Concept of Reward System - PDF

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Added on 2019-12-28

Concept of Reward System - PDF

Added on 2019-12-28

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Business research report proposal1

Table of ContentsINTRODUCTION................................................................................................................................3Overview...........................................................................................................................................3Aims and objectives..........................................................................................................................3Problem statement............................................................................................................................4Significance......................................................................................................................................4LITERATURE REVIEW.....................................................................................................................4Concept of reward syste....................................................................................................................4Intrinsic and extrinsic, monetary and non-monetary tools of reward mechanism............................4Impact of reward system on business performance..........................................................................5RESEARCH QUESTIONS..................................................................................................................5RESEARCH METHODOLOGIES......................................................................................................6Sampling techniques.........................................................................................................................6Methods of analysis..........................................................................................................................6RESEARCH PROCESS.......................................................................................................................7EXPECTED OUTCOME.....................................................................................................................7CONCLUSION....................................................................................................................................7REFERENCES.....................................................................................................................................82

INTRODUCTION Title: “To analyse the impact of reward system on organizational performance, A case study ofMarks and SpencerOverviewIn the current dynamic corporate world, companies are requiring to effectively manage theirworkforce to survive successfully in the intensively competitive working environment. Over theyears, workers became the core strength of the firm that can bring either success or failure to theentity. In the present challenging and competitive market place, firms are require to motivate andinspire their workers to push their talent, capabilities and potential so that they can put work hard tomeet targets (Geard, 2015). Reward mechanism is considered as one of the powerful strategy that helps firm to cope upwith the prevailing market conditions and changing world. Both the tangible as well as intangiblemotivational factors and monetary as well as non-monetary awards like better working conditions,health benefits, pension, contributory schemes, appreciation, high remuneration, moreresponsibility, bonus, incentive, involvement in decision-making, freedom or autonomy and manyothers play an essential role in rewarding workers and thereby motivate them to perform well(Yoon, Sung and Choi, 2015). The present project report will highlights the key findings about both the financial as well asnon-financial reward system and its effectiveness in motivating and improving workersperformance. It will be discussed in the context of Marks and Spencer (M&S) which is a leadingBritish retailer that serve global consumer base by merchandising food, grocery, and clothingproducts. In the report, researcher will investigate that how reward mechanism impact staffproductivity and overall business performance to ensure long-run survival. Aims and objectivesAim: “To investigate the role of reward system in enhancing business performance”, A case studyon M&SObjectives:To investigate the role of reward mechanism in retail industryTo identify different types of intrinsic and extrinsic rewarding tools to encourage peopleTo analyze the impact of reward system on M&S’s business performanceTo recommend the most effective solution to M&S to create the best reward programme3

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Concept of Reward System - PDF