Relationship Between Reward System and Employees Retention | Marriott Hotel
Added on 2020-02-12
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RESEARCH PROJECT
TABLE OF CONTENTSResearch Title..................................................................................................................................3Task 1...............................................................................................................................................31.1 Research project Description.................................................................................................31.2 Factors that contribute to the process of research project selection......................................41.3 Critical review of key references...........................................................................................51.5 Plan and procedure for the research.......................................................................................7TASK 2............................................................................................................................................82.1 Match resources efficiently to the research question.............................................................8Appendix 1: Questionnaire for Marriott Hotel employees..........................................................82.2 Undertaking the proposed research investigation in accordance with the agreedspecification and process.............................................................................................................92.3 Recording and collecting data from participants from the questionnaire .............................9TASK 3..........................................................................................................................................113.1 Using appropriate research evaluation techniques with justifications ................................153.2 Interpretation and result analyses........................................................................................153.3 Recommendation and further research areas ......................................................................19REFERENCES..............................................................................................................................20
RESEARCH TITLETo identify the impact of reward system on employees retention; A study on Marriotthotel".TASK 11.1 Research project DescriptionIncreasing competition between the firms have created the need for businesses to retainemployees who are excellent in their work and play important part in organizations growth.Different studies have revealed that at workplace a employee is motivated through differentprospects due to different perceptions of employees towards various things that comes there way.One such thing to motivate a employee at workplace is Reward systems(Gerhart and Fang,2014). These systems in the recent times have seen a rapid increase in organizations adopting thereward system techniques to retain employees in companies who can make a impact. Reward systems are the key element in the organization, through effective reward systema firm can retain its key employees, enhance motivation, creates a brand image in the mind ofstakeholders and potential stakeholders in context with the organization. There are differentreward systems through which companies are able to retain their employees, they are consideredunder the headings Extrinsic rewards, Intrinsic rewards, Monetary rewards and non-monetaryrewards(Bin, 2015). It is tough challenge for a HR department of the firm to keep the employeeon the job. So here reward system plays its role. Every firm has its own kind of reward systems,since nature of business varies so does the rewards. The present report has been taken intoaccount to measure the impact the reward systems have on employees and how organizations areable to make their employees not go anywhere else through reward system. So basically theresearch is to measure the impact of reward system on employee retention(Rukevwe and Oke,2014). For the purpose of research a company has been taken into account which is MarriottHotel. The research project will help in identifying the ways through which Marriott hotel byapplying various reward systems will be able to retain the important employees of theorganization. Aim and objectives
AimTo identify the impact of reward system on employees retention; A study on Marriotthotel".ObjectivesTo understand the conceptual framework of rewards system and employees retention. To identify the impact of reward system on employees retention. To determine the relationship between reward system and employees retention inMarriott Hotel.To suggest ways that can help in increasing retention rate of workers in the organization.1.2 Factors that contribute to the process of research project selectionThere are plenty of factors which contributes to the selection of research topic and they are as follows:Interested Field: Companies management has to lay emphasis on increasing rate of employee moving out of the companies these days. In order to facilitate them and motivate them to keep working in the organization, companies should come up with different rewarding techniques in order to retain employees in the company. Researcher has interest in the particular field also the topic taken is related to current practices. This will help researcher in conducting good research. Current Issue: Since reward systems and the influential factors of reward systems that drives an organization to retain its employees is the current issue in context of organizations which are more innovative and creative. This research on the fresh issue will help its readers to further draw conclusions and practically implement reward systems in the firms. Collection Sources: As far as primary data is concerned that would be collected as per theresearcher knowledge of the topic. While secondary data will be collected based on some journals, articles, white papers, books, etc.
Survey: For collection of data, individual has conducted a survey and asked the employees about effectiveness of reward system in their particular organization also companies authorities were asked some questions related to framing of reward systems which has supported the researcher in a high extent.1.3 Critical review of key referencesAs study regarding the topic is done by many scientists and authors or experts of the fields, there point of view towards reward system in an organization is important in finding out what are factors they have considered in there report or white papers in order to draw the conclusions(Parakandi and Behery, 2016). Some authors have positive recommendations and some may have negative. By looking at their study it will help researchers to make necessary judgments in this report.Motivation is generally the act of particular individual that drives through certain factors like achievements, responsibility, competence, promotion, rewards, etc. As per Vroom, "VroomExpectancy Model of motivation suggested that an employee's performance is based on individual factors i.e experiences, knowledge, skills, personality and his/her ability to perform. Reward systems are implemented in organizations to motivate the workforce". Getting out the best out of an employee is the main purpose of rewards. Rewards can be monetary and non-monetary. Monetary rewards are: Bonus, Financial Incentive, Promotion, Stock option, etc. and Non-monetary rewards are: Appreciation and recognition, Relocation Expenses, Holiday Packages, Out sites, Etc(Česynienė, 2015). Reward systems are all psychological payments that an organization delivers to its employees in exchange of work perform for them. According toNick Ryan, "if rewards are not competitive, it will be difficult to recruit the staff since potential employees can obtain better rewards from competitors". This will act as a good strategy for the companies as well as bad for the companies since Nick has talked about rewards to be competitive in order to recruit staff but if current employees are not overwhelm from that practice then they will be temped to leave the organizations. So implementing a reward system isalso a big task in organizations in order to drive employees retention ratio high. Another study
By Greene, 2014 reveals that reward systems are incorporated in an organization in order to ehance4 the employee performance levels in the businesses. As per this research an attempt has been made to understand the practices that are followed by Marriott hotels in employee retention and finding out what drives Marriott hotel employees to keep engaging with the hotel, whether its the work environment or the effectiveness of the reward systems. Since Marriott Hotels are among those hotel chains in the world that every person will love to work for. So keeping that in mind a deep research has been conducted by researcher to make sure that these brand loyalty factors doesn't affect reports judgments. 1.3 Research project specificationResearch Methodology is that process in which researcher collects all the relevant data and information for achieving the objective of the research. Through research methodology a researcher is able to conduct a detail study of the research topic and it facilitates researcher in knowing problems of the issue and how to overcome those issues. In the event of carrying out the research process a researcher frames research questions for the target audience who's opinions will help them to find suitable answers of research. Apart from this various tools and techniques have been followed by researcher in making appropriate conclusions towards the topic. Questions for the research study are as below maintained:What is the framework of rewards system and employees retention?What is the impact of reward system on employees retention ?What is type of relationship between reward system and employees retention in MarriottHotel prevails? What are the ways that can help in increasing retention rate of workers in the organization?For the present research several research methodologies will be used by researcher, these are as following:
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