Financial and Non-financial Incentives as the Motivation Tool in Small, Medium and Large Companies

Milada Colic; Adisa Omerbegovic Arapovic; Ensar Mekic

doi:doi:10.11648/j.jhrm.20221002.14

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Financial and Non-financial Incentives as the Motivation Tool in Small, Medium and Large Companies

Milada Colic, Adisa Omerbegovic Arapovic, Ensar Mekic

Published in Journal of Human Resource Management (Volume 10, Issue 2)

Received: 25 April 2022 Accepted: 14 May 2022 Published: 26 May 2022

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Abstract

This study analyzes application of financial and non-financial incentives in micro, small, medium and large companies, in private and public sector in Bosnia and Herzegovina. It also tests the association of demographic characteristics and motivation. Data was collected using online questionnaire sent to 130 companies in the period between June and October 2021 consisting of 50 items related to demography, financial and non-financial incentives utilization and factors impacting motivation. The total of 148 responses was collected during this period. The application of financial and non-financial incentives is measured using 5 point Likert scale. The collected responses are analyzed using a simple regression analysis to test the relationship of demographic and motivational variables. The findings indicate lower financial incentives application level compared to non-financial incentives, although both moderately applied. We find support for the hypothesized relationship between demographic characteristics and motivation in the relationship between groups of employee Seniority level and factors contributing to increased interest for work. Additional analysis indicates positive relationship of demographic characteristics Educational level and Company sector to factors that increase interest for work and effort at work. There is no significant statistics difference between other demographic variables in relation to dependent variables tested. Analysis of the incentives application level and impact of demographic characteristics to motivation may form the basis for further research. The same study can be extended to larger study group and geographic coverage, and used as the basis to test variety of influence, such as socio-economic and cultural, on employee motivation and satisfaction, specifically in view of the complex context in Bosnia and Herzegovina.

Published in	Journal of Human Resource Management (Volume 10, Issue 2)
DOI	10.11648/j.jhrm.20221002.14
Page(s)	66-76
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Motivation, Financial and Non-financial Incentives, Small, Medium and Large Companies, Demography, Bosnia and Herzegovina

References

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APA Style

Milada Colic, Adisa Omerbegovic Arapovic, Ensar Mekic. (2022). Financial and Non-financial Incentives as the Motivation Tool in Small, Medium and Large Companies. Journal of Human Resource Management, 10(2), 66-76. https://doi.org/10.11648/j.jhrm.20221002.14

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ACS Style

Milada Colic; Adisa Omerbegovic Arapovic; Ensar Mekic. Financial and Non-financial Incentives as the Motivation Tool in Small, Medium and Large Companies. J. Hum. Resour. Manag. 2022, 10(2), 66-76. doi: 10.11648/j.jhrm.20221002.14

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AMA Style

Milada Colic, Adisa Omerbegovic Arapovic, Ensar Mekic. Financial and Non-financial Incentives as the Motivation Tool in Small, Medium and Large Companies. J Hum Resour Manag. 2022;10(2):66-76. doi: 10.11648/j.jhrm.20221002.14

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@article{10.11648/j.jhrm.20221002.14,
  author = {Milada Colic and Adisa Omerbegovic Arapovic and Ensar Mekic},
  title = {Financial and Non-financial Incentives as the Motivation Tool in Small, Medium and Large Companies},
  journal = {Journal of Human Resource Management},
  volume = {10},
  number = {2},
  pages = {66-76},
  doi = {10.11648/j.jhrm.20221002.14},
  url = {https://doi.org/10.11648/j.jhrm.20221002.14},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jhrm.20221002.14},
  abstract = {This study analyzes application of financial and non-financial incentives in micro, small, medium and large companies, in private and public sector in Bosnia and Herzegovina. It also tests the association of demographic characteristics and motivation. Data was collected using online questionnaire sent to 130 companies in the period between June and October 2021 consisting of 50 items related to demography, financial and non-financial incentives utilization and factors impacting motivation. The total of 148 responses was collected during this period. The application of financial and non-financial incentives is measured using 5 point Likert scale. The collected responses are analyzed using a simple regression analysis to test the relationship of demographic and motivational variables. The findings indicate lower financial incentives application level compared to non-financial incentives, although both moderately applied. We find support for the hypothesized relationship between demographic characteristics and motivation in the relationship between groups of employee Seniority level and factors contributing to increased interest for work. Additional analysis indicates positive relationship of demographic characteristics Educational level and Company sector to factors that increase interest for work and effort at work. There is no significant statistics difference between other demographic variables in relation to dependent variables tested. Analysis of the incentives application level and impact of demographic characteristics to motivation may form the basis for further research. The same study can be extended to larger study group and geographic coverage, and used as the basis to test variety of influence, such as socio-economic and cultural, on employee motivation and satisfaction, specifically in view of the complex context in Bosnia and Herzegovina.},
 year = {2022}
}

