Effective Rewards & Recognition System Haroon 51482
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Transcript of Effective Rewards & Recognition System Haroon 51482
Supervisor : Aadil RiazSupervisor : Aadil Riaz
Haroon Rasheed 51482Haroon Rasheed 51482
Contents
• Introduction
• Purpose of the study
• Literature Review
• Concepts & Indicators
Contents
MethodologyHypothesis ConclusionRecommendationsExperiences
INTRODUCTION
Effective rewards & recognition system is the vital factor to achieve;• Profitability
• Employee’s commitment
• Business growth
• Stability
In our society & culture most people have the juicy “bad workplace environment & bad boss” tales to tell.
People have a strong urge to “spill the beans” about their performance, efficiency and productivity and to highlight the inadequate remuneration & support they get from the firm.
INTRODUCTION
PURPOSE OF STUDY
Empirical study is carried out;
The relationship between effective Rewards & Recognition system
√ Process equity√ Personal growth√ Maximization of shareholder’s profit
LITERATURE REVIEW
Selected 13 research articles from different sources, in order to understand the applications of R&R system and to find
Gap analysis
Variables
Concepts & Indicators
CONCEPT & INDICATORS
Transparent appraisal system
Functioning reward committee
Well defined & clearly communicated recognition criteria
Clearly stated performance standards
Integrity of committee members
Integrity of information
CONCEPT & INDICATORS
Employee receptiveness towards system
Employees attitude towards incentives
Functioning grievances handling procedures
Employees concept about organization
Accountability & Feedback
Internal & External equity
Fair implementation of policies
METHODOLOGY
Population
All policy makers, Managers and Employees of all levels is population for this research project from all private & public limited business organizations.
Sample Size
Sample size is 51 managers and employees.
Sampling Technique
Used Convenient sampling
METHODOLOGY
Testing Methods
Correlation with Chi-Square Cross-Tabulation
for composite measure based on the scale of
significance level.
Data Collection
Data is collected through self filling questionnaires.
HYPOTHESIS
H1: The effective reward and recognition system allows workers to grow well and to maximize share holder’s profit.
H2: Process Equity is the most important ingredient or part of effective Rewards & Recognition System.
HYPOTHESIS TESTING
H1: Hypothesis passed the three tests out of five on the scale of significance level.
Proved through research that effective rewards and recognition system plays an important role in workers growth and in maximization of share holder’s profitability
HYPOTHESIS TESTING
H2: Hypothesis passed only one test out of three on the scale of significance level.
Proved through research that process equity is not the most important part or ingredient of effective rewards and recognition system. It has the importance but there are certain other factors which are being considered by the employees to compromise otherwise
HYPOTHESIS TESTING
Symmetric Measures
.432 .002
.432 .002
51
Phi
Cramer's V
Nominal byNominal
N of Valid Cases
Value Approx. Sig.
Not assuming the null hypothesis.a.
Using the asymptotic standard error assuming the nullhypothesis.
b.
HYPOTHESIS TESTING
Performance appraisal system is working well in your organization
YesNo
Co
un
t
40
30
20
10
0
Bar Chart
YesNo
You are motivated to stay further
In above, phi is 0.002 and it is statistically significant. Note that this a measure of effect size for an associational statistic. According to Cohen (1998) this is a medium to large size effect.So in the light of above calculations, I would say that the two variables are correlated to each other.
Conclusion
H1: Hypothesis passed the three tests out of five on the scale of significance level.
Proved through research that effective R&R system plays an important role in;
workers growthmaximization of shareholder’s
profitability H2: Hypothesis passed only one test out of three on the scale
of significance level.
Proved through research that process equity is not the most important part or ingredient of effective R&R system. has importance but certain other factors can be considered by the employees to compromise otherwise.
RECOMMENDATIONS
Rewards and recognition has a pivotal role in the productivity and has robust influence to promote image, profit, and credibility of the firm. Therefore, it should be maintained, promoted, implemented and refreshed vigorously.
Maintain inspiring and feasible working environment that include; the understanding to give importance to workers view point, the convenient task, conditions, the resources and passion to accomplish goals.
Establish team system and promote equal relationship/importance for all team members as every member is touch point for customers and firm
RECOMMENDATIONS
Hire those who are motivated and capable to apply themselves
in different situations confidently
Always set achievable short targets that ultimately leads to the
whole because “only dead fish swim the stream”
Provide fair rewards with the perceived image of fairness.
Recognition should be given equally, on the basis of merit.
EXPERIENCES
• In most of the cases people’s response was not candid.
• Most of the employees were found reluctant to unleash the real opinion
• Employees do not like to offer them personal questions
• In certain cases, employees were found confused to distinguish between
their responsibilities and rewards.
• The concept of rewards & recognition system is misapprehended in local
organization
• The convenience sampling has its own demerits and derived conclusion
can not be generalized.