 1943. Security, self-actualization, self-esteem, physiological needs, and belongings are the five areas of human wants. According to the professor, a person must first be biologically driven (De Vito et al., 2018). This is to ensure that the mental health and value of the employee are determined. When employees' physiological needs are met, they become content and work toward achieving their own demands (De Vito et al., 2018). The following step is to address security concerns. This practice is repeated until all needs are met. Maslow asserts that unmotivated employees are less likely to be productive. By addressing their requirements, employees remain motivated and perform better.

Herzberg’s Two Factor Theory should not be a subheading

According to Herzberg, some employment result in employee satisfaction, whereas others result in employee dissatisfaction (De Vito et al., 2018). According to the scholar, employee motivation results in a sense of accomplishment, responsibility, and promotion opportunities.

Methodology

A cross-sectional survey will be used in this investigation. This is due to the fact that the research is defined. The research will collect data in both quantitative and qualitative formats. The study will take place at the Federal Reserve System and other important US government agencies. The study will focus on existing employees at large government agencies. They will represent all other government employees. The Federal Reserve Bank, the Department of Defense, the Department of Education, and the Department of Commerce will provide data for this study. As a result, the sample size will be limited to twenty people employed by the United States government.

This sample size's profile will be characterized in terms of age, degree of education, work experience, and attitude toward motivation. The sample technique employed represents 4% of the entire population.

Secondary data will be collected. Secondary data will be gathered through library resources and surveys completed previously by others. The data collected will be evaluated using a social science-specific statistical software.

The research will be conducted between March 16th, 2022 .

Reflections and Resources

This research will be critical in assisting firms in recognizing the importance of financial incentives in motivating employees. This research will make use of periodicals, magazines, newspapers, and books on employee motivation. Additionally, electronic sources such as the internet and the World Wide Web will be used for research.

References

Coccia, M., & Igor, B. (2018). Rewards in public administration: a proposed classification. Journal of Social and Administrative Sciences, 5(2), 68-80.

De Vito, L., Brown, A., Bannister, B., Cianci, M., & Mujtaba, B. G. (2018). Employee motivation based on the hierarchy of needs, expectancy and the two-factor theories applied with higher education employees. IJAMEE.

Pang, K., & Lu, C. S. (2018). Organizational motivation, employee job satisfaction and organizational performance: An empirical study of container shipping companies in Taiwan. Maritime Business Review.

Vlaev, I., King, D., Darzi, A., & Dolan, P. (2019). Changing health behaviors using financial incentives: a review from behavioral economics. BMC public health, 19(1), 1-9.