28. Exploring the Impact of Monetary Rewards on Employee Motivation and Performance: A Case Study of NatWest

Monetary rewards have been a focal point in motivating employees across different organizations, including NatWest. The relationship between monetary incentives and employee motivation has been studied extensively in various research fields, with one common finding being that while money is not the sole motivator, it remains a significant factor. Employees often emphasize the importance of financial rewards in their work environment, even though other factors like job satisfaction, career growth, and recognition also contribute to their motivation (Gerhart, 1992).

NatWest, being a large financial institution, recognizes that employees are its most valuable assets. Thus, understanding how to effectively motivate them is crucial for organizational success. Motivated employees are likely to contribute to the efficiency and overall performance of the company. As part of its employee motivation strategy, NatWest offers a mix of monetary and non-monetary benefits designed to enhance employee satisfaction and performance. The company provides incentives that focus not only on financial rewards but also on the development of employees’ skills and career growth.

Before the merger between NatWest and the Royal Bank of Scotland (RBS), the bank’s incentive schemes were influenced by a variety of factors, including political dynamics, the employees’ job statuses, and their powerful positions within the organization. However, in recent years, NatWest has redefined its incentive policies to be more centered around individual performance. This transition reflects a broader trend in the financial sector, where organizations recognize the need to align compensation with the performance outcomes of their employees (Nitin Nohria, 2008).

Monetary rewards typically come in the form of various pay structures that are directly linked to an employee’s output or performance. These payments are designed to increase employees’ financial earnings and, in turn, motivate them to work harder, ensuring that their efforts are properly compensated. At NatWest, several forms of monetary rewards are offered to employees. These include profit-sharing plans, stock options, overtime pay, and additional cash benefits.

Profit-sharing plans are one of the most common ways in which monetary rewards are distributed. They allow employees to share in the company’s profits, motivating them to contribute to the organization’s success. These plans foster a sense of ownership and responsibility among employees, encouraging them to work in the best interests of the organization. Stock options, another form of incentive, offer employees the opportunity to buy company shares at a reduced rate. This gives employees a direct stake in the financial well-being of the organization, motivating them to perform well to increase the company’s stock value.

Overtime pay is a more direct and immediate form of monetary reward, as employees are compensated for additional work beyond the regular working hours. This approach recognizes the efforts of employees who are willing to go the extra mile to complete tasks, making them feel valued for their time and contribution.

Additionally, cash bonuses are often provided as a one-time payment or in response to particular achievements, such as meeting performance targets. These bonuses serve as an acknowledgment of employees’ hard work and can be a strong motivator for continued high performance.

However, while monetary rewards are essential in motivating employees, they must be balanced with non-monetary incentives, such as recognition, career development opportunities, and a positive work culture. Effective incentive schemes should take into account the holistic needs of employees, recognizing that a motivated workforce is not solely driven by financial rewards. NatWest’s approach to aligning its incentive schemes with performance-based outcomes reflects a broader trend of using monetary rewards strategically to drive employee motivation, foster engagement, and enhance the overall performance of the organization.

In conclusion, NatWest’s focus on performance-related pay and the evolution of its incentive programs reflect a growing recognition of the importance of employee motivation in driving business success. By offering a mix of monetary and non-monetary benefits, NatWest seeks to create a working environment where employees feel valued and motivated to contribute to the company’s success. This strategy of aligning compensation with performance is a key driver for enhanced productivity and long-term organizational growth.

Research philosophy

Research on monetary incentives and their impact on employee performance has yielded mixed results. While some studies suggest that monetary rewards can increase motivation and output (Bonner, 2000), others show limited or no improvement. The varying effectiveness of incentives depends on individual factors, such as the person’s intrinsic motivation and the context in which the rewards are provided. This research aims to explore the theoretical background behind these mixed results and assess when and why monetary incentives might or might not enhance individual performance.

Research on monetary incentives and their impact on employee performance has yielded mixed results. While some studies suggest that monetary rewards can increase motivation and output (Bonner, 2000), others show limited or no improvement. The varying effectiveness of incentives depends on individual factors, such as the person’s intrinsic motivation and the context in which the rewards are provided. This research aims to explore the theoretical background behind these mixed results and assess when and why monetary incentives might or might not enhance individual performance.

