Incentive schemes for treasury dealers in Singapore - policies, practices and effectiveness.

• Main Authors: Chiang, Benjamin Wing Wai., Lee, Wen Long., Yong, Siew Fung.
• Other Authors: Tan Mui Siang, Patricia
• Format: Final Year Project
• Language: English
• Published: 2013
• Subjects: DRNTU::Business::Accounting
• Online Access: http://hdl.handle.net/10356/51799
• Institution: Nanyang Technological University

The purpose of this research undertaking is to evaluate the effectiveness of incentive schemes in Singapore. This project focuses on incentive schemes implemented in the financial sector, particularly among the dealers. Many motivational theories had supported the use of incentive schemes to influence the behaviour-outcome relationship among the employees. However, incentive schemes can only be effective in achieving the outcome that management desires if it is properly designed and implemented. Therein lies the importance of our research undertaking, by looking at the effectiveness of incentive scheme, from the viewpoint of the dealers and their employers, we will be able to gauge the success of the incentivc scheme in motivating the dealers to achieve the organisational goals. In addition, certain recommendations are made regarding the design and implementation of incentive schemes, hopefully, for improving the effectiveness of the incentive schemes. To obtain the research data, questionnaires were addressed to 110 financial companies selected randomly from the business listings phone directory. One notable point is that the research findings suggest that not all companies implement incentive schemes for their dealers. The majority of those companies which implement incentive schemes are companies with twenty or more dealers. However, we recommend that all companies should implement incentive schemes as incentives not only help to satisfy an employee’s needs, but it also serves as a reward for better performance.