Chaitanya Malik

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Finance Assistant

Student Number: 159211331

Bachelor of Science in Finance


It is a well-established fact that behind every achievement lays an unfathomable sea of gratitude to those who have extended their support and have helped and contributed their perspectives and conclusions which have helped me in finishing this Assignment/Project, fundamentally Aston University and IWMS Ltd.
I want to thank my mentor, Dudley Gilder for his underlying help and for giving me a few thoughts and zones of research.
I likewise want to thank my Manager who took time to furnish me with an understanding into the invoicing and for agreeing to give me some data which was helpful for this Assignment/Project.
I also want to thank all the employees working in IWMS Ltd for always helping me out in all the situations and keeping the environment positive.
I perceive this opportunity as a big milestone in my career development. I will strive to use gained skills and knowledge in the best possible way.


Executive Summary 4
About the Company 4
Importance of Motivation
Ways to Improve Motivation
Types of Motivation
Theories of Motivation


This report provides an analysis of the importance of Motivation amongst employees and how employees are motivated at IWMS Ltd. There are some charts and diagrams used to visually represent the importance of Motivation in IWMS Ltd.
I have differentiated theories of motivation on Needs Based and Process Based which include Maslow’s Hierarchy of Needs, Erg Theory, Two Factor Theory, Acquired-Needs Theory, Equity theory, Expectancy theory, and Reinforcement theory.
Methods of obtaining data include researching articles on theories, survey of employees and resources, such as university textbooks.
After being able to prove that the above-mentioned theories have an impact on the company and comparing different methods and theories used for Motivation, recommendations will be made to help the company to run better. The recommendations will also have usefulness and limitations regarding the methods suggested.
Finally, the conclusion will be able to show what steps IWMS can take to ensure that it will lead to better functioning of the company with the motivated staff and how the recommendations made are suitable for the future.
IWMS is a waste and recycling service provider for all types of waste for both Household and Commercial purposes in United Kingdom, Scotland and Wales.
We are one of the leading brokers who provide all sizes of bins, skips, prepaid bags, one off collections services and degrade to the best landfills for safe environment.
H;M, Sally Salon, Nisa local, Subway and Five guys are some of our big customers who have shown trust in us and our services for several years.
IWMS has been best in this field because of good marketing strategies, loyalty with customers and safety of our environment.
For instance, there is no hidden charges, we provide Duty of certificate free of cost, and our biggest customer attraction is, “one price for the whole contract.”

A business or an organization is a medium to provide goods or services in exchange of money or valuables. Whether the business is small or big, it is not easy to start a business as it requires business plan and investment
Moreover, when the business is set up, it is highly important that it is running in profit and benefiting the society without causing harm to the external environment. Here at IWMS we provide all types of waste services as explained above. Every business/company/organization have some problems at different levels which can affect business in many ways. It is highly important to find such problems and solve it soon which will be better for both company and employees.
According to my experience in IWMS ltd the most important thing we lack in is MOTIVATION.
Motivation plays an important role for the employees to show their talent and creativity which can be very beneficial for the company in many ways.
“According to Sixtus, Motivation is any positive or negative attitude or act that stimulates and sustains a person’s energy to start and accomplish a desired goal. This means that motivation does not only come by positive acts like incentives and fringe benefits; it also come by negative acts like query and punishment, further explained motivation is a desire/feeling to do something best either through internal or external factors.
A motivated workforce can increase productivity of the output by achieving their personal goal or by fulfilling a need or expectation
Motivation can mainly be of two types:
• Extrinsic
• Intrinsic
But, further it can be divided into 4 parts including personal and peer motivation which is explained later in this essay.
Extrinsic motivation works with the outer factors while Intrinsic motivation or self-motivation has nothing to do with outer factors, its more over an internal feeling/emotion. It is self-motivation to do something good for yourself, for your own satisfaction without using any external factor.
Extrinsic motivation can be done in a group whereas Intrinsic is only for individual. Another drawback of self-motivation is that it is short term, anytime an employee can lose in intrinsic motivation which might lead to failure of his/her goals, so it is important for employer to make sure that all the employees are motivated and are working in a positive environment.
Further let’s see the importance of Motivation in a Company: –
As we all know, motivation is an important factor which helps in achievement of goals by keeping the employees motivated so that they can assist in completing company’s goal. Motivated employees can help in increasing productivity and output. Motivation is an internal or external feeling which can be understood best by employers as they are the closest contact of employees. We can also conclude that motivation is a continuation process as it doesn’t stop by just motivating employees once, they need to be motivated all the time.