Monetary incentives have long been a subject of interest in organizational behavior and human resource management. Their effectiveness, however, has been debated extensively, with studies showing both positive and negative outcomes. This complexity arises from several factors that influence how financial rewards motivate individuals. In this extended analysis, we will explore how monetary incentives affect employee motivation, performance, and satisfaction, incorporating various motivational theories and perspectives.

The Influence of Monetary Incentives on Employee Motivation

Monetary incentives serve as a key motivator in many organizational settings. From bonuses and commissions to profit-sharing schemes, these rewards are seen as direct mechanisms to drive employee performance. One of the most widely discussed frameworks for understanding how monetary incentives affect motivation is Vroom’s Expectancy Theory (1967), which posits that individuals are motivated to perform if they expect that their efforts will lead to desired outcomes, such as rewards or recognition.

According to this theory, the relationship between effort and reward is central. Employees will exert effort if they believe it will result in a reward that is valuable to them. When monetary incentives are tied to performance outcomes, individuals are more likely to focus their effort on achieving those specific goals, as they perceive a direct correlation between effort and reward. For instance, a salesperson who knows they will receive a commission for every sale made is likely to put in more effort to close deals. However, the effectiveness of this incentive structure depends on how well the reward system aligns with individual needs and expectations.

Effort Direction, Duration, and Intensity

Monetary incentives not only affect how much effort employees exert, but they also influence the direction, duration, and intensity of that effort. These three dimensions are essential to understanding how monetary rewards impact performance.

1. Effort Direction: This refers to the tasks or activities that employees choose to engage in based on the incentives offered. When monetary rewards are tied to specific tasks, employees are more likely to direct their efforts toward those tasks to achieve the desired outcome. Kanfer (1990) suggests that when employees are offered financial rewards for completing certain tasks, they will prioritize these activities over others that do not lead to rewards. This is evident in many sales-based jobs where employees focus their efforts on activities that directly contribute to commissions, such as prospecting and closing sales.
2. Effort Duration: Effort duration refers to the amount of time an individual is willing to invest in a task. Monetary incentives have been shown to extend the time employees are willing to spend on a task, especially when rewards are perceived as valuable. For example, in tasks that require prolonged effort, such as research or project management, employees are likely to devote more time and resources when they know that their efforts will lead to financial rewards. Long-term incentive programs, such as stock options or profit-sharing plans, can keep employees motivated over extended periods, ensuring sustained effort toward achieving organizational goals.
3. Effort Intensity: Effort intensity concerns how much focus and concentration employees put into their work. Monetary incentives can increase intensity, particularly when rewards are tied to performance outcomes that are closely monitored. For instance, when employees know that their work will be evaluated and rewarded based on certain criteria, they may put more cognitive and physical energy into ensuring they meet or exceed expectations. This is particularly true in environments where performance metrics are clear and easily measurable, such as call centers or manufacturing plants. Intensity is often most pronounced in the short term, where employees direct significant effort towards achieving immediate goals tied to financial rewards.

Strategy Development and Long-Term Motivation

While monetary incentives are effective at driving short-term performance, they also play a role in fostering long-term motivation through strategy development. Financial rewards encourage employees to invest in skills, improve their performance, and enhance their ability to contribute to the organization’s success. This focus on skill development is often linked to the concept of “strategy development,” where employees think critically about how to approach their tasks in a more effective manner.

For example, consider a scenario where an employee receives a financial incentive for improving the efficiency of a process. This employee might not only focus on completing the task but also seek ways to refine their approach, solve problems more efficiently, or automate parts of the process. In this way, monetary rewards lead to a deeper investment in personal growth and the refinement of skills that contribute to sustained performance over time.

Additionally, when employees know that better performance can lead to future financial rewards, they are more likely to set higher standards for themselves. The desire for future incentives can drive individuals to engage in continuous learning, innovation, and improvement. This long-term motivation is essential for organizations that seek to maintain a high level of performance across all areas.

Goal-Setting and the Role of Monetary Rewards

Goal-setting theory (Locke, 1981) suggests that specific and challenging goals lead to higher levels of motivation and performance. When monetary rewards are tied to goal achievement, employees are more likely to set clear, challenging objectives for themselves. These goals serve as benchmarks that help employees gauge their progress and stay focused on achieving desired outcomes.

