Share:


Differentiated approach to employee motivation in terms of finance

    Miloš Hitka   Affiliation
    ; Silvia Lorincová   Affiliation
    ; Marek Potkány   Affiliation
    ; Žaneta Balážová   Affiliation
    ; Zdeněk Caha   Affiliation

Abstract

Motivating the employees is considered one of the essential manager’s skills. Knowledge of powerful motivation factors allow managers to motivate employees effectively. It results in motivated employees able to affect a success of enterprises and its competitive advantage. Following the research carried out using 34,000 Slovak employees, the importance of motivation factors relating to finance was defined. Tukey’s HSD test, as a part of the ANOVA analysis, was used for extensive investigation into the most important motivation factors relating to finance. It is supposed that motivation of employees of different gender, age and job position will differ. The suppositions were confirmed by the results achieved in the research showing significant differences between individual employee categories of managers, blue-collar workers and white-collar workers. Taking into consideration the results, managers are suggested to concentrate on motivating the employees as parts and not as a whole because of the differences in the needs of employees in terms of gender, age and mainly job position.


First published online 30 October 2020

Keyword : human resources management, employee motivation, motivation factors relating to finance, gender, age, job position, Tukey’s HSD test

How to Cite
Hitka, M., Lorincová, S., Potkány, M., Balážová, Žaneta, & Caha, Z. (2021). Differentiated approach to employee motivation in terms of finance. Journal of Business Economics and Management, 22(1), 118-134. https://doi.org/10.3846/jbem.2020.13702
Published in Issue
Jan 27, 2021
Abstract Views
4008
PDF Downloads
2614
Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

References

Almobaireek, W. N., & Manolova, T. S. (2013). Entrepreneurial motivations among female university youth in Saudi Arabia. Journal of Business Economics and Management, 14(Suppl 1), S56–S75. https://doi.org/10.3846/16111699.2012.711364

Anguelov, K., Stoyanova, T., & Tamošiūnienė, R. (2020). Research of motivation of employees in the IT sector in Bulgaria. Entrepreneurship and Sustainability Issues, 7(3), 2556–2567. https://doi.org/10.9770/jesi.2020.7.3(73)

Ayub, N. (2010). Effect of intrinsic and extrinsic motivation on academic performance. Pakistan Business Review, 363–372.

Bailyn, L. (1993). SMR forum: Patterned chaos in human resource management. Sloan Management Review, 34(2), 77–83.

Bakotic, D., & Babic, T. B. (2013). Relationship between working conditions and job satisfaction: The case of Croatian shipbuilding company. International Journal of Business and Social Science, 4(2), 206–213.

Brady, P. Q., & King, W. R. (2018). Brass satisfaction: Identifying the personal and work-related factors associated with job satisfaction among police chiefs. Police Quarterly, 21(2), 250–277. https://doi.org/10.1177/1098611118759475

Buttner, E. H. (1993). Female entrepreneurs: How far have they come? Business Horizons, 36(2), 59–65. https://doi.org/10.1016/S0007-6813(05)80039-4

Cakir, O., & Kozak, M. A. (2017). Designing and effective organizational employee motivation system based on ABCD model for hotel establishments. Tourism and Hospitality Management, 23(1), 69–86. https://doi.org/10.20867/thm.23.1.6

Chatzopoulou, M., Vlachvei, A., & Monovasilis, Th. (2015). Employee’s motivation and satisfaction in light of economic recession: evidence of Grevena Prefecture-Greece. Procedia Economics and Finance, 24, 136–145. https://doi.org/10.1016/S2212-5671(15)00633-4

Damij, N., Levnajić, Z., Skrt, V. R., & Suklan, J. (2015). What motivates us for work? Intricate web of factors beyond money and prestige. PLoS ONE, 10(7), e0132641. https://doi.org/10.1371/journal.pone.0132641

Dar, A. T., Bashir, M., Ghazanfar, F., & Abrar, M. (2014). Mediating role of employee motivation in relationship to post-selection HRM practices and organisational performance. International Review of Management and Marketing, 4(3), 224–238.

Deal, J. J. (2007). Retiring the generation gap: How employees young and old van find common ground. Jossey-Bass, San Francisco, CA, USA.

Diefendorff, J. M., & Seaton, G. A. (2015). Work motivation. In International encyclopedia of the social & behavioral sciences (2nd ed., pp. 680–686). Elsevier. https://doi.org/10.1016/B978-0-08-097086-8.22036-9

Faletar, J., Jelačić, D., Sedliačiková, M., Jazbec, A., & Hajdúchová, I. (2016). Motivation employees in a wood processing company before and after restructuring. BioResources, 11(1), 2504–2515. https://doi.org/10.15376/biores.11.1.2504-2515

Fapohunda, T. M. (2017). Gender and impression management in the workplace. Acta Oeconomica Universitatis Selye, 6(2), 47–56.

