Thesis (Ph. D.)--Indiana University, 1996. / Vita. Includes bibliographical references (leaves 180-199).

Thesis--Katholieke Universiteit te Leuven. / Includes bibliographical references (p. [205]-217).

Given the current economic climate, organisations and their management teams are faced with many decisions. Cost cutting policies, restructuring decisions and downsizing decisions are under consideration before implementation. Furthermore, these decisions and policies may have a negative effect on employees and could sway motivation, loyalty, morale, attitudes and views of employees.This research considers the impact of the reward systems and programmes, monetary and non-monetary rewards, as a means of motivating employees to achieve organisations identified strategic objectives. Many organisations face the dilemma around what the ideal reward programme should be in order to increase employee motivation and at the same time achieve the organisational objectives. The purpose of this research was to discover whether a well-designed reward programme would result in the motivation of employees.A questionnaire was developed using reward categories from the WorldatWork Total Reward Model and the Towers Perrin Total Rewards Effectiveness Blueprint. This was administered to a sample of past and present MBA students from a Johannesburg based business school in order to elicit responses around the aspects of their individual reward preferences and their organisations reward preferences. Data was gathered to understand the preferences between the various monetary and non-monetary reward categories and elements. The sample group of 180 respondents participated through a self-administered on-line survey. Statistical analysis was conducted on the data which involved both descriptive and inferential statistics.The results of the survey indicated that both organisations and employees recommend financial benefits as being the most important reward category. However, there was more of a preference from employees for career development, coaching/mentoring and work life balance than there was from the organisations. Furthermore it is evident from the results that organisations are utilising a combination of both monetary and non-monetary rewards, as a share of the reward package in relation to the varying needs of the labour force. Given the current economic climate, there is a major case for providing more value on non-monetary rewards to motivate employees, given the cost pressures faced by organisations. Although monetary rewards were rated as being the most important, there is an opportunity to combine them with non-monetary rewards and presented to an individual as a reward package.The reward approach can only be maximised by organisations if they understand the needs of employees based on the understanding of employee preferences; the dynamic nature of the work force and the potential impact on external factors. It is recommended that a new reward framework be designed to incorporate the reward preferences and expectations of both the employee and the organisation whilst taking into account the effect of the external environment, the job design and the link between the expectations from the organisation and the individual. / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted

published_or_final_version / Economics and Finance / Doctoral / Doctor of Philosophy

The thesis evaluates the role of the central bank in preserving financial stability and analyses the consequences for the structure of banking supervision and payment systems. The first chapter examines whether there is a need for a lender of last resort to maintain systemic stability. The literature on the concept of lender of last resort is critically assessed. The crucial issue is whether there is contagion risk in banking. A model is constructed to test for contagion risk. The results indicate that there is contagion risk in banking. An initial failure could generate further failures without intervention by the authorities. There is, therefore, still a role for the central bank as lender of last resort to assist ailing banks, whose failure may have a systemic impact. The second chapter investigates whether it then follows that the central bank should conduct banking supervision. The main argument for separating the functions of monetary policy and banking supervision is that combining them might lead to a conflict of interest. An argument against is that separation is inconsistent with the central bank's concern for systemic stability. In a cross-country survey of 104 bank failures, a trend towards using tax-payers' money for bank rescues is observed. This strengthens the case for assigning the supervisory function to a government agency. But it would be difficult to have a complete division, since the central bank generally remains the only source of immediate funding. The final two chapters deal with interbank payment systems. The third chapter reviews existing payment system arrangements and highlights their shortcomings. Payment systems are the key channels for the spread of systemic risk. It is found that central banks are currently the implicit guarantors of payment systems. The fourth chapter presents a model to analyse the alternatives for reducing the fragility in payment systems. The first is private loss-sharing in case one (or more) of the participants fails to settle. A methodology to measure the cost of loss-sharing is developed. Alternatively, banks can move to gross settlement, but banks need collateral before making payments. The trade-off between collateral holdings and payment delays is incorporated in the model. The results indicate that the estimated cost of gross settlement exceeds the expected value of settlement and systemic risk in net settlement. 2

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