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TY  - JOUR
T1  - Financial and Non-financial Incentives as the Motivation Tool in Small, Medium and Large Companies
AU  - Milada Colic
AU  - Adisa Omerbegovic Arapovic
AU  - Ensar Mekic
Y1  - 2022/05/26
PY  - 2022
N1  - https://doi.org/10.11648/j.jhrm.20221002.14
DO  - 10.11648/j.jhrm.20221002.14
T2  - Journal of Human Resource Management
JF  - Journal of Human Resource Management
JO  - Journal of Human Resource Management
SP  - 66
EP  - 76
PB  - Science Publishing Group
SN  - 2331-0715
UR  - https://doi.org/10.11648/j.jhrm.20221002.14
AB  - This study analyzes application of financial and non-financial incentives in micro, small, medium and large companies, in private and public sector in Bosnia and Herzegovina. It also tests the association of demographic characteristics and motivation. Data was collected using online questionnaire sent to 130 companies in the period between June and October 2021 consisting of 50 items related to demography, financial and non-financial incentives utilization and factors impacting motivation. The total of 148 responses was collected during this period. The application of financial and non-financial incentives is measured using 5 point Likert scale. The collected responses are analyzed using a simple regression analysis to test the relationship of demographic and motivational variables. The findings indicate lower financial incentives application level compared to non-financial incentives, although both moderately applied. We find support for the hypothesized relationship between demographic characteristics and motivation in the relationship between groups of employee Seniority level and factors contributing to increased interest for work. Additional analysis indicates positive relationship of demographic characteristics Educational level and Company sector to factors that increase interest for work and effort at work. There is no significant statistics difference between other demographic variables in relation to dependent variables tested. Analysis of the incentives application level and impact of demographic characteristics to motivation may form the basis for further research. The same study can be extended to larger study group and geographic coverage, and used as the basis to test variety of influence, such as socio-economic and cultural, on employee motivation and satisfaction, specifically in view of the complex context in Bosnia and Herzegovina.
VL  - 10
IS  - 2
ER  -

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Author Information

Milada Colic

Department of Management, Faculty of Economics and Social Sciences, International Burch University, Sarajevo, Bosnia and Herzegovina
Adisa Omerbegovic Arapovic

Department of Management, Faculty of Economics and Social Sciences, International Burch University, Sarajevo, Bosnia and Herzegovina
Ensar Mekic

Department of Management, Faculty of Economics and Social Sciences, International Burch University, Sarajevo, Bosnia and Herzegovina

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APA Style

Milada Colic, Adisa Omerbegovic Arapovic, Ensar Mekic. (2022). Financial and Non-financial Incentives as the Motivation Tool in Small, Medium and Large Companies. Journal of Human Resource Management, 10(2), 66-76. https://doi.org/10.11648/j.jhrm.20221002.14

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ACS Style

Milada Colic; Adisa Omerbegovic Arapovic; Ensar Mekic. Financial and Non-financial Incentives as the Motivation Tool in Small, Medium and Large Companies. J. Hum. Resour. Manag. 2022, 10(2), 66-76. doi: 10.11648/j.jhrm.20221002.14

