Describe about the employees or the workforces are an important part of an organization?
The job recognition and the reward allocation are the prime factors that enhance the process of job satisfaction at the workplace. In modern days, the reward allocation process allows the organization to motivate employees so that the work performance could be enhanced (Wilkin 2013). In this context, the researcher provides actual objectives and the questions on the topic. Several theoretical approaches will be discussed to analyze the topic. Proper methodology will provide the support to analyze the collected data in an appropriate manner. The business strategies those are associated with appraisals and rewards and encouragement towards the job satisfaction has a strong effect on the success of the organization. The associations between the rewards, encouragement and job satisfaction of the employees are important for achieving success of the organizations- both public and private. Statistics have shown that the system of appraisals and rewards are mostly important to the private organizations as compared to the public organizations.
The prime aim of the research is to discuss the impact of work recognition and reward allocation for job satisfaction in the organization. .
The organizations are required to identify actual performer in the organization so that they could provide enough support for enhancing the individual performance. On the other hand, the reward allocation provides motivation to the employee. Performance management and the employee satisfaction are the critical area where the managers could face the challenges. Without job satisfaction, the employee could unable to get performance appraisal (Hinton et al.2012). Human resource management may be responsible for the job satisfaction at the workplace. In the recent times it has been seen that lots of companies belonging to different sectors are facing lots of problem regarding retaining productive employees. As per the recent research it has been seen that around 30% of the employees leaves the organization because they get a better opportunity and around 60% of the employees leaves an organization only because they do not get job satisfaction and blames the management for various decisions. The main reason behind this dissatisfaction is that the employees do not get motivated. The remaining 10% leaves the organization due to their personal reasons.
Graph 1: Reasons behind leaving jobs
(Source: Pinder 2014)
The attrition rate of big MNCS has increased in a huge level in last few years. In the year 2010 it was around 10%, in the year 2011 it became 20% and on the recently completed financial year the rate has shocked various economist and job analyst around the world as the rate has increased to around 30%. This shows that how companies are now focusing on individual performance and if anyone gain experience and perform extremely good then that employee is bound to get his value in the job market.
Graph 2: Attrition Rte in last 5 years
(Source: Wilkin 2013)
The researcher provides some objectives on the topic such as below:
To understand the necessity of job recognition and reward allocation for job satisfaction
To identify the factors of job acknowledgment and reward allocation at the work place
To recognize the challenges of reward
process and work recognition for job satisfaction
To categorize the impact of work recognition and reward allocation in the organization
To recommend some steps in order to enhance the reward allotment process for job satisfaction
The researcher has made research questions based on the objectives. The questions are stated below:
What are the requirements of reward allocation process for work satisfaction?
What are the factors of work recognition in the organization?
How does the organization face challenges in allocating rewards to the employees?
What are the impacts of the work recognition and reward allocation for job satisfaction?
How the reward allotment process can be improved in the organization?
Research Hypothesis:
H0: Work recognition and reward allocation are responsible for job satisfaction
H1: Work recognition and reward allocation are not responsible for job satisfaction
The study is based on the significance of work satisfaction in the organization. Primarily it depends on two variables such as work recognition and reward allocation. Work recognition is the prime factor to enhance the employee workability at the workplace. The recognition of the employees is the acknowledgement of the employee’s hard work and efforts and the productivity that are above the prescribed standards and goals of the organization. Human beings like to be appreciated and if they work efficiently and are appreciated for that, it would boost the morale of the employees, they would try their best in improving their performances, and that would lead to achievement of the organizational goals and objectives. The costs that are involved in implementing the process is not much, but the benefits of it are large if they are effectively implemented. Some of the benefits are mentioned below:
The productivity and efficiency of the employees increase to a great extent and when it is seen by the employee that their contribution are give regard to, they would definitely tend to repeat that and hence that would lead to inceased productivity. The behavior that is reinforced supports the mission of the organization and also the key performance indicator.
The employees get satisfied with their work and they start enjoying their work more, thereby contributing more to the work.
In the process, feedback of the performances are given directly of the individual employees and the teams that helps each of the parties involved in the process in knowing their productivity current status.
The performance of the workforce directly affects the products and the services of the organization and thus the satisfaction level and the loyalty of the customers rises.
Enhancement of teamwork in between the employees takes place.
Employees who perform well are retained in the organization and the employe turnover rate is largely reduced.
There are better records of safety and lesser accidents at the work place.
Reduction of stress and absenteeism.
On the other hand, the reward allocation process facilitates the company to motivate employees so that they could provide better performance. This entire process helps in increasing the productivity at the work place (Pinder 2014). Through the engagement of reward allocation process, the organization could identify those employees who would provide extra efforts to achieve future objective. The management adopts the reward allocation process for helping the organization for helping the organization in being more competitive, for retaining the key employees and for reducing the employee turnover. The system of allocation of rewards enhances the motivation of the employees and reinforces the appearance of the organization to the stakeholders or to the future employees. Employees play a very crucial role in an organization and in making it achieve its goals and hence, retaining them is extremely important. Retaining the employees saves the organization from the costs of retraining and helps in enhancing the service consistency and it helps in the growth of relationships in between the customers and the company. Proper system of rewards can be helpful in reduction of absenteeism too. The managers face additional and unnecessary troubles due to absenteeism. Using of rewards effectively, the employees can be motivated to achieve the skills, which are required to benefit them on an individual basis and the organization as a whole. The application of this system can help in increasing the desire to be a part of the company. There are many types of rewards that are used by the organizations. Some of them are discussed below:
Extrinsic rewards
These types of rewards are attached to certain types of behavior of the employees, their skills and abilities, periods and the role they play in an organization. The manner in which the employees perceive the rewards in relevance to their performances and the accolades given to the others will help in determining the strength of the awards.
Intrinsic rewards
Tangible benefits such as money or time off are not provided. However, they act since it gives a positive feeling or it gives a form of internal satiation. These types of rewards are given great value to and are productive with time but using them is somewhat difficult for the management.
Monetary rewards
Such types of rewards are provided to the employees in the form of increase in payments, bonus, or rise of benefits.
Non-monetary rewards
These forms of rewards make the organization to bear the cost but they do not help in improving the financial position of the employee.
Performance based rewards
Such types of rewards are based on the abilities of an employee, group or the company in meeting the estimated performance standards.
Membership based rewards
These rewards are given for being a part of an organizational group. Such types of rewards are inclusive of the yearly increase of the living costs to a standard remuneration or base for a policy of equity.
Nontraditional rewards
If the managers recognize the significance of giving individual rewards, the use of this type of rewards will continue to grow. A major constraint for the employees is time and for most of the people, their work is a main commitment of their time. The manners in which the employees can categorize their schedule of work are proving to be increasingly crucial rewards. It can be recognized as reduction of the workweek, faltered daily routine, flextime and the system to work from home.
Since the employees or the workforces are an important part of an organization, it is extremely important to retain and them and give them what they actually deserve. They form the life-blood of an organization and without them an organization cannot survive. If they are not rewarded for their hard work and talent, it would be very difficult for the organization to retain them and if the rate of employee turnover increases, it would be affecting the performance of the organization in totality. Thus, they must be provided with rewards and other similar means. This would help the employees in gaining work satisfaction and they would be inclined to work more and this would help in attaining the goals and objectives of the organization.
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