IMPACT OF MONETARY INCENTIVES ON EMPLOYEE’S MOTIVATION: SHINAS COLLEGE OF TECHNOLOGY, OMAN - A CASE STUDY

Abstract

PURPOSE The objective of the study is to investigate the impact of monetary incentives on the Shinas College of Technology employees’ motivation; to critically investigate the importance and the value of monetary incentives for the employees and also to critically examine which monetary incentive best suits and motivates the employees of Shinas College of Technology. METHODOLOGY The study included samples of 130 employees from all the academic and non-academic staff of the college collected through a well-defined questionnaire. The data collection was done on a simple random sampling basis.  FINDINGS The study reveals that the employees of Shinas College of Technology are motivated by salary and on duty allowance rather than the other monetary incentives/benefits. PRACTICAL IMPLICATIONS The study demonstrates that the monetary incentives have a direct impact on employees’ motivation and the attractive financial incentive will boost most of them to work hard. SOCIAL IMPLICATIONS The management of the selected college of study needs to identify the right kind of monetary incentive to their staff so that the employees will be highly motivated to put their best effort in completing their jobs which might, in turn, increase their loyalty towards the organization and their job satisfaction. ORIGINALITY/VALUE No study have examined the impact of monetary incentives and the motivational factors of the employees ever before, and it is a first-hand study of its kind. RESEARCH LIMITATIONS/IMPLICATIONS The study was restricted to the employees of the Shinaz College of Technology, Shinaz, Oman. The study could be extended to know the insight of the employees of similar institutions in Oman.