Research Project on Business Management Assignment
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Added on 2020-10-05
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In this report, we will analyze the impact of the reward system on the productivity of employees (lorry drivers). A study on Maritime Transport LTD. We will cover the Current rewards system used in organizations in the transport industry and ways to bring improvement in them. Furthermore, we will discuss that a business research project and its Key performance indicator is one of the best ways to bring improvement in the rewards and recognition system within the organization. We will cover the research study that is based on statical data, or numeric figures is called a quantitative study. we will discuss that promotion is one of the best and most current salary programs used by the organization and the benefits outweigh the other rewards programs mentioned above.
Research Project on Business Management Assignment
Added on 2020-10-05
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Business &Management ResearchProject
ABSTRACTThe present dissertation is about the impact of reward system on the productivity ofemployees of Maritime Transport LTD. The aim of study is to identify the Impact of rewardsystem on the productivity of employees (lorry drivers). The research question formulated byresearcher are on the basis of the objectives. The objective is to examine the reward system andthe factors which contribute to their functioning, outlining the performance indicator which canbe used to examine and monitor employees. Another is identifying the relationship between the performance of employees and thereward system and identifying the current reward's system used in maritime Transport LT andways to bring improvement in them. This research study is based on qualitative methods and dataare collected from both primary and secondary sources. The research question are formulated onthe basis of objectives. The research questions are addressed with the help of both primary andsecondary data.Further, report also discussion the Reward system as it is a key to raise motivation ofemployees within organisation. The positive outcomes which are earned as a result of theperformance of employees is called as rewards. From the finding, the best rewards is the mixtureof both Intrinsic and Extrinsic rewards is one of the best practise and it is best for gaining theemployee's satisfaction, raising the productivity, boosting employee engagement, raise the moralof employees and most important increase the rate of retention of employees. Moreover, researcher also provides recommendations to company such as employeeengagement and should organise mixture of monetary and non-monetary rewards for raisingemployees satisfaction and enhancing employee productivity.
TABLE OF CONTENTSABSTRACT.....................................................................................................................................2TOPIC: Impact of reward system on the productivity of employees (lorry drivers). A study onMaritime Transport LTD”. ..............................................................................................................5CHAPTER 1: INTRODUCTION....................................................................................................5Overview of Topic..................................................................................................................5Background of the Research ..................................................................................................6Rationale.................................................................................................................................6Significance of the Research..................................................................................................7Problem Statement of Research..............................................................................................7Aims and Objectives...............................................................................................................8Chapter Structure....................................................................................................................8CHAPTER 2: LITERATURE REVIEW.......................................................................................10Introduction..........................................................................................................................10Rewards system and the factors which contribute to their functioning................................10Relationship between the performance of employees and the reward system. ...................12Current rewards system used in organisation in transport industry and ways to bringimprovement in them. ..........................................................................................................14CHAPTER 3: RESEARCH METHODOLOGIES........................................................................16Introduction..........................................................................................................................16Research Type......................................................................................................................16Research Design...................................................................................................................17Research Approach...............................................................................................................17Research philosophy.............................................................................................................18Sampling...............................................................................................................................19Data Collection.....................................................................................................................19Data Analysis........................................................................................................................20Ethical Consideration...........................................................................................................21Research limitations.............................................................................................................21CHAPTER 4: FINDINGS AND DISCUSSION...........................................................................22
Introduction..........................................................................................................................22CHAPTER 5: DISCUSSION AND CONCLUSION....................................................................36Discussion.............................................................................................................................36Conclusion............................................................................................................................42REFERENCES..............................................................................................................................44
TOPIC: Impact of reward system on the productivity of employees (lorry drivers). A study onMaritime Transport LTD”.CHAPTER 1: INTRODUCTIONOverview of TopicEmployees are the backbone of the company and it is fact that none of the organisationcan achieve success without satisfying the needs and expectation of employees. Employeesmotivation is very important for the success as well as productivity of the organisation.Employees are the valuable assets of the company and key to success. Today in the world ofcompetition, customer satisfaction is very essential which can only be relied from the employees.In motivating the employees, rewards and incentives system plays a great role either it ismonetary or non-monetary rewards or incentives (Faisal Ahammad and et.al., 2015). Withoutemployees, it is not possible for any organisation achieve the desire goals and objectives.If organisations needs to achieve the desire goals and objectives, they have to focus onthe reward's system as it is directly associated with the productivity of the business. There arevarious challenges faced by businesses such as rapid change in technologies, cost ofinfrastructure, financial management, employee turnover, high competition, customersatisfaction and many others. It is very important for organisations to overcome these issues inorder to sustain in the business for longer period. Among all these issues, high employeeturnover is the very big issues of the organisation as it directly hit the reputation of the company. Further, it is also very essential to align the goals and objectives of the company and suchrewards system are usually developed around this. It helps to motivate staff members to boost thesatisfaction and motivation in order to achieve high quality of performance. There is variouspurpose for reward system organised by the company like to retain employees and reduceemployee turnover, raise the productivity in work, motivate employees and reinforce the imageof company among the key stakeholders or future employees. These purposes are ultimately forreaching the aims and objectives in very designated way (Aguenza and Som, 2018). In this present report, researcher will assess the impact of reward system on theproductivity of employees (lorry drivers) in Maritime Transport LTD by using various methodsand techniques.