Fernández-Muñoz, J. J., & Topa, G. (2018). Older workers and affective job satisfaction: Gender invariance in Spain. Frontiers in Psychology, 9, 930. https://doi.org/10.3389/fpsyg.2018.00930

Freund, A. M. (2006). Age-differential motivational consequences of optimization versus compensation focus in younger and older adults. Psychology and Aging, 21(2), 240–252. https://doi.org/10.1037/0882-7974.21.2.240

Guay, F., Chanal, J., Ratelle, C. F., Marsh, H. W., Larose, S., & Boivin, M. (2010). Intrinsic, identified, and controlled types of motivation for school subjects in young lementary school children. British Journal of Educational Psychology, 80(4), 711–735. https://doi.org/10.1348/000709910X499084

Hayes, J. B., Parks, C. P., McNeilly, S., & Johnson, P. (2018). Boomers to millennials: Generational stereotypes at work in academic librarianship. The Journal of Academic Librarianship, 44(6), 845–853. https://doi.org/10.1016/j.acalib.2018.09.011

Hitka, M. (2009). Model analýzy motivácie zamestnancov výrobných podnikov [Model of analysis of motivation of employees of manufacturing enterprises]. Technická univerzita vo Zvolene, Slovakia.

Hitka, M., Lipoldová, M., & Schmidtová, J. (2020). Employees, motivation preferences in forest and wood-processing enterprises. Acta Facultatis Xylologiae Zvolen, 62(1), 151–164. https://doi.org/10.17423/afx.2020.62.1.13

Hondgesberg, R. (2013). Encouraging motivation of employees. Fleischwirtschart, 93(7), 39–41.

Joniakova, Z., & Blstakova, J. (2015). Age management as contemporary challenge to human resources management in Slovak companies. Procedia Economics and Finance, 34, 202–209. https://doi.org/10.1016/S2212-5671(15)01620-2

Jung, H. S., Seo, K. H., & Yoon, H. H. (2020). The importance of leader integrity on family restaurant employees’ engagement and organizational citizenship behaviors: Exploring sustainability of employees’ generational differences. Sustainability, 12(6), 2504. https://doi.org/10.3390/su12062504

Kamalian, A. R., Yaghoubi, N. M., & Moloudi, J. (2010). Survey of relationship between organizational justice and empowerment (A case study). European Journal of Economics, Finance and Administrative Sciences, 24, 165–171.

Kampf, R., & Lizbetinova, L. (2015). The identification and development of talents in the environment of logistics companies. Nase More, 62(3), 139–142. https://doi.org/10.17818/NM/2015/SI9

Kampkötter, P. (2014). Performance appraisals and job satisfaction. The International Journal of Human Resource Management, 28(5), 750–774. https://doi.org/10.1080/09585192.2015.1109538

Kaylene, C. W., Robert, A. P., Alfred, R. P., & Edward, H. H. (2010). Multi-generational marketing: Descriptions, characteristics, lifestyles, and attitudes. Journal of Applied Business and Economics, 11(2).

King, C., Murillo, E., & Lee, H. (2017). The effects of generational work values on employee brand attitude and behavior: A multi-group analysis. International Journal of Hospitality Management, 66, 92–105. https://doi.org/10.1016/j.ijhm.2017.07.006

Kohnová, L., Papula, J., & Salajová, N. (2019). Internal factors supporting business and technological transformation in the context of industry 4.0. Business: Theory and Practice, 20, 137–145. https://doi.org/10.3846/btp.2019.13

Kropivšek, J., Jelačić, D., & Grošelj, P. (2011). Motivating employees of Slovenian and Croatian woodindustry companies in times of economic downturn. Drvna Industrija, 62(2), 97–103. https://doi.org/10.5552/drind.2011.1040

Kucharčíková, A., & Mičiak, M. (2018). Human capital management in transport enterprises with the acceptance of sustainable development in the Slovak Republic. Sustainability, 10(7), 2530. https://doi.org/10.3390/su10072530

Kumar, N. S., Haque, M. I., & Venugopal, K. (2019). Employment challenges in Saudi Arabia: An attitudinal study. Entrepreneurship and Sustainability Issues, 6(4), 1637–1646. https://doi.org/10.9770/jesi.2019.6.4(6)

Laužikas, M., & Miliūtė, A. (2020). Impacts of modern technologies on sustainable communication of civil service organizations. Entrepreneurship and Sustainability Issues, 7(3), 2494–2509. https://doi.org/10.9770/jesi.2020.7.3(69)

Linhartová, L, & Urbancová, H. (2012). Results of analysis of employee mobility: Factors affecting knowledge continuity. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 60(4), 235–244. https://doi.org/10.11118/actaun201260040235

Malchrowicz-Mośko, E., Młodzik, M., León-Guereño, P., & Adamczewska, K. (2019). Male and female motivations for participating in a mass cycling race for amateurs. The Skoda bike challenge case study. Sustainability, 11(23), 6635. https://doi.org/10.3390/su11236635

Miklosik, A., Evans, N., Zak, S., & Lipianska, J. (2019). A framework for constructing optimisation models to increase the visibility of organizations’ information in search engines. Information Research-an International Electronic Journal, 24(1), 808. http://www.informationr.net/ir/24-1/paper808.html

Miklosik, A., Kuchta, M., & Zak, S. (2018). Monetising content through delivery of advertisements: The case of ad blockers. Ad Alta-Journal of Interdisciplinary Research, 8(1), 175–179.

