Investigating Reward System for Employee Attraction & Retention

This report investigates the contribution of reward systems to talent attraction and retention, focusing on Wilmar International Limited. The report begins with an introduction to reward systems and their significance in gaining a competitive advantage by attracting and retaining talented employees. It outlines the aims and objectives of the study, including assessing the impact of reward systems on employee retention and attraction, evaluating the contribution of reward systems at Wilmar, and recommending measures to overcome employee turnover challenges. The report explores key questions related to factors affected by reward systems, their impact on employee retention and company performance, and the importance of reward systems for the company. The methodology section details the research philosophy, approach, type, data collection methods (including primary and secondary sources), sampling techniques, and data analysis tools used. The report concludes with a discussion of ethical considerations and accessibility issues encountered during the research, along with a comprehensive list of references including books, journals, and online resources.

Identify importance of reward
system

Table of Contents
Project Topic...............................................................................................................................3
Introduction.................................................................................................................................3
Aims and Objectives...................................................................................................................3
Problem Statement......................................................................................................................4
Research Methodology...............................................................................................................4
REFERENCES.....................................................................................................................................6

Project Topic
Investigating contribution of reward system in context of talent attraction and retention of
employees by company.
Introduction
Reward system is considered as one of the most important concept which helps company in gaining
competitive advantages by attracting and retaining of best talented employees in the business firms.
The present report is on Wilmar International Limited which is Asia's one of the leading
agribusiness group and ranked among largest listed companies as per the market capitalisation. It is
dealing in products such as Palm oil, consumer pack edible oils, sugar, biodiesel etc. with 90000
number of employees. Its revenue is US $43.09 as per data of 2014 (Wilmar International
Wikipedia, 2019).
Aims and Objectives
Aims
To assess the impact as well as importance of reward system on attracting and retention of talented
employees A study on Wilmar International Limited Company
Objectives
 To evaluate how reward system has contributed in attracting and retaining of best talented
employee in the company.
 To examine importance of reward system for business in gaining competitive edge.
 To recommend measures for Wilmar for overcoming challenges in context of employees
turnover.
Questions
Question 1. Which factors of company affected most by adoption of reward system for retaining
and attracting talented employees ?
 Job satisfaction
 Employee motivation
 Decrease in employee turnover
 Low absenteeism
Question 2. How reward system impacts employee retention as well as Wilmar company ?
 High quality performance
 Fosters employee’s creativity
 Opportunity to grow
 Positive working culture

Question 3. What is the importance of reward system for company ?
 Creates employees loyalty
 Attracting talented candidates
 Boost motivation level
 Retaining best employees
Question 4. Any recommendation or changes for making reward system more effective and
efficient ____________________
Problem Statement
Nowadays high employee turnover is one of the crucial business issues which is required to
be mitigate with proper planning and strategy formulation. Reward system helps company in
motivating employees to perform best. By imparting professional training and development to
employees, it provides them with better growth opportunities in the near future. Also, it in turn can
provides a positive feedback to Wilmar in form of better quality services and performance level.
Also, unable to identify employee’s needs can result in difficulties on behalf of company in
retaining best talented employee which increases employees turnover (Hoole and Hotz, 2016). If
company uses innovative as well as creative skills, business concepts, ideas it will help it in
attracting the most suitable and talented candidates for the job post. Also, because of such
innovative feature of Wilmar, employees will willingly like to join company or like to work with
them, which will provide company with high productivity and profitability level as employees
willingly participating are self motivated.
Research Methodology
Research philosophy
Manner which defines how data can be collected, analysed so that it can be use further. Positivism
philosophy is based on factual and conceptual knowledge ascertained from observation,
measurement done etc. Interpretivism one is related with interest of human in respect of research
topic. Researcher has used Interpretivism as it provides better understanding and interpretation
along with sample, investigation etc. about data collected.
Research approach
A procedure covering different steps in form of assumptions made for collecting, analysing and
interpreting data. Deductive approach helps in making of different hypothesis in line with the
research topic. Inductive approach formulates research aims, objectives, questions focusing on core
subject matter of research study (Barnham, 2015). Researcher has used Inductive approach because

it provides better theoretical concepts about subject matter.
Research Type
It is a term which focuses on making in depth study about a particular research issue with the help
of different scientific methods. Qualitative research is based on behavioural science having
emphasize on formulation of various concepts, hypothesis. Quantitative deals with research study
having its main focus on measurement, statistical factors. Researcher has been using qualitative
research type as it will provide deep insight about research topic along with hypothesis formed.
Data collection
Collecting relevant and accurate as per the subject matter is one of the essential process in research
methodology. Researcher can gather data from either Primary or Secondary sources. Primary data is
collected from first hand sources via surveys, observations etc. Secondary data is related with data
collecting process with the help of already published sources including books, journals, articles etc.
Researcher has been using both the means for collecting data and preparation of questionnaire as
filled by 15 employees of Wilmar company.
Sampling
A process of selecting suitable sample out of large population from whom all the relevant data will
be gathered. Researcher has been using purposive sampling technique as it will help in providing
judgemental information about research topic.
Data analysis
Collected data is required to be analysed properly for making better understanding and
interpretation about the subject matter (Kumar, 2019). Thematic analysis tool has been used by
researcher for analysing data collected.
Ethical consideration
All ethical norms and standards has been followed by researcher while collecting data. Different
sources and websites has been chosen for collecting relevant and appropriate data. No direct copy
paste has been done and total rephrasing is done for completing research project.
Accessibility issues
Several challenges has been faced by researcher while collecting data for overcoming which key
words such as Retaining, motivation, reward system etc. has been used. Accessibility is hampered
because of limited access to data on different website.

REFERENCES
Books and Journals
Barnham, C., 2015. Quantitative and qualitative research: Perceptual foundations. International
Journal of Market Research. 57(6). pp.837-854.
Caza, A., Mc Carter, M. W. and Northcraft, G. B., 2015. Performance benefits of reward choice: A
procedural justice perspective. Human Resource Management Journal. 25(2). pp.184-199.
Corbin, J., Strauss, A. and Strauss, A. L., 2015. Basics of qualitative research. sage.
Hoole, C. and Hotz, G., 2016. The impact of a total reward system of work engagement. SA Journal
of Industrial Psychology. 42(1). pp.1-14.
Kumar, R., 2019. Research methodology: A step-by-step guide for beginners. Sage Publications
Limited.
Silverman, D. ed., 2016. Qualitative research. Sage.
Slusar, M. V., Allstate Insurance Co, 2016. Reward system related to a vehicle-to-vehicle
communication system. U.S. Patent 9.355.423.
Online
Reward system benefits. 2019. [Online]. Available through: <http://www.scielo.org.za/scielo.php?
script=sci_arttext&pid=S1684-19992015000100015>.
Types of research. 2019. [Online]. Available through:
<https://researchbasics.education.uconn.edu/types-of-research/>.
Wilmar International Wikipedia. 2019. [Online]. Available through:
<https://en.wikipedia.org/wiki/Wilmar_International>.