Monetary rewards play a significant role in motivating employees to set goals that are more ambitious. When rewards are contingent on high performance, employees are often motivated to push themselves further to meet or exceed those goals. This creates a cycle of goal-setting and achievement that benefits both the individual and the organization.

1. Monetary Rewards Induce Goal Setting: Research shows that when monetary rewards are offered, employees are more likely to set goals for themselves. These rewards act as a signal that performance will be recognized and valued. Therefore, employees are encouraged to establish concrete objectives, such as increasing sales, improving customer satisfaction, or reducing costs.
2. Monetary Rewards Lead to More Difficult Goals: As employees become more motivated by monetary incentives, they are likely to set more challenging goals for themselves. The prospect of a higher reward encourages individuals to aim higher and exert more effort. This is in line with expectancy theory, which posits that individuals are motivated to pursue goals that offer greater rewards, assuming the probability of success is high.
3. Monetary Rewards Enhance Goal Commitment: When employees receive financial incentives for achieving their goals, they are more committed to reaching those goals. The promise of a tangible reward reinforces their dedication to the task at hand, leading to sustained effort and higher levels of performance.

Individual and Task-Related Variables

Bonner (2000) identifies three categories of variables that affect performance: person variables, task variables, and incentive scheme variables. These variables help explain why monetary incentives can have varying effects on different individuals and tasks.

• Person Variables: These are individual characteristics such as personality, motivation, and capabilities. For example, employees who are intrinsically motivated may respond differently to monetary incentives than those who are extrinsically motivated. Similarly, employees with higher levels of skill or experience may perform better under incentive schemes compared to less experienced employees.
• Task Variables: These refer to the nature of the tasks employees are performing. Tasks that are complex or require high levels of creativity may not be as influenced by monetary incentives as tasks that are routine and measurable. For instance, in highly creative roles, such as marketing or product design, financial rewards may not be the primary motivator; instead, factors like autonomy and professional development may play a larger role in motivating employees.
• Incentive Scheme Variables: The design of the incentive scheme itself is critical to its success. Factors such as the timing of rewards, the clarity of performance metrics, and the structure of the reward system can all impact how employees respond to monetary incentives. Incentive schemes that are well-aligned with organizational goals and employee expectations are more likely to result in increased motivation and performance.

Environmental Variables

Environmental variables, such as workplace culture, time constraints, and external pressures, also play a significant role in shaping how monetary incentives impact performance. Financial rewards may be more effective in certain environments than in others. For example, in fast-paced, results-driven industries, such as sales or manufacturing, monetary incentives can be a powerful motivator. In contrast, in environments where employees are highly autonomous or where intrinsic motivation is emphasized, monetary incentives may have less impact.

The broader organizational culture also influences how employees perceive and respond to financial rewards. In a culture where performance is highly valued and rewards are clearly tied to outcomes, employees are more likely to be motivated by monetary incentives. However, in a culture that emphasizes teamwork, collaboration, and long-term growth, employees may be less responsive to short-term financial rewards.

Theoretical Insights on Human Motivation

Theories from notable scholars such as Aristotle, Sigmund Freud, and Abraham Maslow offer additional insights into how monetary incentives fit within broader theories of human motivation. According to Maslow’s hierarchy of needs, monetary rewards satisfy basic physiological needs, such as the need for financial security and material well-being. These rewards can also help individuals move toward higher-order needs, such as self-actualization, by providing the resources necessary for personal growth and development.

Maslow’s theory suggests that once individuals have their basic financial needs met, they are more likely to seek fulfillment in other areas, such as recognition, achievement, and personal development. Thus, while monetary incentives can be effective in meeting immediate needs, they may not be sufficient to sustain long-term motivation if they do not align with higher-order psychological needs.

Monetary incentives are a powerful tool for motivating employees, but their effectiveness depends on a variety of factors, including effort direction, duration, intensity, and the alignment of goals with reward systems. Financial rewards can lead to short-term improvements in performance by encouraging employees to focus their efforts on specific tasks. However, for long-term motivation and sustained performance, organizations must consider the broader context, including personal, task-related, and environmental variables. By understanding how monetary incentives interact with these factors, organizations can design more effective incentive schemes that foster both short-term and long-term success.

