REVIEW OF SOME REWARD THEORIES

Reward policies and practices are largely founded on assumptions about factors affecting the motivation of people to join and stay with the organization and to work hard and effectively while they are there. Reward policies can be no better than the motivational theories and belief upon which they are based; indeed reward systems are designed on the assumption that the only thing that motivates people is money.

As stated earlier, this study is theoretically based on Maslow’s theory of Needs Hierarchy though other reward and motivational theories would be taken into consideration. Of course, since 1954, a lot of empirical research have been done to investigate the relevance of Maslow Theory. These are presented in the review of empirical studies.