Financial and non-financial motivation of managers

Purpose: Appropriate motivation of managers is an important element in achieving the intended financial results of the organization and the implementation of its strategy. The aim of the study was to assess the existing financial and non-financial system of managers employed in the chemical industry and their expectations. Design/methodology/approach: The research was aimed at finding out which elements of motivation are best perceived by managers and what additional elements are worth applying to achieve better efficiency in their work. The study used purposive sampling, the respondents were representatives of the management staff at both the chief executive level as well as directors and managers. The research tool was a questionnaire. Findings: Managers pointed out that the most common component of variable remuneration is the bonus (95%), which depends on the results of their work. In terms of salary supplements, medical care is the most valued. However, the factor that most motivates most to work is a stable income and job security. Research limitations/implications: The analysis is based on respondents' subjective declarations. Practical implications: Those in charge in the organization should be aware of the needs and expectations of managers in terms of financial and non-financial elements of remuneration that affect the level of their motivation to work. Social implications: An analysis of managers' needs and expectations regarding financial and non-financial motivators especially in the chemical industry can be the basis for building or optimizing these systems in the organization. Originality/value: the research results presented are related to the motivation of managers in the chemical industry – there are only very few publications on this topic