Abraham Maslow’s Hierarchy of Needs offers valuable insights into employee motivation, applicable to organizations like NatWest. Maslow’s theory is depicted as a pyramid with five levels, where each level represents different human needs, with lower-level needs requiring fulfillment before individuals can move to the next higher need.

1. Physiological Needs: At the base of the pyramid are basic physical needs such as food, shelter, and clothing. NatWest addresses these needs by providing employment that helps employees meet these fundamental necessities.
2. Safety and Security: This level involves ensuring that employees feel safe in their work environment, which is critical for employee motivation. NatWest provides job security, a safe working environment, and health benefits, addressing this need.
3. Social Needs: These needs encompass the desire for social connections and belonging. Employees want to feel part of a community. NatWest fosters a sense of belonging by creating opportunities for employees to engage with one another, participate in shared goals, and be part of the company’s mission. Recognition and rewards for their contributions further enhance this sense of belonging.
4. Esteem Needs: The next level involves the need for respect, recognition, and a sense of achievement. NatWest offers employees opportunities for growth and career development. Training programs and opportunities for promotion allow employees to enhance their skills, receive recognition for their contributions, and ultimately build their self-esteem. The company acknowledges and celebrates their employees’ achievements, reinforcing their sense of value.
5. Self-Actualization: At the pinnacle of the pyramid is self-actualization, the realization of one’s full potential. For employees, this means reaching their career goals, pushing their limits, and striving for personal growth. NatWest supports this need by providing avenues for career advancement, skill enhancement, and personal growth. Through recognition, promotional opportunities, and challenging work, NatWest enables employees to pursue their full potential.

Overall, Maslow’s Hierarchy of Needs provides a framework for understanding how NatWest motivates its employees by addressing both basic and higher-order needs. By offering comprehensive benefits, opportunities for growth, and recognition, NatWest helps employees move up the pyramid, from fulfilling basic needs to achieving self-actualization in their careers. This holistic approach to employee motivation is critical for enhancing job satisfaction, performance, and long-term organizational success.

Research Objectives

• Objective: Assess employees’ and managers’ perception of monetary rewards in motivating employees.
• Goal 1: Investigate whether higher monetary rewards improve employee performance at NatWest.
• Goal 2: Determine if NatWest’s monetary reward system is linked to employee performance.
• Importance: Understanding both perspectives (managers and employees) will offer deeper insights into the effectiveness and fairness of the current reward system.
• Outcome: Gather data to enhance reward strategies for improved employee motivation and performance.

Research Approach

• Inductive Research: Involves gathering data without predefined models or theories.
• Observation-based: Researchers observe patterns and trends in real-life data.
• Hypothesis Development: Hypotheses are built from data analysis and patterns observed.
• Interpretivism: Aligns with understanding social phenomena based on subjective experiences.
• Flexible Approach: Allows for adjustments as new insights emerge from data.
• Contextual Understanding: Focuses on gaining deeper insights by analyzing various instances and contexts.

Research Questions

The research questions outlined for this study aim to explore the effectiveness of monetary rewards in motivating employees at NatWest and to assess whether the current reward system aligns with employee expectations. These questions will help gauge various aspects of motivation and incentive structures:

1. Motivation and Monetary Rewards: The first question seeks to determine if higher monetary rewards can lead to increased motivation among NatWest employees.
2. Performance-Reward Link: This investigates whether the monetary reward system at NatWest is directly tied to employee performance, which is crucial for understanding the effectiveness of the reward system.
3. Incentive Sufficiency: This question assesses whether the current incentives are adequate to meet the employees’ expectations, ensuring that the rewards motivate employees sufficiently.
4. Non-Monetary Incentives: The research also seeks to identify non-financial incentives offered to employees and how these may contribute to motivation in addition to monetary rewards.
5. Extra Benefits: Finally, the study will explore the extra benefits provided to employees, which could play a significant role in overall job satisfaction and motivation, beyond direct financial rewards.

Together, these questions will form the foundation for understanding the broader impact of monetary and non-monetary incentives on employee performance at NatWest.