1.) Leads to stability of work force

Stability of workforce is an important element from company’s point of view, as it can create company’s image and goodwill. The workers can stay faithful to the undertaking just when they have a sentimental investment in the administration. The abilities and effectiveness of representatives will dependably be of preferred standpoint to employees and employers. This will create a good image of the company in the market which will pull in able and qualified individuals into a worry. As it is stated, “Old is gold” which does the trick with the part of inspiration here, the more seasoned the general population, progressively the experience and their change into a worry which can be of advantage to the venture. Motivated employees will be committed towards their work, if they will be loyal towards their job, they won’t feel the need of leaving their job which will decrease employee’s turnover.

2.) Achievement of Goals

The most important reason of motivation is, it leads to achievement of goals, it helps employees to work in the right direction so that they can be goal directed, motivation of employees leads to best utilization of resources which is an important factor in achievement of goals. Motivation also helps in better communication amongst employees and employers at all levels and increases coordination amongst staff to consume less time. Just achieving the goals is not enough, it is necessary that the goals are achieved efficiently and, in the time provided for the best results. In the process of achieving goals, all the employees should be benefitted as their skills should be improved, they do the task with full attention and hard work and for all this to work in the right manner. Therefore, employees will be motivated to achieve the goals in expectation of getting rewards, once the tasks are completed.

3.) Increases the efficiency of employees.

All the employees are talented and skilled in different fields, but for the best results and output for the company, the employees should be efficient. Therefore, efficiency of the employees can be increase by keeping them motivated. If the employees are efficient it can lead to increase in output which will lead to achievement of goals efficiently.


1.) Personal attention
While teamwork is a vital component of organization achievement, gathering your staff also has focal points in building that “group” mind-set. Nothing beats individual attention when it comes to individual motivation. Bigger the organization, more is the importance of individual attention as there is more chances of an individual to feel disengaged or unrecognised in a huge ocean of specialists. Taking out some time of them individually can boost their morale and can make them feel truly appreciated.

The most ideal approach to this is to offer direct appreciation when an individual surpasses given objective or does some exemplary work, this will make the employee feel recognised which will ultimately lead to enforcing positive behaviour.

On the other hand, we just don’t need to appreciate them when they do excellent work, but when somebody is failing to meet expectations, or is overpowered by an obligation, take that individual for some individual training or one to one talks that can enable that worker to work through his/her issues. This kind of individual attention shows that you’re willing to find a way to make the individual feel better.

2.) Transparency is the key to correspondence
In an environment of transparency, where you speak clearly and openly about the business to your employees and they feel comfortable coming to you with anything that’s on their minds can do a lot to motivate employees at workplace because transparency build trusts ; when staff will get to know that nothing is being hidden from them and that we listen to what they say, they’re significantly more prone to regard you as an expert and value you as a pioneer.
Include employees in big decisions and committed to the direction where company takes. Let them know what is going in the business, no surprises or big shocks for them. This has helped to sustain motivation and increased company loyalty and pride.–Martina Welke, Zealyst
It additionally opens between departmental channels, giving workers and supervisors more prominent clearness and more chances to improve communication and decrease communication gap. Employees are more open to raising what they like and don’t care for, and there are more opportunities to check potential issues from the beginning by getting them out.

3.) Leading is the key to improvement/success
As a leader inside the association, individuals will look to you to set a case for whatever remains of the gathering. One can set a tone, a hard-working attitude, and an arrangement of qualities for the organization whether he/she intend to specifically or not and setting the correct illustration can meaningfully affect the mentality of the group.
Motivation can just not be done by giving them incentives or free time, it’s also about showing them they make a difference and are valued. For instance, in a meeting, let a team member lead the conversation and the topics discussed. This will motivate them to keep their points and ideas which can benefit business in certain ways.
In bigger associations, it’s essential to pass on this plan to every one of the leaders who work exclusively with others, particularly managers and directors. Having steady great cases in all cases can significantly modify the scene of your working environment.

