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Rewards System

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Rewards System
ABSTRACTS

The purpose of this paper was to investigate and analyze how well the current reward system of Ambank helps generate employee work motivation. 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 satisfaction. Emphasis is put on Maslow 's hierarchy of needs, the goal setting theory and the total reward system. The data was gathered with the help of a questionnaire and from the related journals. The aim of the research was to compare the different reward systems used in Ambank and find the advantages and disadvantages of the reward system that practiced by them. The research results revealed how Ambank can develop their reward system by including the employees in the decision making process. The research supports the assumption that a well developed and functional reward system can increase employee motivation and satisfaction.

TABLE OF CONTENTS Page
SECTION 1

1.1 Introduction………………………………………………………………………….. 1 1.2 Important of the Rewards System………………………………………………… 2

SECTION 2

2.1 The various types of Rewards System………………………………………… 3-6
2.2 The application of the Rewards System………………………………………. 7-9 2.3 Advantages and Disadvantages of Rewards System……….………………. 10-11

SECTION 3

3.1 Recommendations ………………..………………………………………………. 12
3.2 Conclusion……………………………………………………………….……….... 13

BIBLIOGRAPHY………………………………………………………………………….... 14

Introduction

Reward Systems are important for any company as to attract and retain the employees. A reward system is defined as a structured method of evaluating and compensating employees based on their performance and achievement. The compensations and rewards are known as incentives to the employees. The incentives can be bonuses in pay or added vacation or sick days, among other things. Reward systems can help to boost


References: 1. http://mpowers424.files.wordpress.com/2011/03/hr_reward_systems.pdf 2. http://www.business.mmu.ac.uk/parc/2005/morris_maloney.pdf 3. http://cdn.intechopen.com/pdfs/37077/InTech-Improving_organizational_performance_through_reward_systems.pdf 4. https://gupea.ub.gu.se/bitstream/2077/21241/1/gupea_2077_21241_1.pdf 5. http://www.cipd.co.uk/nr/rdonlyres/8d84c1ad-0beb-4c78-98e6-124cfd0e44ac/0/9781843982630_sc.pdf 6. http://www.rudolfkremers.com/files/Chapter7.pdf 7. http://eprints.lse.ac.uk/25304/1/Designing_Effective_Reward_Systems.pdf 8. http://faculty.mu.edu.sa/public/uploads/1360857141.5855organizational%20cult150.pdf 9. http://www.gorschek.com/doc/start_files/Reward.pdf 10. http://webcache.googleusercontent.com/search?q=cache:g8PoTctcS5oJ:www.sciencedomain.org/download.php%3Ff%3D1359089754-
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