Significance of Monetary and Non-Monetary Reward Systems: Hilton Study

This research project investigates the significance of monetary and non-monetary reward systems in talent management within the hospitality sector, specifically focusing on Hilton. The study begins with an introduction, background, and rationale for the research, followed by a literature review that explores existing research on reward systems, including their impact on employee motivation, performance, and retention. The research methodology includes a qualitative approach, utilizing semi-structured interviews with six Hilton employees. The project outlines the research questions, design, data collection methods, sampling strategy, and ethical considerations. The project aims to determine the different reward practices, examine the importance of monetary and non-monetary systems, ascertain challenges faced by the hospitality sector, and recommend solutions. A detailed project timeline is also provided, outlining the various stages of the research process. The study concludes with a comprehensive reference list of relevant academic sources.

Research Project

Table of Contents
Introduction............................................................................................................................1
Background.............................................................................................................................1
Rationale.................................................................................................................................1
Literature review....................................................................................................................1
Research questions.................................................................................................................2
Research design......................................................................................................................3
Data Collection method..........................................................................................................3
Sampling strategy...................................................................................................................3
Sample size and type of participants......................................................................................4
Ethical consideration..............................................................................................................4
Project timeline.......................................................................................................................4
REFERENCES................................................................................................................................6

Title: Significance of monetary and non- monetary reward system with regards to talent
management within hospitality sector: A study on Hilton
Introduction
Talent management is the strategic human resource planning for improving the business
value and also make it possible for a firm to reach the define goal. In the same way, the current
study is based upon the different benefits option available for the company in order to meet the
define aim and objectives. Through this, study shed a light on the importance of monetary and
non- monetary reward system available for the company and with the help of secondary and
primary data collection methods, researcher meet the aim.
Background
In the competitive era, every company wants to stay ahead in the competition and that is
why, it is necessary for the company to make sure that it have strong employees which in turn
assist to meet the define aim and objective. Similarly, company also focused upon different ways
through which employees are motivated so that they help the firm to attain goals. The current
study is also help to create awareness related monetary and non-monetary reward system which
is mostly used by the companies in order to inspire employee for meet goals.
Rationale
The rationale for choosing the relevant topic is such that it will help the researcher to
gain knowledge related to different reward system available for the firm which help to take a
business at further level of success. Also, another reason for choosing this study is such that
researcher have their own interest to study on this particular issue because it is beneficial to have
enough knowledge with regards to the topic.
Literature review
In accordance with Idemobi, Ngige and Ofili (2017) monetary method are refers to the
financial reward to employees for attaining their target goals. This is basically involves cash
award, bonus, commission, gifts and many more. This type of reward system is majorly used by
the company in order to motivate the employees. On the other side, Kanwal and Syed (2017)
stated that non- monetary reward are designed to recognized a special achievement or else
completing the work as per the time. These are mostly used by the company but less important
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than monetary benefit. Such that healthcare benefit life insurance, promotion or vehicle
allowance.
Bradley (2017) stated that having a good reward system means to keep the employees
happy and loyal to company. Basically reward system are beneficial for the company because it
help to motivate the employees which in turn creates direct impact upon financial performance
of the firm. Also, reward system are promote fairness and equity by rewarded employees
according to their contribution. Moreover, Nachiappan, Anantharaman and Muthukumar, (2016)
stated that through monetary and non- monetary benefits within a firm means that company is
retaining employees and also attract new customers towards it. In addition to this, with an
effective reward system, company also creates a healthy working environment in which many
employees live happily. Also, with the help of reward system, employees encourage positive
attitude and also seek advancement which in turn leads a company towards a positive direction.
Tariq (2019) provide their views and stated that talent management or hospitality
industry faces many issue while implementing reward system such that many times reward are
not understood by the people and this in turn spoil the entire business. Actually, employees in
generally are not aware with process that goes behind the plan and this in turn affect the overall
system and implementation of the reward system in negative manner. Also, Ajayi (2019) argued
that it is the perception of many employees that reward whether it is monetary or non- monetary
are not linked with employee performance rather they are depend upon the outcome or result