4.) Praise and Reward

Appreciation can be the key to increasing quality of work for an employee. If an employee completes the given task efficiently and the output comes out to be productive for the company, he/she should be praised and rewarded so that they are motivated to excel their work in the future.
It is imperative to be honest to goodness, so discover something that has awed you, regardless of whether it is as straightforward as a worker’s introduction and let them realize that they are doing it well. Rewarding them with incentives will encourage staff, clarify any issues, and re-establish with the employee their expectations of the company and your expectation. Reward can we given in different ways, like, tickets for holidays, Paid leaves or promotion.
Reward should be given according to the needs of the employee, which will give them assurance that
Business is doing well for them and it’s their job to be productive for the business.
Extrinsic Instrinsic
Peer Personal

The above-mentioned table shows the 4 types of motivation which is explained below: –
1.) Intrinsic Motivation
The demonstration of being motivated by inner factors to perform out specific activities and behaviour is called Intrinsic Motivation and can further be explained as feeling of doing something because you want to. Intrinsic motivation cannot be developed by any external factors like incentives, reward and authority

This kind of motivation is hard to explain, it is self-developed. You will never how he/she
Got the motivation from, but in the long run it will be beneficial for the business.
Examples of intrinsic motivation are acceptance, status, pride and respect.

Self-motivation last for longer period and leads to larger satisfaction in comparison to extrinsic motivation. Although self-motivation has many advantages for extrinsic motivation, but the drawback of self-motivation is that it is a lengthy process.

2.) Extrinsic Motivation
Extrinsic motivation or external motivation is completely different from intrinsic motivation as it is totally dependent on external factors, there is a hope of external reward or incentive. Your reward is dependent on how well you do the work or given task, example of extrinsic motivation is increase in pay, benefit packages, bonuses etc.
Extrinsic motivation can also be used to motivate the whole group which can lead to expanding profitability in the business or making a superior learning condition in classrooms
Sometimes Extrinsic motivation can be disheartening as you might not receive what you expected. The term expectations play important role in extrinsic motivation, further explained as, your needs and companies reward might not match which can affect employee’s further performance.

3.) Personal Motivation
As the word explains itself, personal motivation varies person to person, different people can be motivated by different ways, varying on their needs. For example, money can motivate one person but another person might need recognition to motivate him/herself. In accordance for the company to get benefit by motivating employee is to know exactly what kind of motivation that person needs.
Best way to know the best for employees is get close to them, which can be done by providing personal time to them, as employer you need to know what your employee’s goal is and help him achieving it.
Listen to them, make them realise their importance, lead them in the right direction so that they can achieve their personal goal to motivate themselves. Employer can share his/her views which can help them to meet their requirements.

4) Peer motivation
Peer motivation also known as prosocial motivation, i.e. inner desire to do something good for others which depends on individuals’ liberality or focused natures to cultivate development, therefore it goes hand in hand with intrinsic motivation.
Peer motivation can be achieved by different ways, like celebrate other’s achievements which will make the winner happy and will motivate yourself to do better than him/her. Organization can also provide group tasks so that they can perform together and achieve the goals. Moreover, organization can plan group outings for employees so that they can spend some time together.
Out of all the 4 types of motivation, it varies from person to person what can motivate and demotivate them. One’s motivation can be demotivation for other and vice versa. Therefore, organization should know about each of their employees to increase the productivity of the output

We can apply theories of motivation in IWMS ltd for better implantation in the company. These theories will help us in understanding motivation from a deeper point of view. As discussed in essay above there are different types of theories, similarly there are different types of theories which we will categories in 2 parts i.e. need based theories and process-based theories. Let’s begin with Need based theories first: –
All the theories which comes under need-based theories are based on individual needs, these theories will focus on individuals’ need and how can they be satisfies so he/she can achieve their goal and father company’s goals.

