Management and Administrative Sciences Review ISSN: 2308-1368 Volume: 2, Issue: 5, Pages: 431-442 (2013) © 2013 Academy of Business & Scientific Research www.absronline.org/masr Research Paper The Impact of Rewards on Employee’s Job Performance and Job Satisfaction Zeeshan Fareed1*, Zain Ul Abidan2, Farrukh Shahzad3, Umm-e-Amen4, and Rab Nawaz Lodhi5 1. MS Scholar, Department of Management Sciences, CIIT, Sahiwal, Pakistan 2. MBA, Department of Management Sciences, University of Education, Okara Campus, Pakistan 3&4. B.Com (Hons.), Hailey College of Commerce, Punjab University, Lahore, Pakistan 5. Lecturer, Department of Management Sciences, CIIT, Sahiwal, Pakistan Now a day’s all firms or business entities are facing so many issues …show more content…
and nonfinancial rewards mostly consist on social recognition, appreciation, work kind condition, meaning full work responsibility etc. (Luthans, 2000). According to Neckermann and Kosfeld (2008), nonfinancial rewards also called nonmaterial awards. The impact of intrinsic and extrinsic rewards on employee‟s performance. Rewards increase your overall satisfaction on the job. So the objectives of this research article is to find the impact of rewards on employee‟s job performance and employee‟s job satisfaction in telecommunication sector of Pakistan and target employees relates to PTCL and cellular companies like Ufone, Telenor, Warid, Zong, Mobilink jazz from Okara city. Both the objective consists on two separate models that discussed in the later portion of this study. LITERATURE REVIEW Rewards have two broad types; extrinsic and intrinsic rewards are also called financial and nonfinancial rewards and these rewards further Research Paper divided in so many sub categories. Extrinsic rewards relates to financial rewards or cash related like formal recognition, fringe benefits, incentive type payments, pay, promotion and intrinsic relates to nonfinancial or non-cash rewards like achievement, accomplishment feelings, recognition, job satisfaction and growth (Clifford, 1985). Today world balance between employee‟s commitment and performance for the organization is much necessary and rewards are most important tool for employee‟s commitment, job satisfaction,
We here at Digby plan to continue using our strategy as it has been very successful in the past seven years. Regardless, we still are striving to control more of the Market Share. To do so we will continue to purchase capacity to meet the demand of our products, out-selling and out-producing our competitors. We will also continue to invest in R&D to give our customers the products that they want. By following our strategy we will be able to meet our goals and continue to grow as a company.
The Kelo ET. AL. v. City of New London ET. AL., 545 U.S. 469 (2005) challenged every citizen’s idea of how far the government could go in determining what is considered the public good with regard to taking private property (Land) and giving it to a developer, using the “Taking Clause” of the fifth amendment of the US Constitution. In 1997, Susette Kelo bought a house in New London Connecticut overlooking the Thames river and view of the Atlantic Ocean coast line. But in 1998, the Phizer Corporation decided that they were going to build a research facility, which Ms. Kelo’s property was part, in New London. Phizer briefed and received city council approval on their plans for the facility and the land required, then they came together to take
many of the women see themselves as objects of labor. For example in the documentary
Matthews, J. H. (2012). Role of profess Role of professional organizations in advocating for the nursing professional organizations in advocating for the nursing profession. National Center for Biotechnology Information (NCBI), U.S. National Library of Medicine. Retrieved August 20, 2017. https://www.ncbi.nlm.nih.gov/pubmed/22320879
Pay and Rewards – pay and rewards attract, motivate and retain staff. The employment contract which lists rewards, whether it be pay, bonus or benefits, can remove animosity amongst employees and employers. However, recent research reveals that employees are no longer motivated by a financial reward alone, but
This article examined the necessity of changes required to traditional reward systems in order for employees to remain motivated and productive in the workplace (Lawler & Worley, 2006).The changes that must occur are in response to shifting environmental demands, with reward systems and motivational tactics holding exceptional importance to the ongoing success and longevity to the organization. The article then emphasizes the ineffectiveness of traditional reward systems, such as merit pay. This is largely attributed to how merit pay salary increases are small and become a permanent part of an individual’s pay (Lawler & Worley, 2006). As a result, the relationship between pay and performance is weak and not particularly motivating. As a more effective alternative, companies should look to implement reward systems such as bonuses in the form of short-cycle business periods, as they have shown to be effective motivators as well as flexible enough to compensate for organizational changes. Lawler & Worley (2006) concluded that “traditional reward systems lead to lack lustre performance, and that in order to create a high performance organization, companies must employ different reward systems that motivate performance, reward change, and encourage the development of individual and organizational capabilities” (p.5).
A motivated workforce can be a significant success when employees are motivated to work at a higher levels of productivity. Also this means the whole organization is more effective at reaching it’s goals. Rewards can be a positive outcome when it comes to boosting your organizations self-confidence and higher employee satisfaction. Having a reward system can always be a good outcomes because this shows how much your workers are willing to work to achieving a goal in order to receive something in return. This not only gets things done but brings out another side of your organizations as a whole.
Organisations place rewards policies within the organisation for many reasons. Reward systems through performance management allow organisations to improve staff retention by keeping them motivated. In addition, reward packages encourage high performers to excel within their expertise. This overall gives the organisation a positive image as the staff turnover will be low and give the sense that the company looks after their employees.
Recognize & Reward Employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Reward Management (RM) has been defined as the distribution of monetary and non-monetary rewards to employees in an effort to align the interests of the employees, the organisation, and its shareholders (O’Neil, 1998). In addition O’Neil (1998) also suggests that a RM system can serve the purpose of attracting prospective job applicants, retaining valuable employees, motivating employees, ensuring legal requirements relating to direct and indirect rewards are not violated, assisting the company in achieving human resource and business objectives, and ultimately assisting the organisation in obtaining a competitive advantage.
In the workforce, employees turns to be more involved in the successful results when they know that they will share in the rewards (Wilkinson, 1992). There have to be a well established incentives for better creation of ideas and efforts which would lead to increased business. Rewards allows employees to see themselves being valued and recognize their involvement in the business. Employees' morale and motivation is boosted and the staff progress on with higher level of creativity and
Reward and recognition programs must connect the needs and expectations of the workforce with the company’s overall goals and strategies. A program that reinforces important company values and goals will encourage employees to act in line with such goals and emphasize the importance of achieving these goals. Alternatively, rewards which do not connect with organizational goals may convey a misleading message and encourage employees to act in a manner that does not facilitate the
Being rewarded and recognised for their work or contribution is what keeps an employee motivated to work towards achieving the organisational as well as personal goals. When the employees is motivated by rewards, they will have job satisfaction consequently increasing the productivity of the organisation. It necessitates the need of managers to pay more attention in understanding their employees and come up with suitable types of reward systems for the organisation so that the employees are intrinsically and extrinsically motivated all the time. The hypotheses that I put forward here is to support this statement that effective reward management is critical to
Employees are motivated by both intrinsic and extrinsic rewards. In order for the reward system to be effective, it must encompass both sources of motivation. Studies have found that among employees surveyed, money was not the most important motivator, and in some instances managers have found money to have a de-motivating or negative effect on employees. This research paper addresses the definition of rewards in the work environment context, the importance of rewarding employees for their job performance, motivators to employee performance such as extrinsic and intrinsic rewards, Herzberg’s two-factor theory in relation to rewarding employees, Hackman and Oldman model of job enrichment that