Monster. (2009). Survey. Research report. http://karriere-journal.monster.lu/beruf-recht/chef-kollegen/ umfrage-mai/article.aspx

Moresová, M., Sedliačiková, M., Štefko, J., & Benčiková, D. (2019). Perception of wooden houses in the Slovak Republic. Acta Facultatis Xylologiae Zvolen, 61(2), 121–135. https://doi.org/10.17423/Afx.2019.61.2.12

Nedeliaková, E., Kuka, A., Sulko, P., & Hranický, M. (2018). An innovative approach to monitoring the synergies of extraordinary events in rail transport [Conference Presentation]. 22nd International Scientific on Conference Transport Means 2018, Trakai, Lithuania.

Niermann, P. F. J., & Schmutte, A. M. (2014). Exzellente management enschidungen. Springer, Wiesbaden. https://doi.org/10.1007/978-3-658-02246-4

Palus, H., Parobek, J., Dzian, M., Simo-Svrcek, S., & Krahulcova, M. (2019). How companies in the wood supply chain perceive the forest certification. Acta Facultatis Xylologiae Zvolen, 61(1), 155−165. https://doi.org/10.17423/afx.2019.61.1.15

Peterson, M. (2004). What men and women value at work: Implications for workplace health. Gender Medicine, 1(2), 106–124. https://doi.org/10.1016/S1550-8579(04)80016-0

Piotrowska, M. (2019). Facets of competitiveness in improving the professional skills. Journal of Competitiveness, 11(2), 95–112. https://doi.org/10.7441/joc.2019.02.07

Pogodina, T., V., Muzhzhavleva, T. V., & Udaltsova, N. L. (2020). Strategic management of the competitiveness of industrial companies in an unstable economy. Entrepreneurship and Sustainability Issues, 7(3), 1555–1564. https://doi.org/10.9770/jesi.2020.7.3(9)

Potkány, M., Debnár, M., & Škultétyová, M. (2019). Life cycle cost analysis for reference prototype building in alternatives of silicate and wood-based structure. Acta Facultatis Xylologiae Zvolen, 61(2), 137–152. https://doi.org/10.17423/afx.2019.61.2.13

Remenova, K., & Jankelova, N. (2019). How successfully can decision-making style predict the orientation toward well- or ill-structured decision-making problems. Journal of Competitiveness, 11(1), 99–115. https://doi.org/10.7441/joc.2019.01.07

Sheehan, C., De Cieri, H., Cooper, B., & Shea, T. (2016). Strategic implications of HR role management in a dynamic environment. Personnel Review, 45(2), 353–373. https://doi.org/10.1108/PR-04-2014-0071

Singh, A. (2014). Challenges and issues of generation Y. Journal of Business and Management, 16(7), 59–63. https://doi.org/10.9790/487X-16715963

Stacho, Z., Stachová, K., & Raišienė, A. G. (2019). Change in approach to employee development in organizations on a regional scale. Journal of International Studies, 12(2), 299–308. https://doi.org/10.14254/2071-8330.2019/12-2/19

Stachova, K., Stacho, Z., Blštáková, J., Hlatká, M., & Kapustina, L. M. (2018). Motivation of employees for creativity as a form of support to manage innovation processes in transportation-logistics companies. Naše More, 65(4), 180–186. https://doi.org/10.17818/NM/2018/4SI.3

Štarchoň, P., Weberová, D., & Ližbetinová, L. (2017). Clustering Czech consumers according to their spontaneous awareness of foreign brands [Conference presentation]. 29th International Business Information Management Association Conference Education Excellence and Innovation Management through Vision 2020: From Regional Development Sustainability to Global Economic Growth, Vienna, Austria.

Szierbowski-Seibel, K. (2018). Strategic human resource management and its impact on performance – do Chinese organizations adopt appropriate HRM policies? Journal of Chinese Human Resource Management, 9(2), 62–76. https://doi.org/10.1108/JCHRM-07-2017-0017

Williams, R. (2013). How to motivate employees. Psychology Today. New York, USA.

Yukseloglu, S. M., & Karaguven, M. H. (2013). Academic motivation levels of technical high schools students. Procedia – Social and Behavioral Sciences, 106, 282–288. https://doi.org/10.1016/j.sbspro.2013.12.033

Zaborova, E. N., Glazkova, I. G., & Markova, T. L. (2017). Distance learning: Students’ perspective. Sotsiologicheskie Issledovaniya, 2, 131–139.

Zemke, R., Raines, C., & Filipczak, B. (2000). Generations at work. Amacom, New York.