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A Case Study In Staff Motivation Kent Reliance Building Society Business Essay

ABSTRACT

The objective of the research study is to ascertain the motivating factors (motivators) of the staff working in UK based financial Institution Kent Reliance Building Society (KRBS). With this in view a case study was conducted at KRBS to check Herzberg's Two Factor Theory to look at the overall motivation level. Is it the financial reward or non-financial rewards or the blend of both which motivates and drives employees to work?

Since the financial sector has been much in the news in the last two years. There's a great deal of discussion about the necessity to motivate staff in this sector through giving them large bonuses. However, what is little discussed are the small organizations in the financial services sector. What motivates staff in these organizations? Are they similarly motivated only by large financial bonuses, or does their motivation arise from other things? This project can be an exploratory study designed to learn if staff working small organizations in the financial sector are motivated solely by financial bonuses. For the accomplishment of this study, an empirical research was conducted based mostly on a face to face semi-structured interview. This enabled in finding the actual long-term motivators for employees and whether money only functions as short-term motivator. To the knowledge of the writer this is the first attempt to analyze the what motivates employees in small organisations in financial service sector - KRBS, UK.

Both inductive and deductive approaches are adopted along with quantitative and qualitative research solution to get the best answers of the question. Further, questionnaires and interviews were used as primary data collection method combined with the use of secondary data from traditional sources. Firstly, the questionnaires were distributed to all or any staff working at KRBS, UK. Secondly, interviews were conducted across all levels i. e. senior management to lower level and their knowledge and experience were recorded so as get an improved understanding of the research topic. The findings are centered on results of the interviews and questionnaires, and some primary secondary data. Based on the primary and secondary data analysis, it was found that the non-financial rewards direct relationship with motivating employees and financial rewards is not important incentive or way to obtain satisfaction. This research will surely provide strong foundation for even more research thereby leading both readers and researchers with surprising results depending upon their research methodology.

The main findings of the study are what motivates employee? more of financial rewards like bonuses and salaries than non-financial rewards like recognition, career development and influence. All of the cashiers are driven by intrinsic motivators except those of Union Bank who are driven by both intrinsic and extrinsic motivators. There is disparity in pay and duration of vacation between long lasting and contract cashiers. Cashiers are propelled by growth motivation like career development, personal growth, experience and client satisfaction rather than deficiency motivation. There exists little or no need for power by cashiers. The primary conclusion is that, Nigerian Banks need to explore means of improving on the non-financial rewards systems that could directly or indirectly lead to both intrinsic and extrinsic motivation of cashiers. The human resource policies should not just be documented but should also be implemented. There should be an introduction of any career path for cashiers rather than reassignment to other departments.

KEYWORDS:

Hygiene Factor, Money, Motivation, Motivator, motivation theories, Employee Motivation, financial Institution

PREFACE

This management project presents the consequence of research study about employee loyalty, satisfaction and motivation. It is produced under my supervisor, Professor Ray Pine guidance.

Motivation and its impact for firm's success and ways how to improve the motivation were investigated because so many decades. However, the insight was reinforced by the upcoming of the resourced based view of corporate strategy, initiated by several American authors.

The investigation of the bond between psychological aspects such as motivation and satisfaction and business matters is crucial for the understanding of mainly every business activities and processes. In the long run, all business transactions are made by people and people are driven by their motivation.

However, due to a restricted word count and the practicability this thesis focuses mainly on the connection between employees' motivation and a corporate performance management system. But the findings of the project are therewith limited by performance management in a certain industry you will see also universally valid conclusions which can be put on many business situations. Therefore this thesis will add new aspects to the recent literature by the close mixture of motivation theory and performance management practice.

I would like to take this opportunity to express my sincere gratitude to my project supervisor, Mr. Davis A Pearson, who's so kind and patient and provided guidance and assistance throughout this research study. I also want to thank my KRBS employees who filled in the research questionnaire.

Motivation and its impact for firm's success and ways how to increase the motivation were investigated since many decades. However, the insight was reinforced by the upcoming of the resourced based view of corporate strategy, initiated by several American authors.

As worldwide competition is constantly on the increase, corporations are feverishly seeking ways to increase productivity. A critical aspect to increasing productivity is employee motivation. Most researchers think that to enhance employee motivation, one must understand the motivation process. Quite simply, there's a real danger that if companies don't engage with their people now, they'll just leave them when upturn comes.

This project provides some insights and guidance for the investors prevailing in finding the actual motivating factors in small organisations. The finding and analysis of this report evaluates is it financial or non-financial rewards that motivates employees to stick with the business. Primary and Secondary data were collected from various sources such as questionnaires, interviews, academic journals, companies' reports, academic books, and internet. Even though the findings of this project are therewith limited by motivating factors in a certain industry there will be also universally valid conclusions that can be applied to many business situations. Therefore this thesis will add new aspects to the recent literature by the close blend of motivation theory and performance management practice. The main limitation of the research is heavy dependence on primary research, which may, affect the product quality and findings in our result. This study only confines to employees working at KRBS. . However, the author sincerely commits reliable, up to- date and appropriate resources to figure out the best answers for the questions.

To complete my study and project, I got tremendous support from my friends. I appreciate their efforts, guidance, recommendations and support and would I thank all of them. I must express my sincere appreciation to my personal supervisor Andrew Coutts for his great and valuable help during the entire research. I also appreciated his professional attitude, time and co-cooperativeness throughout my research.

The main reason for selecting this topic on employee motivation is to gain a greater understanding of the subject. The eye upon this topic was generated through the Human Resource Management (AHRM) of the MSc program. Various theories and models are being used in the project to explore its usefulness. The variations in attitudes, behaviours and extreme interest were all key motivating factors to determine the selection of topic. This work aims to examine the theoretical, methodological and operational dimensions on the issues of employee motivation. Research questions and objectives were area of the literature review. Existing theories on Motivationwould be utilized to devise a framework for analysis.

STATEMENT OF AUTHENTICITY

I have read the University Regulations relating to plagiarism and certify that dissertation is all my very own work and does not contain any unacknowledged work from any sources.

WORD COUNT: 15, 500

Acknowledgement:

I wish to acknowledge and extend my heartfelt gratitude to my supervisor Dr. Peter Prowse who constantly challenged, encouraged and guided me to finish this project. A particular because of Mike Lazenby, CEO of Kent Reliance Building Society, UK for his frequent support during the course of my dissertation.

TABLE OF CONTENTS

INTRODUCTION

Project Introduction

Project Aim and Objective

Term of reference

METHODOLOGY

LITERATURE REVIEW

3. 1 The Concepts and Types of Motivation

3. 2 THIS CONTENT Theories of Motivation

3. 3 THE PROCEDURE Theories of Motivation

3. 4 Rewards and Motivation

3. 5 Rewards and Performance within the Organisation

3. 5. 1 Individual Based Performance

3. 5. 2 Team Based Performance

3. 5. 3 Organisational-Based Performance

3. 6 Summary

4 RESEARCH BACKGROUND AND RESULTS

4. 1 Company Overview of KRBS

4. 2 Employee Motivational Analysis

4. 3 Research Data presentation and Analysis

4. 4 Statistical /Interview Data Analysis

5 ANALYSIS

5. 1 General Themes

5. 1. 1 Employee Turnover

5. 1. 2 Compensation

5. 1. 3 Communication

5. 2 Interpretation of Results

6 CONCLUSION AND RECOMMENDATIONS

6. 1 Conclusion

6. 2 Recommendations

6. 3 Limitations

APPENDICES

APPENDIX A- PROPOSAL

APPENDIX B: INTERVIEW TEMPLATE AND RESPONSES

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