1.) Maslow’s hierarchy of needs

This is one of the most common and important theories of motivation studied by Abraham Maslow. This theory is based on simple rules, needs of human beings are ranked according to their value, once we pass the basic needs there is no need of satisfying that or as there is no point because we will aim for higher need and once that is satisfied we will aim to fulfil our wants as Maslow explains in the hierarchy.
The first and most basic need is psychological need which is essentials like food, water, and shelter. These are the needs which are important for everyone, without these these basic amenities no one will be able to focus on anything as they won’t be able to survive without food and water. Once you pass the basic/psychological needs, one focuses to satisfy his/her safety needs which includes safety from threats, stability, security, health and uncertain future. Safety needs and basic needs come under one section. Moreover, these needs can be completed with basic salary provided. Surpassing the 2 basic needs, one lands up to social needs. The word social need is explained as, one wants to make bonds with everyone, make friends or it can be explained as feeling of belongingness. Social need leads to esteem needs which can be explained as status related needs, one wants to be recognised in his/her surroundings, after all these needs he looks to get job status, respect. Dignity etc. Self-actualisation needs are the highest level of needs one looks for, after getting all the respect, status in the society, employee understands the self-potential and wants to grow more, it’s a commitment to ourselves to try to be on top.

2.) ERG Theory

ERG theory is explained by Clayton Alderfer, who categories Maslow’s 5 hierarchy theory in 3 categories i.e. existence, relatedness, growth. Alderfer suggests that at one point of moment more than one need is operational. Moreover, he claims that If the high-level need is satisfied, the urge/desire the satisfy lower level need increases. According to the ERG theory, Clayton suggests that Manager must keep in mind that for an employee there might be more than one kind of need at one time that needs to be fulfilled. Let’s explain the 3 categories of ERG theory: –
The first 2 needs of Maslow is categories by Aldermore in Existence needs like food, water, shelter, job security, medications, protection from theft etc. All these needs are categories as one because of their similar nature and similar impact on an individual. The second need is Relatedness needs which covers social needs and esteem needs of Maslow. These are related to affection, friendship and feeling of attachment with others, individual wants to gain some respect and job status in the society. The last category by Aldermore is Growth needs which covers part of esteem needs and self-actualisation which includes self-realisation to become the best, it’s a feeling of becoming unique, thus growth needs are the needs which make an individual realises to show its maximum potential and grow further.

3.) Two factor theories
The third theory which can help employees in IWMS is two factor theories by Herzberg which is also knows as Hygiene theory. In this theory Herzberg proposed about the factors which are satisfying and dissatisfying for the employees, he further mentioned that opposite of satisfaction is not dissatisfaction which means that factors causing employee satisfaction were completely different from the factors leading to dissatisfaction.
He focused on intrinsic motivation, he believed that an employee’s job Is only correct if he/she can use his/her full ability in it, if that job doesn’t let the employee use their full satisfaction then the employer will be demotivated, that job should be pass on to lower skilled employee.
Herzberg categorised two factors into hygiene and motivators, Hygiene factors include work environment, job policy, salary & benefits and supervision. These factors are named hygiene and are based on extrinsic motivation because when these factors are considered then they cause satisfaction amongst employees but might miss use them and when they are not taken into consideration then leads to dissatisfaction for employees. On the other hand, motivators are based on intrinsic motivation and include personal satisfaction, achievement, praise and respect, all these factors truly motivate employees and short term.
IWMS ltd must consider this theory before considering any of these factors for an employee. Applying correct theory on the right individual is important or it might lead to unproductive output.

