Do intrinsic rewards matter for real estate agents?

Abstract

<jats:sec> <jats:title content-type="abstract-subheading">Purpose</jats:title> <jats:p>Rewards’ management has long been used as a panacea to promote job satisfaction and labour retention. However, the relationship between these variables is not clearly defined in the real estate industry, due to the scarcity of empirical studies. The purpose of this study is to evaluate the role of both satisfaction with intrinsic rewards (SIR) and satisfaction with extrinsic rewards (SER) on job satisfaction and turnover intention in the real estate industry.</jats:p> </jats:sec> <jats:sec> <jats:title content-type="abstract-subheading">Design/methodology/approach</jats:title> <jats:p>Using a sample of 220 employees from the three largest real estate agencies in Portugal, the study analyses a conceptual framework and tests hypotheses by using partial least squares (PLS), along with importance-performance map analysis (IPMA).</jats:p> </jats:sec> <jats:sec> <jats:title content-type="abstract-subheading">Findings</jats:title> <jats:p>Results indicate that both SIR and SER have a positive impact on job satisfaction. However, SER has a stronger impact on job satisfaction. Satisfaction with rewards and job satisfaction are negatively related to turnover intention. Job satisfaction mediates the relationship between satisfaction with rewards and turnover intention. Results also show gender and age differences. SIR is more important for women and younger agents. SER has similar importance for men and women, but higher importance for older agents.</jats:p> </jats:sec> <jats:sec> <jats:title content-type="abstract-subheading">Research limitations/implications</jats:title> <jats:p>Findings of this study extend the existing literature on rewards satisfaction and turnover intention to the context of the real estate industry. They present a contribution to the current debate on extrinsic vs intrinsic rewards for this particular industry.</jats:p> </jats:sec> <jats:sec> <jats:title content-type="abstract-subheading">Practical implications</jats:title> <jats:p>Following the results of this research, real estate managers should consider intrinsic rewards because they also play a role for job satisfaction and turnover intentions. Human resource managers should consider identifying employees’ needs and motivations and then implement adequate strategies to promote their job satisfaction because it plays a mediating role between satisfaction with rewards and turnover intention. Reward strategies should also consider gender and age differences by giving women and younger agents more recognition, responsibilities and other intrinsic rewards because they are important for their job satisfaction.</jats:p> </jats:sec> <jats:sec> <jats:title content-type="abstract-subheading">Originality/value</jats:title> <jats:p>Previous studies on real estate agents rewards appear to have only focussed on extrinsic rewards. To the best of the knowledge, this is the first study to analyse the effects of SIR on job satisfaction and turnover intention in the real estate industry. Also, to the best of the knowledge, this study is original in the use of IPMA to detect gender and age differences.</jats:p> </jats:sec>

Intrinsic Rewards and Employee's Performance With the Mediating Mechanism of Employee's Motivation

“…The findings of their study showed that intrinsic rewards related positively with satisfaction with the organization and intentions to stay at both time periods, with programs supportive of employee innovation further enhancing employee satisfaction and retention more strongly during the change effort. Furthermore, Mosquera et al (2020) evaluated the role of satisfaction with intrinsic rewards in the three largest real estate agencies in Portugal. The results of their study indicated that intrinsic rewards have a positive and significant impact on the job satisfaction of the employee.…”

House price index (HPI) and Covid-19 pandemic shocks: evidence from Turkey and Kazakhstan

“…Despite, there are mixed findings on real estate pricing in general; some studies reveal that pricing behaviour is asymmetric (Annamalai et al , 2014; Cheng et al , 2019; Filotto et al , 2018), some studies found symmetric pricing behaviour of Covid-19 pandemic shock is also assumed to be an obstruction to the global economy which may be driven the negative expectation of investors’ income on HPI and could be further explained by rockets and feathers effects in support of the uneven movement of pricing behaviour. Obviously, series of studies investigated HPI from different perspectives due to undisputable contributions of real estate sector to the growth and development of national economy in particular and global economy in general (Annamalai et al , 2014; Apergis, 2015; Barros et al , 2012; Jadevicius and Gool, 2020; Mosquera et al , 2020; Tanrivermiş, 2020) and changes in the housing market could be dramatically observed (Kaya et al , 2019). Furthermore, findings on housing pricing behaviour remain inconclusive, therefore, related studies on asymmetric and symmetric of real estate pricing level discussed in the next two subsequent sections.…”

“…House price index (HPI) is a real estate related financial asset and real estate sector contributes substantially to the economic growth and development of several countries such as Turkey economy (Kaya et al , 2019; Tanrivermiş, 2020), Australia economy (Gholipour et al , 2019; Wang et al , 2017), India economy (Annamalai et al , 2014), Portugal economy (Mosquera et al , 2020) and Netherland economy (Jadevicius and Gool, 2020). In general, the role of real estate sector is indispensable to the economy of any nation (Abidoye et al , 2019) and becoming essential investment tool for individuals and administrations (Kaya et al , 2019).…”

Reward System, Employee Engagement, and the Role of Employee Satisfaction as Mediating Variable

“…The researchers adapted the questionnaire by dividing it into three sections for each variable. The reward system variable section consists of three items (Mosquera et al, 2020) followed by 17 items in the employee engagement section using three dimensions: vigor, dedication, and absorption. In addition, two items in the employee satisfaction section consist of two dimensions: ob performance and satisfaction (Mosquera et al, 2020).…”

“…The employees tend to work more effectively if their pay is adjusted to performance. However, financial rewards are not the only way to motivate employees to achieve higher levels of performance (Mosquera et al, 2020). Yoon et al (2015) stated that extrinsic rewards can make employees work creatively.…”