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Total Reward Concept: A Key Motivational Tool For Corporate Ghana

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  • Dr. Olivia Anku-Tsede
  • Ernestina Kutin

Abstract

This paper examines the concept of total reward and its application in motivating employees in Ghana. Total reward as an integral element of reward management is the combination of financial and non-financial rewards given to employees in exchange for their efforts. The aim of total reward is to maximize the combined impact of a wide range of reward elements on motivation, commitment and job engagement. Hence, total reward embraces everything that employees¡¯ value in the employment relationship. In spite of the growing need to pay attention to the concept of total reward, it appears most Ghanaian organisations place more emphasis on traditional rewards that are typically extrinsic and financial in nature. Thus, most Ghanaian organisations pay too much attention to financial rewards at the expense of non-financial rewards. This paper thus examines existing literature on the concept of total reward to determine whether the adoption of total reward strategy could be the answer to corporate Ghana in its bid to obtain maximum efforts from employees.

Suggested Citation

  • Dr. Olivia Anku-Tsede & Ernestina Kutin, 2013. "Total Reward Concept: A Key Motivational Tool For Corporate Ghana," Business and Economic Research, Macrothink Institute, vol. 3(2), pages 173-182, December.
  • Handle: RePEc:mth:ber888:v:3:y:2013:i:2:p:173-182
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    File URL: http://www.macrothink.org/journal/index.php/ber/article/view/4291
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    References listed on IDEAS

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    1. Uri Gneezy & Stephan Meier & Pedro Rey-Biel, 2011. "When and Why Incentives (Don't) Work to Modify Behavior," Journal of Economic Perspectives, American Economic Association, vol. 25(4), pages 191-210, Fall.
    2. Ernst Fehr & Urs Fischbacher, 2004. "Social norms and human cooperation," Macroeconomics 0409026, University Library of Munich, Germany.
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    Cited by:

    1. Eko Oluwajuwon Toheeb & Abdoul Rahman Mhd Al Jounaidi & Maged Mustafa Al-Dubai, 2020. "The Effect of Motivation Factors on the Job Performance: A Case Study of Dangote Cement and Lafarge Cement Companies in Nigeria," International Journal of Research and Scientific Innovation, International Journal of Research and Scientific Innovation (IJRSI), vol. 7(5), pages 45-54, May.

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    More about this item

    Keywords

    Total reward; Financial and non-financial rewards; Employee motivation; Ghana;
    All these keywords.

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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