4.) Acquired- Need Theory
Among all the need-based theories, acquired need theory or 3 needs theory proposed by David McClelland is appreciated and used. In theory, motivation factors are categorised into 3 categories: – David suggests that according to the preferences and experiences of an individual they fall into one of these categories, achievement, affiliation and power. He believes that an individual who has all these 3 needs believe in self-motivation, are hardworking and after all are challenging.
When there is need of achievement, then the individual believes in risk calculation to achieve his/her goals and love getting feedbacks so that he/she can work on them and be efficient. Moreover, these individuals love challenges and work on difficult tasks so that they can show maximum skills. The second category, need of affiliation is kind of different from achievement as these employees doesn’t like risk taking and uncertainty. If an individual need the feeling of liking or affiliation, then he/she falls in this category. Last and third category is need of power, the individuals who fall in category have a need to control the environment or lead the team. These individuals might misuse the need when it is fulfilled, example if an individual becomes manager he/she can use these powers for their own sake. These individuals seek for job status and recognition.

1. The Equity theory
This theory is based on the idea of fairness. This theory if proposed by John Stacey Adam, he believes that all the employees should be treated fairly, should be given fair amount of work and pay according to it so the employees don’t feel unfair. For e.g., if one individuals are ask to complete a task in particular amount of time and another employee is asked to complete that same task in more time, so the first individual will feel unfair for himself/herself and will get demotivated.
The individuals compare fairness by inputs and outputs which means how much effort they put and what they receive for it in comparison to other employees input and output. If an individual need to be motivated, then they should be Fairley treated. The two words input, and output can be explained as Input is the time, efforts, skills and hard work in putting in the company to keep his managers happy and himself satisfied, and output is what he is getting for that like pay, appreciation, status and benefits which is in hands of supervisors in comparison to his referent/ compared person.
This theory works different for all the employees, some employee will take this unfairness as and challenge and will work hard to meet all the requirements to be treats as the referent while other may take it in the wrong way, and decide to give up on extra work, or complete the job with less efficiency, this will lead to deficiency of skills and might lead that person to lose his job as he/she won’t meet the company’s requirement’s.

2. Expectancy theory

Our second process-based theory is Expectancy theory proposed by Victor Vroom. This theory explains that employee’s outcome is an calculates process which depends on that how much an employee wants a valance, and hope of the employee that the effort put will lead to expectancy and believe that this performance will lead to reward/instrumentally.
The above-mentioned figure explains that* Expectancy * Valence * instrumentally = motivation. These 3 elements explain the relationship of effort-performance expectancy and performance –outcome expectancy).
Valence can be explained as values of the rewards/ counted satisfaction that will result from the outcome. Factors associated with valence are values, goals, expectations, preferences etc. The expectancy explains that the believe employees have the efforts they are willing to put to complete the work will lead to excellent performance from company’s point of view. In this case higher the expectations of them employee for good work, higher will be the expectancy. The third component is instrumentally which explains that there is some positive relation between performance and the goal. Factors including in instrumentally are reward, pay, benefits and bonuses

After analysing the methods and theories of motivation, I recommend following explained theories that can be used in IWMS ltd to keep the staff motivated.

• The first theory is Maslow’s hierarchy theory, this is one of the most recommended theory for all the businesses and I believe it can be used in IWMS Ltd to understand the needs of different employees and implement it for better working of the staff in health and positive environment. Different employees have different kinds of needs, once they are fulfilled, they tend to have higher needs, starting from the basic requirement like food and shelter, employees tend to have needs like self-respect, growth, job status etc that is what Maslow’s theory explained, in the similar way employers at IWMS Ltd need to understand each employee’s needs so that they can fulfil it and keep the employees motivated. It is also important to fulfil correct need for the employee, for instance if an employee freshly joined the business and we fulfil their unwanted need like provide them with holiday but in real they want pay rise or job security, in this case he/she might not be satisfied and be less productive. IWMS can surely apply this theory which can give all the good reasons to employees to be motivated and work to get their higher needs fulfilled.
• The second theory useful for IWMS ltd can be Equity theory proposed by Stacey Adam, just like Maslow’s hierarchy, this theory is favoured by a lot of companies. This theory is related to fairness, all the employees should be fairly treated in relation to workload, pay and other benefits. Every employee wants to get rewarded for providing excellent work, if he/she notice that the other employ is receiving more benefits for the same work that they have been assigned, it will leave to demotivation of that employee. This theory will work in IWMS as we have new interns this year who loves to compete and show their skills. Therefore, I highly suggest using this theory in IWMS ltd, as it is simply and easy to implement, no expenses, no extra work required, just need to make sure that all the employees are treated fair on all levels to keep them motivated.
• The third theory according to my experience which can be beneficial for IWMS is Acquired need theory. In this theory David explains that dividing the needs of employee in 3 categories, which will help to put them in one of these categories can help to fulfil their wants in right way. The 3 categories are as follows, achievement, affiliation and power. This theory will lead to right judgement of lack of needs in all the employees respectively. This theory is different from Maslow’s as we don’t have to fulfil their needs step by step going from basic to self-realisation needs, either you get to know the preferences and choices of an employee. This theory can bring tremendous positive changes in IWMS amongst the fresh new talent as using this theory employers can satisfy their needs according to their preferences like who wants feedback or wants one to one sessions or the staff who fall in affiliation which doesn’t like to take risk or doesn’t like uncertainty, or the power need staff. This theory is perfectively suitable for business like IWMS ltd.