Research Strategy

• Research Strategy Selection: The research strategy is crucial for obtaining valid results. Initially, a direct study of NatWest employees was planned to explore how monetary rewards influenced performance.
• Challenges Encountered: Language barriers made direct communication (e.g., phone calls) difficult, hindering the planned strategy.
• Adapted Strategy: Due to these challenges, the study shifted to a questionnaire-based method, enabling the collection of data while overcoming communication barriers. This alternative method ensured that data could still be gathered effectively.

Choice of subject

• In a rapidly developing world, companies must adapt to stay competitive.
• Globalization and technological advances increase challenges in attracting and retaining talent.
• Aligning employees with organizational goals is crucial to success.
• Many businesses struggle to engage employees, leading to imbalances in the employer-employee relationship.
• High turnover rates often result from this disconnection.
• Companies must foster an environment where employees feel valued and connected to organizational goals.
• Incentives and recognition help improve workforce stability and commitment.

Research Methodology

The research method for this study combines both qualitative and quantitative techniques, offering a comprehensive approach to understanding the effectiveness of monetary rewards on employee motivation and performance.

1. Qualitative Method:
   • This method focuses on gaining deeper insights into employees’ perceptions and attitudes.
   • It involves direct observations, interviews, and discussions to gather data.
   • Qualitative research helps uncover underlying motivations and emotional factors influencing employee behavior, providing a richer context to the study.
   • It is flexible, allowing the researcher to adapt and explore emerging themes during the process (Hamilton, 1994).
   • However, it has limitations, such as the potential for subjectivity and difficulty in replicating results.
2. Quantitative Method:
   • The quantitative approach involves collecting numerical data through well-structured surveys with predetermined questions.
   • It is designed to measure specific variables, such as the relationship between monetary rewards and employee performance.
   • This method focuses on statistical analysis, providing objective and measurable results that can be generalized across a larger population.
   • It involves a fixed structure, ensuring that all participants respond to the same set of questions, making it easier to compare data and draw conclusions.
   • Quantitative research can be combined with qualitative insights to enrich the findings, providing both breadth (large-scale data) and depth (detailed individual insights).
3. Combining Qualitative and Quantitative Methods:
   • A mixed-methods approach is the most effective strategy for this study, as it enables a comprehensive exploration of the research problem.
   • By using both methods, the study can explore the broader patterns and trends through quantitative data while also delving into the personal experiences and perceptions of employees using qualitative insights.
   • This approach ensures that the research not only identifies patterns but also provides a deep understanding of the motivations behind employee performance.
4. Justification for Approach:
   • The combination of qualitative and quantitative research allows for a more holistic analysis of employee motivation, particularly with regard to monetary incentives.
   • The quantitative method allows for precise measurement of the impact of financial rewards, while qualitative data offers a contextual understanding of how and why these rewards influence employee behavior.
   • By combining both, the research aims to achieve a well-rounded perspective on how monetary rewards affect employee performance and motivation in the context of NatWest.
5. Conclusion:
   • The study focuses primarily on quantitative data to assess patterns and trends in employee motivation, but the qualitative insights will offer valuable perspectives on personal experiences and attitudes toward the monetary reward system.
   • By integrating these two methods, the study will provide a balanced and nuanced understanding of the role of financial incentives in improving employee performance.

This mixed-method approach ensures a robust and comprehensive investigation into the effectiveness of monetary rewards as a motivational tool in the workplace.

Data Collection Method

Type of Data

The primary objective of this research is to evaluate the impact of monetary motivation on employees’ performance within organizations, using Maslow’s Hierarchy of Needs theory as a foundational framework. This theory provides insights into the different levels of human needs and how fulfilling these needs can lead to higher motivation and, consequently, improved performance.

To collect relevant data, a structured survey method is used. A set of modified motivational aspects, based on Maslow’s hierarchy, is provided to employees. They are asked to rank these aspects in order of importance in motivating them to perform their best at work. This approach circumvents some criticisms of Maslow’s theory by moving beyond interviews and allowing employees to express their views in a standardized way.

