Success or failure of a project is among other things dependent on the motivation and commitment shown by the project members involved. Therefore Management generally looks on to create a motivation environment where project members can work at their optimum efficiencies to achieve the targets or goals of the company. The goals of individual project members are/should brought in line with overall project goals.
There are several ways which are influencing a project outcome, many ways to stimulate project members to show outstanding commitment and ensure a promising project performance. Evaluation of performance should be effective. That is the major reason why monetary incentives aiming straight at project performance are still few and far between in companies.
Some of the methods that will influence a project by increasing the effort on project members are known to be financial nature.
Inhaltsverzeichnis (Table of Contents)
- Introduction
- What is salary / monetary incentive?
- Performance Management System
- Measuring and paying for performance:
- Key tool and non-vindictive:
- Review of performance elements:
- Critical elements:
- Non-critical elements:
- Influence of incentive: Best pay for best project members
- Conclusion
- Bibliography
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This study examines the role of salary and monetary incentives in driving project performance. It aims to analyze how project members' motivation and commitment can be influenced by these factors. The study explores methods for measuring project performance, the potential benefits and drawbacks of using monetary incentives to enhance performance, and the challenges associated with implementing such systems effectively.
- The importance of project member motivation and commitment for project success.
- The relationship between salary and monetary incentives and project performance.
- The role of performance management systems in aligning employee performance with project goals.
- The challenges and opportunities associated with using monetary incentives to boost project performance.
- Strategies for creating a motivation environment that fosters effective project work.
Zusammenfassung der Kapitel (Chapter Summaries)
The study begins by introducing the critical role of motivation and commitment in project success. It highlights the need for effective incentive systems to foster efficient project work.
Chapter 2 provides a clear definition of salary and monetary incentives. It explains how salary encompasses fixed compensation for task performance, while monetary incentives are performance-based rewards.
Chapter 3 delves into the intricacies of performance management systems. It discusses the importance of a strategic approach to compensation, aiming to reward performance and recognize skills. It also examines the role of performance management systems in ensuring project members meet the set standards and targets.
Chapter 4 explores the direct link between financial incentives and project performance. It investigates how providing higher compensation to high-performing project members can lead to improved project outcomes.
Schlüsselwörter (Keywords)
This study focuses on the key concepts of project performance, motivation, commitment, salary, monetary incentives, performance management systems, strategic compensation, and the impact of financial incentives on project outcomes.
- Quote paper
- Dr. Kadir Yilmaz (Author), 2009, Influence of salary and monetary incentives on project performance, Munich, GRIN Verlag, https://www.grin.com/document/127432