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AMA Style

Milada Colic, Adisa Omerbegovic Arapovic, Ensar Mekic. Financial and Non-financial Incentives as the Motivation Tool in Small, Medium and Large Companies. J Hum Resour Manag. 2022;10(2):66-76. doi: 10.11648/j.jhrm.20221002.14

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@article{10.11648/j.jhrm.20221002.14,
  author = {Milada Colic and Adisa Omerbegovic Arapovic and Ensar Mekic},
  title = {Financial and Non-financial Incentives as the Motivation Tool in Small, Medium and Large Companies},
  journal = {Journal of Human Resource Management},
  volume = {10},
  number = {2},
  pages = {66-76},
  doi = {10.11648/j.jhrm.20221002.14},
  url = {https://doi.org/10.11648/j.jhrm.20221002.14},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jhrm.20221002.14},
  abstract = {This study analyzes application of financial and non-financial incentives in micro, small, medium and large companies, in private and public sector in Bosnia and Herzegovina. It also tests the association of demographic characteristics and motivation. Data was collected using online questionnaire sent to 130 companies in the period between June and October 2021 consisting of 50 items related to demography, financial and non-financial incentives utilization and factors impacting motivation. The total of 148 responses was collected during this period. The application of financial and non-financial incentives is measured using 5 point Likert scale. The collected responses are analyzed using a simple regression analysis to test the relationship of demographic and motivational variables. The findings indicate lower financial incentives application level compared to non-financial incentives, although both moderately applied. We find support for the hypothesized relationship between demographic characteristics and motivation in the relationship between groups of employee Seniority level and factors contributing to increased interest for work. Additional analysis indicates positive relationship of demographic characteristics Educational level and Company sector to factors that increase interest for work and effort at work. There is no significant statistics difference between other demographic variables in relation to dependent variables tested. Analysis of the incentives application level and impact of demographic characteristics to motivation may form the basis for further research. The same study can be extended to larger study group and geographic coverage, and used as the basis to test variety of influence, such as socio-economic and cultural, on employee motivation and satisfaction, specifically in view of the complex context in Bosnia and Herzegovina.},
 year = {2022}
}

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TY  - JOUR
T1  - Financial and Non-financial Incentives as the Motivation Tool in Small, Medium and Large Companies
AU  - Milada Colic
AU  - Adisa Omerbegovic Arapovic
AU  - Ensar Mekic
Y1  - 2022/05/26
PY  - 2022
N1  - https://doi.org/10.11648/j.jhrm.20221002.14
DO  - 10.11648/j.jhrm.20221002.14
T2  - Journal of Human Resource Management
JF  - Journal of Human Resource Management
JO  - Journal of Human Resource Management
SP  - 66
EP  - 76
PB  - Science Publishing Group
SN  - 2331-0715
UR  - https://doi.org/10.11648/j.jhrm.20221002.14
AB  - This study analyzes application of financial and non-financial incentives in micro, small, medium and large companies, in private and public sector in Bosnia and Herzegovina. It also tests the association of demographic characteristics and motivation. Data was collected using online questionnaire sent to 130 companies in the period between June and October 2021 consisting of 50 items related to demography, financial and non-financial incentives utilization and factors impacting motivation. The total of 148 responses was collected during this period. The application of financial and non-financial incentives is measured using 5 point Likert scale. The collected responses are analyzed using a simple regression analysis to test the relationship of demographic and motivational variables. The findings indicate lower financial incentives application level compared to non-financial incentives, although both moderately applied. We find support for the hypothesized relationship between demographic characteristics and motivation in the relationship between groups of employee Seniority level and factors contributing to increased interest for work. Additional analysis indicates positive relationship of demographic characteristics Educational level and Company sector to factors that increase interest for work and effort at work. There is no significant statistics difference between other demographic variables in relation to dependent variables tested. Analysis of the incentives application level and impact of demographic characteristics to motivation may form the basis for further research. The same study can be extended to larger study group and geographic coverage, and used as the basis to test variety of influence, such as socio-economic and cultural, on employee motivation and satisfaction, specifically in view of the complex context in Bosnia and Herzegovina.
VL  - 10
IS  - 2
ER  -

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