• Fourth theory suggested is ERG theory by Clayton Alderfer. As we have studied above about the ERG theory, this theory is important for IWMS ltd as it will help managers to understand that sometimes employees can have different needs which needs to be satisfied at the same point. It will also help managers to understand that as a lower level need on an employee is fulfilled, they will be seeking for higher level needs. Managers will get to understand the relation between time and satisfying needs, for instance if the managers delay satisfying initial needs of an employee, he/she might seek for other needs like growth or socialisation needs, this will lead to frustration amongst employee which is not good from company’s prospective, that’s why managers need to fulfil the right needs for employees at the right time. However, it can be a limitation for IWMS as it conflicts Maslow’s hierarchy of needs. Maslow believes that an employee can pass to higher level need if only his current need or lower level need is fulfilled whereas Alderfer implies that there can be two needs at the same time to be satisfied for an employee.

After 8 Months of work experience in IWMS ltd, I have learned and improve a lot and developed new skills. I was able to understand that lacking or excess of any element in the company can be harmful and affect a company in different ways. But here in IWMS, I have realised that how lack of motivation can have tremendous effect on a business. In the above essay, I have tried to explain some suggestion which can be helpful for IWMS in case of lack of motivation. I have provided some useful theories and ways how motivation can increase output by motivating employees in different ways. Of all the suggestions made above some of them have their own merits and demerits and obvious not all of them are correct. All the theories explained are mostly useful for all the businesses but cannot be that productive, from all the experience and understanding I have tried to provide best ways to improve motivation amongst employees. All the mentioned theories are proposed by world’s best professors which can be implemented in different environments. Types of motivation can help to categorise employees to choose what, the best method to motivate them and importance of motivation can help employer to realise how and what can motivation can benefit to their business. At last, using the above ideas is in the hand of IWMS ltd, I have tried to explain best of the theories and methods for the company. I want to thank everyone who has trained me and helped me to increase my skills and to know the importance of working in the Company.
After working 8 months in IWMS ltd, I have been able to learn and develop lot of new skills. I have been able to recognise that what I really from this industry and how it can help me achieve my goals in the future. I have always wanted to do something in the field of finance, which here in IWMS ltd I got a chance to step into the finance sector. Here, I have learned the that how one element of management can affect the Business- Motivation. While learning the management skills, I have been able to develop myself as a person, I have learned the ways of moulding myself to fit in the changing environment.
Here in this assignment I have tried to explain the element IWMS lacks behind in. Theories and methods have been explained above to give as suggestions which can help supervisors in IWMS ltd to motivate their employees. Importance of motivation is also explained so that supervisors can realise the importance of motivation and its benefits. Types of motivation can help the managerial level employer to understand where the employees can fit and to categorise them accordingly. All these are suggestions provided on the work experience in this company, which has merits and demerits. On obvious case not, everything suggested will work for this company and can have bad affect. Therefore, supervisors can take suggestions from the assignment and rebuild or mould according to the specific needs in IWMS LTD

Choose either green or blue ?


What is Motivation? Definitions of Motivation by Different Authors


Management and Motivation, Vroom, V.H., Deci, E.L., Penguin 1983 (first published 1970)