Reward Management | Human Resources Assignment

Added on - 27 Jan 2020

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Research Project
Table of ContentsCHAPTER-1..................................................................................................................................31.1 Research project outline specification.................................................................................3Research aims and objectives.....................................................................................................3Objective of an organisation.......................................................................................................3Objective.....................................................................................................................................4Questions.....................................................................................................................................51.2 Factors..................................................................................................................................51.3 Literature review..................................................................................................................5Data analysis and discussion.......................................................................................................61.4 Methodology, methods, and techniques................................................................................91.5 Gantt chart..........................................................................................................................12CHAPTER-2..................................................................................................................................142.1 Relation between research question and hypothesis...........................................................142.2 Data collection...................................................................................................................152.3 Research investigation........................................................................................................16CHAPTER-3..........................................................................................................183.1 Research evaluation techniques..........................................................................................183.2 Interpretation......................................................................................................................183.3 Recommendation.................................................................................................................20CHAPTER-4............................................................................................................................214.1Conclusion............................................................................................................................21REFERENCES..............................................................................................................................29
CHAPTER-11.1 Research project outline specificationConsumer should be loyal towards the organisation and its products as it can make manythings better in the organisations part. The consumer loyalty is result of the consistently shouldbe contain the positive emotions, physical attribute based satisfactions and they should have theperceived value of an experience(Allaway and et.al., 2011).The customer loyalty particularknown as the consumer who use the products and the services of particular company brand andfrom one shop is an consumer who is loyal towards the company. The reward schemes are beendone in the organisation to the employees in change of the exchange of the performance whichthey use to do.Research aims and objectives.AimsTo access theConsumer loyalty and rewards schemesObjectivesTo analysis that why consumer loyalty is necessary.To ascertain that how reward scheme is important to the company.Objective of an organisationReward management is used in business to attract potential employees in theorganisation. it has been analysed that reward scheme is very important to the employees as dueto rewards they will be motivated and will use their full potential and will work harder as due torewards they will feel more committed and due to all this there will be an increase in theirproductivity and it will also benefit the organisation. As rewards will be awarded to employeeson achievement of targets and goals, they will be motivated to achieve those targets in order togain their rewards and also they will want to prove themselves as efficient in comparison toothers. it has been depicted that absenteeism will be reduced in an organisation due to theintroduction of reward scheme(Bell, 2014).Due to reward scheme they will want to achieve thetargets and for that they will avoid taking leaves sop that the set goals could be achieved on time.Also with the help of reward scheme loyalty of employees will also be increased as it will makethem feel valued and they will think that they are important for the company and their views alsomatters to the organisation and by this they will remain loyal as they will be happy with their
working atmosphere. it has been interpreted that by providing different incentives andrecognitions under the reward scheme will boost the morale of the employees. It will providethem with clear purpose and focus which will increase their morale and will encourage them infulfilling the targets and achieving the goals(Gómez, Arranz and Cillán, 2012). There arevarious benefits of the reward scheme which they are discussing and one of them is theteamwork which says that due to the reward scheme teamwork spirit will be increased in theorganisation. Employees will be promoted teamwork due to this scheme. In order to achieve thetargets in return of the rewards the employees will be motivated to work as a part of team and bydoing so they will be able to achieve the targets more easily as working in team will reduce theconflicts among them which is sometimes the major hindrance in achieving the objectives.Overall with the teamwork their will be an increase in the level of efficiency and