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Impact of Reward System on Employee Motivation

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Impact of Reward System on Employee Motivation
CREATING EFFECTIVE ORGANIZATION (SECTION: 2)

“IMPACT OF REWARD SYSTEM ON EMPLOYEE MOTIVATION”

SUBMITTED TO: SIR RAZA NAQVI

SUBMITTED BY: (Group#6)
Shazia faiz (MM111119)
Zainab Hassan (MM111027)
Robeela qayyum (MM103070)

DATE: 22 JUNE 2011

“IMPACT OF REWARD SYSTEM ON EMPLOYEE MOTIVATION”
Shazia Faiz, Zainab Hassan
Robeela Qayyum

Abstract
The purpose of the study was to investigate and analyze the impact of reward system on employee motivation and how well the current reward system was helping to generate employee motivation. Employees can be motivated on the job by many things such as intrinsic rewards (recognition, autonomy, responsibility, importance) and extrinsic rewards (pay, promotion, bonus, title). More specifically it aimed to find out which aspects of the reward system functions well, and which aspects could be further developed and improved in order to increase employee motivation. Subjects for the study consisted of one hundred employees of different commercial banks of Pakistan. Data for the study were gathered through questionnaire. The data collected was analyzed by using correlation and regression analysis. The results obtained from the analysis showed that there existed strong relationship between rewards and employee motivation in commercial banks of Pakistan. The research supports the assumption that a well developed and functional reward system can increase employee motivation.
Key Words: Rewards, HRM, Motivation, Intrinsic rewards, Extrinsic rewards. Introduction
In this ever changing world of today as competition is very high, there is continuous change and development in organizations, especially for commercial banks the only possibility to survive profitably and retain employees successfully is motivation. Motivation is a ‘will to accomplish’. It comes from an opportunity to succeed and a person’s ability to avail that opportunity, motivated employees are enthusiastic, optimistic, creative and


References: Rob H. Kamery (2004). Employee motivation as it relates to Effectiveness, efficiency, productivity and performance. Allied Academies International Conference, page 139-143. Hooi Lai Wan (2006). Employee Satisfaction: The Impact of Benefit and Reward Policies, page 1155-1170. Reena ali and M.Shakil Ahmed, 2009, The impact of reward and recognition programs on employee’s motivation and satisfaction: An empirical study International Review of Business Research Papers, Vol William C. Minnis (2004), Consultants’ Intrinsic Reward: A Qualitative Study Alexander k. Kocha and Julia Nafziger (2009), Self-rewards and personal motivation Kalimullah khan,(2010), Relationship between rewards and employee motivation in commercial banks of Pakistan. © Research Journal of Internatıonal Studıes - Issue 14 (May, 2010) Rob H Rizwan Danish and Ali usman(2010). Reward and recognition on job satisfaction and motivation: an empirical study from Pakistan Puwanenthiren Pratheepkanth(March 2011),”Reward System And Its Impact On Employee Motivation In Commercial Bank Of Sri Lanka Plc”,Global Journal of Management and Business Research, Volume 11 Issue 4 Version 1.0. Dr E C ,Str oÈ h(2001),Personal motivation strategies to stimulate employee to increase performance, Richard A Richard C. Becherer, Fred W. Morgan, Lawrence M. Richard(2001),Vol. 46, No. 4 (Autumn, 1982), pp. 125-135.The Job Characteristics of Industrial Salespersons: Relationship to Motivation and Satisfaction Gabriel “Venom” Wilson, BSc
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