Proposal for Project
Rewards OR Recognition as a Source of Motivation
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TABLE OF CONTENTS
1.1.Introduction to Project 2
1.2 Background of the project 3
1.3 Research Objectives 4
1.4 Project Significance 5
1.5 Project proceedings 5
1.6 Data collection Source 6
1.7 Data Collection tools 7
1.8 Subjects/Participants 7
1.9 Sample size: 7
1.10 Sampling technique 7
1.11 Fieldwork/Data Collection: 8
1.12 Data processing and Data analysis 8
BIBLIOGRAPHY 9
1.1. Introduction to Project
The primary focus of reward and Incentive programmes is how organizations define their reward schemes and communicate this in a manner that employees clearly understand the link between reward and performance (Flynn, 1998).
According to IMF report, Pakistan’s growth rate is 8% that is in comparison of major economies of the world. In Pakistan as a result, domestic companies face improving quality and productivity. Besides other factors without committed employees it is not possible to effectively attain the organizational goals.
Human resources are now seen as the primary source of a company’s competitive advantage. Therefore, the way people are treated increasingly determines whether an organization will prosper or even survive (Lawler, 2003) Incentives are something that is offered before accomplishing a specific task with the intent of encouraging the behaviors necessary to accomplish that task to occur. A reward is something that is given following the occurrences of a behavior and often with the additional intent of encouraging it to happen again such as pay, work condition, fringe, security and promotion (Oliver, 2007)
Theories of Motivation
Content theories of motivation emphasize the reasons for motivated behavior and what causes it. These theories specify the correlates of motivated behavior that is states, feelings or attitudes associated with motivated behavior, and help to represent physiological or psychological deficiencies that an individual feels some compulsion to eliminate. Content theories lend insight into people’s needs, thus, help a manager to understand what it is that energies and sustains their behavior, and what they will and will not value as work rewards (Schermerhorn et al., 1991)
This research focuses its sales force to investigate if reward and recognition plays any role in motivating employees. The study will explore which factors impact employee motivation. So for that data will be collect from the Askari bank to for desired result.
1.2 Background of the project
Previous research has shown that for employees, whose performance is rewarded when they go “above and beyond”, 90% are satisfied with their job, 88% are satisfied with the organization and just 12% consider leaving the organization. Amongst employees who say that their performance is not rewarded, 52% are satisfied with their jobs and 47% are satisfied with their organization, and 36% seriously consider leaving (Compensation & Benefits Report, 2003. )
Extensive research has been conducted on the factors that impact motivation and satisfaction and therefore job performance. Wyatt’s 2004 Survey of Canadian Strategic Rewards and Pay Practices found that employers are seeking to adopt reward strategies that provide a competitive advantage by attracting top talent and engaging employees in a way that drives business results. The survey found that 77% of organizations have either adopted a total rewards strategy or plan to do so. While employers seem satisfied with their performance and reward efforts, the Watson Wyatt Work Canada 2004/2005 study shows that only 24% of employees believe that excellent performance is rewarded at their company (Canadian employers, n.d.)
Research has conclusively established that the major reason for attrition in an organization is not money. It is more a matter of lack of recognition and rewards. You may be able to reduce attrition considerably if managers are trained to recognize and reward good performance. In fact every opportunity must be used to appreciate the work of the employees. Easier said than done, it takes a dedication and commitment towards the employees.