A total of 200 questionnaires were prepared and distributed randomly among employees from various departments at NatWest. Random distribution is key to preventing any biases in the sample, ensuring that the responses represent a diverse range of perspectives across different functions and roles within the organization. By gathering responses from a large and varied sample of employees, the study aims to uncover common trends in motivation across different groups within the company.

Sampling Method

The research sample consists of 200 employees, selected through cluster sampling. This technique involves dividing employees into groups or clusters based on certain characteristics, such as their level within the organization or the department they work in. From these clusters, participants are randomly chosen to complete the survey. The sample is designed to represent employees from various levels within the company.

Out of the total 200 employees, 150 employees were selected from lower-level positions, as their views and experiences are critical for understanding how monetary rewards influence performance at the operational level. The remaining 50 employees were chosen from different divisions within the organization to provide a well-rounded sample. This division ensures that both lower-level employees and those in more senior roles contribute to the study, offering a balanced perspective on the role of monetary rewards in motivating performance.

Target Group

The target group for this research consists of 200 employees of NatWest, with a focus on a diverse range of employees from various levels and departments. Although the sample size is relatively small, it is sufficient for the purpose of gaining insights into employees’ perceptions of motivation and rewards. The results derived from this sample may not be generalized to the entire workforce of NatWest, but they provide valuable insights into the factors that influence motivation and performance within the organization.

By gathering data from this target group, the research aims to uncover the specific aspects that motivate employees to perform at their best, helping the organization to create an environment that encourages and supports these motivational factors. These findings will be beneficial for NatWest as they explore strategies to improve employee performance and ensure that their reward systems align with employee needs and expectations.

Although the study focuses on a sample of 200 employees, the results could serve as a starting point for future research and practical applications in human resource management. By understanding the motivational factors that drive employees, organizations can better design reward systems that foster greater commitment, productivity, and overall job satisfaction.

Data Analysis

For data analysis, spreadsheet software was employed to organize and analyze the collected data. The process began by entering the ranks assigned to each of the 10 elements in the survey. These ranks, given by participants, were then summed. The total for each element was calculated, and the element with the lowest total rank received the highest priority, marked as number 1, while the one with the highest total rank was assigned the lowest priority, ranked number 5. This ranking system allowed for a clear understanding of the relative importance of each factor.

The same analysis method was applied to different subgroups within the data. This approach was chosen because it accommodates variations in individual responses, ensuring a comprehensive comparison across the various elements. By aggregating the rankings, the research could accurately determine which factors were perceived as most motivating for the employees at NatWest. The flexibility of the ranking system made it possible to handle different perspectives effectively, offering deeper insights into the employees’ motivation.

ETHICAL ISSUES

Every research work which includes human beings deals with various issues relates to ethics which must be given acute attentions. (Oka, 2010) argued that qualitative researchers should focus on such ethical issues especially as ‘the nature of qualitative research adds its own complications’. They notice particularly issues relating to privacy, informed approval, emotional security, and mutuality which scientists must give due considerations. In this study we are mainly focussed with issues involving privacy and informed approval of the participants.

Limitations of Research

The limitations of this research stem primarily from the narrow scope of focusing exclusively on NatWest employees, particularly those from lower and upper levels. This limitation restricts the ability to generalize the findings across all types of employees or different organizations. The research also touches upon a limited aspect of employee motivation, focusing mainly on monetary rewards without considering other significant factors such as non-monetary incentives. This leaves room for further exploration into the effectiveness of various motivational strategies and could lead to comparative studies that broaden the understanding of employee motivation across diverse industries.

Conclusion

The research highlights the significance of financial rewards and their impact on employee motivation, focusing on task performance within the framework of Maslow’s hierarchy of needs. The findings reveal that lower-order needs, such as financial stability and job security, are considered more crucial by employees than higher-order needs like recognition and self-actualization. The study suggests that financial rewards have a substantial effect on motivating employees to perform better, but it also emphasizes the importance of aligning rewards with the individual, task, and environmental factors.

NatWest’s compensation structure supports both monetary and non-monetary incentives, offering a conducive work environment for employees to thrive. The company’s approach shows flexibility, considering local labor market conditions and personal needs, making it an attractive employer for top talent. By ensuring employees feel valued and rewarded for their efforts, NatWest succeeds in motivating staff and fostering long-term dedication.

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