Effective Rewards & Recognition System Haroon 51482

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Text of Effective Rewards & Recognition System Haroon 51482

Supervisor : Aadil Riaz

Haroon Rasheed 51482

Contents Introduction Purpose of the study Literature Review Concepts & Indicators

Contents Methodology Hypothesis Conclusion Recommendations Experiences

INTRODUCTIONEffective rewards & recognition system is the vital factor to achieve; Profitability Employees commitment Business growth Stability

INTRODUCTION In

our society & culture most people have the juicy bad workplace environment & bad boss tales to tell. 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.

People

PURPOSE OF STUDYEmpirical study is carried out; The relationship between effective Rewards & Recognition system

Process equity

Personal growth Maximization of shareholders profit

LITERATURE REVIEWSelected 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 & INDICATORSTransparent appraisal system Functioning reward committee Well defined & clearly communicated recognition criteria Clearly stated performance standards Integrity of committee members Integrity of information

CONCEPT & INDICATORSEmployee receptiveness towards system Employees attitude towards incentives Functioning grievances handling procedures Employees concept about organization Accountability & Feedback Internal & External equity Fair implementation of policies

METHODOLOGYPopulation 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

METHODOLOGYTesting 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 holders profit. H2: Process Equity is the most important ingredient or part of effective Rewards & Recognition System.

HYPOTHESIS TESTINGH1: 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 holders profitability

HYPOTHESIS TESTINGH2: 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

Symme tric M e asure s Value .432 .432 51 Approx. Sig. .002 .002

Nominal by Nominal N of Valid Cases

Phi Cramer's V

a. Not assuming the null hypothesis. b. Using the asymptotic standard error assuming the null hypothesis.

HYPOTHESIS TESTINGBar ChartYou are motivated to stay furtherNo Yes 30

40

20

10

0 No Yes

Performance appraisal system is working well in your organization

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.

Count

ConclusionH1: 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 growth maximization of shareholders 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.

RECOMMENDATIONSRewards 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

RECOMMENDATIONSHire 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 peoples 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.