which drive the performance measures. So it is analyzed that 80% of the total companies
operating within a hospitality industry are facing issue within this. As reward system of the
company are not linked within the individual employee need which is also consider another
option for the company. Such that reward must be flexible and ensure that it is free from all the
negative factor and bias. Further, the reward system should be implement in such a manner that
it will help to balance between employee expectation and business needs so that it will help to
retain the competitive edge in today's era.
Research questions
Aim: “To assess the significance of monetary and non- monetary reward system with regards to
talent management within hospitality sector: A study on Hilton”
Objectives:
 To determine different practices involve within reward system.
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 To examine the importance of using monetary and non- monetary reward system for
talent management.
 To ascertain the challenges face by hospitality sector while developing different reward
system.
 To recommend the ways through which the problem face by industry may overcome.
Research questions:
 What are the different reward system provided by company?
 What is the importance of using monetary and non-monetary reward system?
 What are the challenges face by company while implementing reward system?
Research design
Research strategy is refers to the method which a researcher is chooses in order to
integrate different components of a study in order to present study in better manner. Research is
of three types such that qualitative, quantitative and mixed methods . Among all, qualitative
study will be chooses by the researcher in which scholar obtain the data through open ended or
conversational communication (Meena, Jakhetiya and Pandey, 2020). So, with the help of this,
researcher is able to understand the sample's belief, experience, attitude and behavior. Also,
through this, it will be easy to analyze importance of reward system within a hospitality
industry.
Data Collection method
For the current study, researcher will chooses both primary and secondary data collection
methods. Such that under primary data collection method, researcher choose semi- structured
Interview method in which questionnaire is designed in which researcher asked question to
sample with regards to significance of reward system within hospitality industry (Hennink,
Hutter and Bailey, 2020). On the other side, researcher will also chooses secondary data
collection methods in which relevant books, magazine articles, Journals are selected which are
published from 2015 onward that help to meet the define aim and also conduct the research in
more precise manner as well.
Sampling strategy
Sampling is all about to selecting units from a population of interest. There are two types
of sampling strategy such that probability and non- Probability. Between these, researcher will
select purposive method under non- probability sampling method (Goodwin, Mays and Pope,
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2020). Under this strategy, researcher provide every people within a population a chance to be
selected in the sample in which researcher rely on their own judgment while choosing the
members so that they help investigator to answer research question and meet the define aim as
well.
Sample size and type of participants
For the current study, researcher will select 6 employees of Hilton hotel because they are
better explain their views with regards to the reward system applied by the company in order to
motivate employees. Through this, researcher also come to know the actual performance of
Hilton and this in turn assist to present the study in more concise manner.
Ethical consideration
 Researcher should make sure that they take a prior consent from the samples.
 Make sure that personal data are properly protected and confidential by complying Data
Protection Act (Särkelä and Suoranta, 2020).
 There should be no error of communication within a research, otherwise it will lead to
affect the results in negative manner.
Project timeline
Task
Mode Task Name Duration Start Finish Predecessors
1 Selection of topic 2 days Tue 6/16/20 Wed 6/17/20
2 Developing aim and
objectives 4 days Thu 6/18/20 Tue 6/23/20 1
3 Outlining 8 days Wed 6/24/20 Fri 7/3/20 1,2
4 Conducting literature
review 5 days Mon 7/6/20 Fri 7/10/20 2,3
5 Finalize Research
methodology 4 days Mon 7/6/20 Thu 7/9/20 2,3
6 Review the data
collection methods 3 days Mon 7/13/20 Wed 7/15/20 4,5
7 Selecting sample 1 day Thu 7/16/20 Thu 7/16/20 6
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8 Fomatting 2 days Fri 7/17/20 Mon 7/20/20 7
9 Preparing and submitting
the proposal 3 days Tue 7/21/20 Thu 7/23/20 8
10 Taking feedback 4 days Fri 7/24/20 Wed 7/29/20 9
11 Submitting the proposal 2 days Thu 7/30/20 Fri 7/31/20 10
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REFERENCES
Books and Journals
Ajayi, M. O., 2019. Employee Performance Among Selected Tertiary Institutions: Evidence
from Intrinsic Reward System. Journal of Economics and sustainable development.10(4).
pp.117-122.
Bradley, C. D. F., 2017. Human Resource Reforms in Public Administration: The Importance of
the Reward System. HOLISTICA–Journal of Business and Public Administration.8(2).
pp.49-58.
Goodwin, D., Mays, N. and Pope, C., 2020. Ethical Issues in Qualitative Research. Qualitative
Research in Health Care, pp.27-41.
Hennink, M., Hutter, I. and Bailey, A., 2020. Qualitative research methods. SAGE Publications
Limited.
Idemobi, E., Ngige, C. D. and Ofili, P. N., 2017. Relationship between organization reward
system and workers attitude to work. Journal of Business and Economic
Development.2(4). p.247.
Kanwal, K. and Syed, M., 2017. Impact of reward system on employee performance in banking
sector. RADS Journal of Social Sciencess & Business Management. 4(2). pp.82-103.
Meena, J. K., Jakhetiya, A. and Pandey, A., 2020. Qualitative Research in Surgical Disciplines:
Need and Scope. INDIAN JOURNAL OF SURGERY.
Nachiappan, R. M., Anantharaman, N. and Muthukumar, N., 2016. Design of a New Reward
System in a Continuous Line Manufacturing Industry. IUP Journal of Operations
Management. 15(2). p.7.
Särkelä, E. and Suoranta, J., 2020. The method of empathy-based stories as a tool for research
and teaching. The Qualitative Report. 25(2). pp.399-415.
Tariq, M., 2019. Impact of Reward System, Training and Deveopment on Organizational
Competitiveness. CITY UNIVERSITY JOURNAL OF SOCIAL SCIENCES. 1(1).
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