Identifying the Rewards for Improved Employee Motivation, Engagement and Performance. Case: GoMinerals Finland Oy
Liljeström, Sofia (2019)
2019
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2019110420615
https://urn.fi/URN:NBN:fi:amk-2019110420615
Tiivistelmä
This thesis was written as a part of a Bachelor’s degree in International Business in the major specialization of Human Resource Management.
The case company was interested in developing a new reward scheme that it could benefit from. The company was especially interested in a reward scheme that would enhance employee motivation and engagement and lead to a higher level of employee performance. The thesis looks at the current reward scheme at the case company. It aims to develop and introduce recommendations for a reward scheme for the case company.
First, the theory of a reward strategy was studied, followed by the concept of total rewards. Understanding which factors influence the reward strategy and the elements included in total rewards contribute to a holistic view of reward management.
A qualitative interview was made with the management staff in order to get a comprehensive understanding of the current reward scheme and regarding the new reward scheme. It also laid the foundation for a quantitative employee survey. The quantitative employee survey was conducted among all employees working in sales and together with the company interview functioned as the basis for creating the recommended reward scheme.
The results showed that there are differences between views of the employees and management on what rewards are currently offered, indicating possible communication issues. The results also showed variations between the employees’ answers depending on their nationality, which could be caused by cultural differences but also miscommunication.
Lastly, recommendations for a new reward scheme and further research were made. The recommended reward scheme includes financial rewards such as base pay, commission and sales contests. It also includes non-financial rewards such as communication, recognition, training and performance management. To support the recommended reward scheme a suggestion of further research regarding training and communication was made.
The case company was interested in developing a new reward scheme that it could benefit from. The company was especially interested in a reward scheme that would enhance employee motivation and engagement and lead to a higher level of employee performance. The thesis looks at the current reward scheme at the case company. It aims to develop and introduce recommendations for a reward scheme for the case company.
First, the theory of a reward strategy was studied, followed by the concept of total rewards. Understanding which factors influence the reward strategy and the elements included in total rewards contribute to a holistic view of reward management.
A qualitative interview was made with the management staff in order to get a comprehensive understanding of the current reward scheme and regarding the new reward scheme. It also laid the foundation for a quantitative employee survey. The quantitative employee survey was conducted among all employees working in sales and together with the company interview functioned as the basis for creating the recommended reward scheme.
The results showed that there are differences between views of the employees and management on what rewards are currently offered, indicating possible communication issues. The results also showed variations between the employees’ answers depending on their nationality, which could be caused by cultural differences but also miscommunication.
Lastly, recommendations for a new reward scheme and further research were made. The recommended reward scheme includes financial rewards such as base pay, commission and sales contests. It also includes non-financial rewards such as communication, recognition, training and performance management. To support the recommended reward scheme a suggestion of further research regarding training and communication was made.