Influence of salary and monetary incentives on project performance

Essay from the year 2009 in the subject Leadership and Human Resources - Miscellaneous, grade: 1.7, University of Applied Sciences Berlin, course: MBA-Project Management, language: English, abstract: 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.