International Journal of Contemporary Business Studies

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International Journal of Contemporary Business Studies Vol: 3, No: 11. November, 2012 ISSN 2156-7506 Available online at http://www.akpinsight.webs.com retain, recognize and reward best talent i.e., high performing employees (Suri GK et., “Rethinking incentives and reward management 2003). This system has four elements: 1. Base pay matched close to competition, according to the company’s ability to pay and attract quality talent. Base pay serves as a platform for variable pay 2. Variable pay is the centerpiece of the total compensation approach. 3. Methods include gain sharing; win sharing, lump-sum bonuses, individual variable pay and so forth. It is flexible and links the future of the firm and employees in a positive manner. 4. Indirect pay adds cost-effective benefits keyed to supporting the goals of the company and sharing costs. Impact of reward on the performance: Research suggests that the positive consequences or rewards, whether they be internal, external, tangible, or intangible, are most effective when they occur immediately following the specific action being rewarded and when the reward occurs at a high frequency. In other words, small awards received immediately and frequently seem to have more effect on performance than larger rewards delivered long after performance and infrequently. The only reward managers’ control that meets these high-frequency requirements is the manager's specific verbal compliments about performance. These compliments can be delivered at a high frequency, immediately following performance, and are very inexpensive. "Significant other" is a clinical term used to identify the relative importance of one person in another person's life. Acceptance or rejection of a person from the significant other has a lot more value than the same response from anyone else. So the verbal or e-mail compliments about performance do influence performance. Analysis of the work environment reveals that employees' rewards come from only three sources: the work itself, fellow employees, and the boss. (Source: navis.gr) Objectives: 1. To find the relative strength of the monetary and nonmonetary rewards being offered with respect to motivation of the employees in different organizations. 2. To understand the employee perspective about rewards. 3. To make appropriate recommendations to determine a package of monetary and nonmonetary rewards to help in increasing employee motivation. Hypothesis H = reward does not influence the motivation of employees. H₁ = reward influences the motivation of employees. METHODOLOGY: Sample size: 300 corporate respondents from different organizations. Sample description: Face to face interview and questionnaire to collect information Tools used: Percentage analysis Software: SPSS, MS Excel Sources of data: Construction companies, Commercial banks, RMG, Manufacturing Concerns, Stock exchange, MNCs, Private Universities, Steel companies, NGOs, etc. Limitations: I. The research investigation is confined to limited sources. II. The response could be subjected to prejudice/bias/reticence of the respondents. Copyright © 2012. Academy of Knowledge Process 24
International Journal of Contemporary Business Studies Vol: 3, No: 11. November, 2012 ISSN 2156-7506 Available online at http://www.akpinsight.webs.com DATA ANALYSIS AND INTERPRETATION: (Inferences from the table 1 to 11 have not been made as respective percentage columns are self explanatory) 1 Responses regarding the importance of being recognized for doing a good job (by managers, clients or colleague) No. of responses Percentage Strongly disagree 0 0.00 Disagree 0 0.00 Neutral 5 1.67 Agree 45 15.00 Strongly agree 250 83.33 Total 300 100.00 2. Responses regarding Opportunities for learning and developing new skills are very important to me: No. of responses Percentage Strongly disagree 0 0.00 Disagree 0 0.00 Neutral 1 0.33 Agree 59 19.67 Strongly agree 240 80.00 Total 300 100.00 3. Responses regarding the importance of receiving formal monetary recognition in return of efforts. No. of responses Percentage Strongly disagree 0 0.00 Disagree 0 0.00 Neutral 20 6.67 Agree 100 33.33 Strongly agree 180 60.00 Total 300 100.00 4. Responses regarding the motivating factors for employees: Job Vs Pay No. of response Percentage The job that I am doing 144 48.00 The pay that I receive for doing the job 156 52.00 Total 300 100.00 Copyright © 2012. Academy of Knowledge Process 25
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