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Role of Reward System in Motivating Employees Assignment

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Added on  2019-12-03

Role of Reward System in Motivating Employees Assignment

   Added on 2019-12-03

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Role of Reward System in Motivating Employees Assignment_1
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TABLE OF CONTENTSPart 1: introduction and background....................................................................................................3Topic............................................................................................................................................3Background of the research.........................................................................................................3Problem statement........................................................................................................................3Rationale of the research..............................................................................................................3Aim..............................................................................................................................................4Research objectives......................................................................................................................4Research questions.......................................................................................................................4Research methodologies..............................................................................................................4Task 2 Literature review.......................................................................................................................52.1 Introduction............................................................................................................................52.2 Significance of reward system...............................................................................................5Link between employee motivation and reward system..............................................................7part 3 Research Methodologies..........................................................................................................113.1 Research approach...............................................................................................................113.2 Research Philosophy............................................................................................................123.3 Research type.......................................................................................................................133.4 Research design...................................................................................................................133.4 Sample.................................................................................................................................133.5 Data collection.....................................................................................................................14Task 4- Data ANALysis.....................................................................................................................15Data analysis..............................................................................................................................15Ethical........................................................................................................................................16Validity and reliability...............................................................................................................16Gantt chart..................................................................................................................................16References..........................................................................................................................................183
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PART 1: INTRODUCTION AND BACKGROUND Topic “Role of reward system in motivating employees”Background of the research In the present scenario, the competition among business has been increased to a greatextent. Further such kind of competition has made it very difficult for companies to grow andsurvive in long run. Firms nowadays seeks for various kind of ways through which they canenhance the productivity and efficiency of their workers (Kasmi, 2011). The concept of rewardssystems in organization is growing day by day. It is also helping organizations to achieve theiraim and objectives in effective manner. By using various kind of monetary and non-monetaryrewards, businesses nowadays are trying to enhance the degree of employee satisfaction. On theother side ,reward systems has also emerged as one of the most powerful tool to lower down therate of employee turnover and retain them. This not only provides higher sales and profitabilityto businesses but also helps in getting competitive advantage over the other market players inindustry. Problem statementThe main problem which is associated with this study is what kind of role does rewardsplay in motivating the people within organization. Employee motivation has become veryessential for the growth and success of an enterprise. This study aims at assessing the impact ofreward system on employee motivation. Further the researcher will collected data from differentprimary and secondary sources to identify the impact. Rationale of the research One of the main aim behind carrying out this research is to identify the role of rewardsystem in motivating employees. This researcher will help in understanding the relationshipbetween employee motivation and reward system of a organization. The growing competitionamong firms has forced them to retain their employees in order to gain competitive advantage.Further it can be gained by having highly motivated and skilled workforce. This research willdemonstrates, whether rewards provided by organization acts as an driving force and motivatespeople or not. 4
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Aim To assess the impact of reward system on employee motivation- A study on Next Plc. Research objectives To determine the significance of rewards system and employee motivation inorganization. To identify the link between effective rewards system and employee motivation in NextPlcTo recommended ways through which Next Plc. can enhance its business performancethrough employee motivation Research questions What is the significance of rewards system and employee motivation in organization? What is the link between effective rewards system and employee motivation in Next Plc?What are the ways through which Next Plc. can enhance its business performancethrough employee motivation?Research methodologiesIn the present research deductive approach will be used to carry out the research. Thedata will be collected from both primary and secondary sources. Interpretvism philosophy will beuse. In addition to this, 20 employee of Next Plc will be taken into consideration to collectprimary information. In addition to this, the secondary information will be collected from variousbooks journals and online sources. Quantitative technique of data analysis will be used. One ofthe major reason behind using quantitative technique is that the information will be presented innumeric form. Therefore, it can be stated that it is more suitable and appropriate technique. Theinformation collected from various primary and secondary sources will be presented with thehelp of charts, graphs and diagram. 5
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TASK 2 LITERATURE REVIEW 2.1 IntroductionThe section of literature review is considered as one of the most important chapters of aresearch. Further, it explains the views and opinions of various authors and other researcher withregards to the topic of study. One of the major advantages of this section is that it helps scholarto develop ideas and enhances his knowledge regarding the topic under investigation. Some ofthe major areas which are covered in this section are the significance of reward system inorganization, the role of employee motivation and relationship between reward system andemployee motivation. 2.2 Significance of reward system As per the view of Güngör, (2011) workplace reward system is considered as a programwhich enhances the overall productivity and efficiency of an employee. In an effective rewardsystem, bonus, increasing pay and other rewards are being provided to workers. Employees inevery organization are considered as one of the most important assets. Further, two businessesmay have same amount of technological and financial resources but what makes them differfrom each other is their human resources. Kasmi, (2011) has explained that only because of highproductive and competent employees, businesses are able to achieve their objectives and gaincompetitive advantage at the market place (). Organizations are required to take care of all itsemployees and also required to make sure that they stay highly motivated. According to Malhotra, et. al., (2007) there are two ways which help in enhancing thelevel of employee motivation that are higher pay and appreciation of their work (). The offer ofaddition reward act as a driving force and encourages people in organization to give their bestand beyond expectations. Now days, competition among businesses in every sector has becomeso intense. Therefore, businesses are required to recruit and retain productive employees. Aneffective reward system is essential for every organization as it is the one which enhances theproductivity of workers. Businesses can provide various monetary and non-monetary rewards totheir employee against their performance. Podmoroff, (2005) has asserted that it is beneficial fororganizations to use both monetary and non-monetary rewards rather than providing single kindof reward ().Incentives and appreciation provided to a worker against his outstanding6
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