A Study Focusing On The Peculiarities Of Human Resource Management In Multinational Teams As Well As The General Efficacy Of Non-monetary Motivator Strategies In Human Resource Management

Abstract

Business owners and executives have their work cut out for them in the current economic climate. We are now in the planning phases of implementing downsizing, restructuring, and other cost-cutting initiatives. Worker motivation, loyalty, morale, and attitudes might all be negatively impacted by such acts and policies. The research team behind this project hopes to learn more about how well financial and non-financial incentive systems and programmes motivate employees to achieve organizational objectives. Many companies wonder what form of incentive programme would best raise employee morale while simultaneously aiding the firm in achieving its objectives. The purpose of the research was to determine whether an efficient reward programme really stimulates employees to perform harder. Financial incentives are highly valued by both employers and employees, the poll found. Employees appreciated work-life balance, career development opportunities, and mentorship from more experienced peers more than companies did. Additionally, the results show that firms are including monetary and non-monetary advantages into the reward package to cater to the needs of their multifaceted workforce. There is compelling evidence that, given the financial limits faced by firms in the current economic context, a greater focus should be placed on non-monetary prizes to motivate personnel. It is conceivable to provide an individual with a reward package that includes both monetary and non-monetary incentives, despite the fact that monetary incentives were placed highest.