Background of the Research The present research is based on the Maritime Transport LTD and study will examine theimpact of reward system on the productivity of employee (lorry drivers). Maritime TransportLTD is one of the largest private owned transport and leading multi-modal logistic company inUnited Kingdom. Company offers the complete solution for the supply chain requirementsincluding container transport, freight management, warehousing, curtain sided distribution andcontainer storage (Noe and et.al., 2017). It is transport by water of people or goods i.e.passengers and cargo respectively. John Williams acquire Maritime Haulage and rebranded asMaritime Transport. From 2001 to 20018 company, the period of 18 years Maritime have growninto one of the largest multi-model transport businesses in United Kingdom. Employees motivation is very important as it plays a very important role in raising theproductivity of organisation. It is true if satisfaction and motivation level of employees are downthan it will directly influence the productivity of the company. Motivation and satisfaction ofemployees is influenced by reward system organised by company. Rewards system could be bothmonetary and non-monetary but monetary rewards raise the motivation level as compared tonon-monetary rewards. For lorry drivers, monetary rewards are more suitable as their satisfactionlevel is raised and it will beneficial in raising the productivity level of the company (Rana, 2015).The company must be able to raise the satisfaction level of employees by reward system, so thereward system must be effective and efficient. RationaleThe reason for choosing the topic is to develop understanding over impact of rewardssystem on the productivity of organisation. The study will help in outlining reasons behindemployee turnover which can be managed by effective rewards system. Employees motivation isessential for the success as well as productivity of the organisation. Further, the motive behindchoosing this topic is personal and academic interest on rewards system followed by companies.Apart from this, another reason for selecting this topic is that today in the world of competition,it is very essential to have attractive rewards system in the organisation so that talented peopleare attracted towards the organisation. If the work force is talented, it will surely lead to greatproductivity and probability (Aslam and et.al., 2015). There are various studies has beenconducted on employee’s motivation and major outcomes were ascertained is effective rewards
and incentives within organisation. Thus, these are two reason for selecting this topic forconducting the study. Significance of the ResearchThis present research is very important for all sectors either it is academic or corporatesector. For academic sector, it will help students to understand about the importance of rewardsystem in the organisation and how the research is carried out to assess the impact of rewardssystem in raising the productivity of the organisation. They will come to know the importance ofemployees in the success of company and if in future they open any business it will be veryhelpful for them to control labour turnover and enhance the productivity of their business (Imran,Majeed and Ayub, 2015). On the other hand, this present research is also very helpful for thecorporate sector as they will understand the needs and requirements of employees as well astechniques to enhance the productivity of the company. If organisations are putting efforts on everything like infrastructure, production,marketing, sales by ignoring employees, it is useless because employee are core and key tosuccess. In addition to this, to achieve high quality performance rewards system plays a crucialrole as it is very essential as it also improves cooperation and effective team working at alllevels. Furthermore, reward system also makes the organisation to be more competitive as skilledcandidates will be attracted towards the company through effective and efficient rewards systemin the organisation. Thus, this research study has intense level of significance as it is verybeneficial for the growth and development of entire organisation to its great level in the marketplace. Problem Statement of ResearchThis present research is based on employees and reward system of organisation which isdesigned to manage employee productivity and motivation. Organisations provide rewards andincentives to their employees but still there are many problems. Reward system is one of themost sensitive and complex areas faced by the company. It is because if organisation providevery high rewards system, the cost of production will be raised whereas if the reward system ispoorly designed, it will affect the moral of employees as well as continuously attracts theattention of public through scandals concerning complex rewards and incentive system. Inaddition to this, it is also very problematic for the organisation to satisfy the needs of allemployee because every person thinks differently in the organisation because of differences in
culture, attitudes and belief (Ramdhani, Ramdhani and Ainissyifa, 2017). So these are mainissues which are faced by organisations in organising reward system. Aims and ObjectivesAim:“To assess the impact of reward system on the productivity of employees (lorry drivers).A study on Maritime Transport LTD”.Objectives:To examine the reward's system and the factors which contribute to their functioning. To outline performance indicator which can be used to examine and monitor employeesTo identify the relationship between the performance of employees and the rewardsystem. To identify the current reward's system used in maritime Transport LT and ways to bringimprovement in them. Research Question1.What are the ways to examine the reward's system and the factors which contribute tothere functioning?2.What performance indicator are examined within the current monitoring of employees?3.What is the relationship between the performance of employees and the reward system?4.Why is the company is currently using the reward system approaches they haveimplemented and can these be improved upon? Chapter StructureCHAPTER 1. INTRODUCTION: This chapter is based on outlining the overview ofthe study as well as topic. In this chapter researcher focus on developing a brief understanding oftopic of the research. Aims, objectives and research questions are also formed in this chapter.CHAPTER 2. LITERATURE REVIEW: This is the second chapter of dissertation.Literature review is the like article to review and it is a scholarly paper that includes the currentknowledge inducing substantive findings along with the methodological as well as theoreticalcontribution to a particular topic. CHAPTER 3. RESEARCH METHODOLOGY: This is the third chapter that is basedon the implication of research tools. With the help of research tools, researcher collect, analyse
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