due to this ahappier workplace will be createdObjectiveLoyal customers are always more beneficial than other customers. it has been analysedthat loyalty of customer is very important for any business due to various reasons. Loyalcustomers will stay longer with the company. Loyalty of the customer depends upon the qualityof the product supplied to them as customers always like to buy from the trusted supplier. Oncethey will get familiarised with the product and will have their trust build they will never leaveuntil their trust is broken or if they get better and cheaper products due to the entry ofcompetitors in the market. So it is important to fulfil the needs of the customer and also be awareof the potential competitors(Bijmolt, Dorotic and Verhoef, 2011). it has been depicted that thefrequency of purchase in case of a loyal customer is much more in comparison to othercustomers. It means that loyal customers will buy more and more as usually loyal customers tendto do their shopping from their fixed and selected sellers. A part from it loyal customers evengive their suggestion as to which new products they want to be added so it is considered veryimportant to listen to the suggestions of a loyal customer and what they want. Loyal customerwill need less support in comparison to other customer as they are aware with all the services andin case of any issue can solve it from self service portal and due to this less cost will be requiredto be incurred in serving them. it has been interpreted that company is guarded from the pricecompetition with the help of loyal customers. In the time of competition loyal customer will notcheck the prices as diligently as the other customers will be doing. This will be because of the
reason they trust you and that trust should never be broken and should keep a check about whatthey are thinking(Bell, 2014). Loyal customers help in promotion of the product. In other wordsit can be said that they will act as a brand to the product as they will surely share thereexperience with their family and friends and will say only good about the product which willcompel others also to come and purchase from that vendor thereby increasing the profitability ofthe company and also making a strong customer base.QuestionsWhy customer loyalty is required to attain objectives?Why reward scheme is important for company?1.2 FactorsThere are different elements which help or they may put their own part of theinvestigation. There some criteria by which an organisation will get proper help in doing theeffective research:Marketing factors- This helps the organisation in attracting more customers by providingthem products and services according to their choice, so for this they have to know aboutall the required things happening in market area and all and this will also aid organisationin knowing about market environment. The main job of the marketers is to convey all themessages which they want to give to the customers(Chen and Pearcy, 2010).Financial factors- This is the most effective method as this will help researcher to choicethe project in accurate manner. It will be very problematic for a researcher to carry outhis research in required way. In all the things finance is required.Administration factor: They have the authority to select or to reject any of the projectswhich a company is working on as they have the main duty to look after all themanagement related works in a organisation.1.3 Literature reviewCustomer loyalty is indicator of how much a customer is devoted to the product andservices of an organisation. It also shows that how strong is his tendency that he will choose theselected brand over any other brand. Loyalty of a customer is beneficial to an enterprise in manyways and to maintain that loyalty company will also be required to fulfil the wishes of thecustomer ans to meet the needs and expectations of them by inculcating new and better product
lines. According toCross and et.al., (2010),They will have to maintain a good relation withthem and should take all required steps so that the trust that customers have on them is neverbroken. Reward scheme is the scheme in which monetary as well as well as non monetarybenefits or incentives are being provided to the employees in return of the work done by them.Due to these rewards the efficiency of the employees will be increased and they will bemotivated to complete their work so as to achieve the set targets and goals as they will be gettingrewards in exchange of it only. And due to this company will have a great benefit. These will bediscussed in detail in the below mentioned report. According to the viewsDorotic, Bijmolt andVerhoef, (2012),it has been portrayed that truancy will be lessened in an association because ofthe presentation of reward plot. Because of reward conspire they will need to accomplish theobjectives and for that they will abstain from taking leaves sop that the set objectives could beaccomplished on time. Likewise with the assistance of reward plot unwavering of representativeswill likewise be expanded as it will make them feel esteemed and they will believe that they areimperative for the organization and their perspectives additionally matters to the association andby this they will stay steadfast as they will be content with their working environment. Asexpressed byEilks and Markic, (2011),it has been translated that by giving distinctive impetusesand acknowledgements under the reward plan will help the resolve of the representatives. It willfurnish them with clear reason and centre which will expand their spirit and will empower themin satisfying the objectives and accomplishing the objectives. As stated byCross and et.al.,(2010)There are different advantages of the reward conspire which are examining and one ofthem is the cooperation which says that because of the reward plot collaboration soul will beexpanded in the association.Data analysis and discussionThe next step for the researcher is to analysis the information which they have beencollected with the help of the primary information.Theme 1-Reward system should be included in activities of organisation to motivate employees
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