a study on rewards and recognition

A STUDY ON REWARDS AND

RECOGNITION SYSTEMS AMONG

LEADING INDIAN ORGANIZATION

Overview of Rewards and Recognitions The organizations in todays world are constantly striving

to become dynamic to stay ahead of competition,

Earn maximum profits,

Grow faster than competition & rivals,

Establish domination in the market.

Drive to achieve excellent standards

They are very keen to have a dedicated and well-trained skilled workforce.

Rewards and recognitions is one such practice to motivate the workforce in good and difficult times.

Organizations can tap their individual intrinsic potential and unleash it achievements to new heights and standards.

The rigor by the employers is to set a state of art practices to innovate products and process.

Overview of Rewards and Recognitions Employees perspective

They also expect good salary compensation,

Advance prospects

Earn respectable status in the society

Achieve a sense of satisfaction.

The objective of the practice of Reward and recognition is to foster a spirit of

healthy competitive spirit within individuals, groups and organization as a

whole.

Apart from that, it is used by the organizations to attract talent from the

industry and retain the existing skilled workforce.

Literature Survey

Brun and Dugas (2008) define

Recognition is first and foremost a constructive response;

It is also a judgment made about a persons contribution,

Reflecting not just work performance

Personal dedication and engagement.

Lastly, recognition is engaged in on

Regular or ad hoc basis

Expressed formally or informally

Individually or collectively

Privately or publicly

Monetarily or non-monetarily

Similarly, rewards are an important part of an organization's system

The right kind of rewards system contributing to

Employees feeling motivated

Committed to their job (Bonsdorff 2011)

Moreover, it promotes on-the-job learning (Lippit 1997)

It is a building block of learning organizations (Griego, 2000).

Literature Survey

The Research Problem:

Whether employees have ample comprehension of their rewards and recognitions, whether

they consider it to be fair and a genuine effort by the management to reward and recognize

outstanding efforts and results.

We will also meticulously try to discover whether the reward systems enhances the value of an

employee, as morale booster and to reaffirm how important is for an employee a reward and

recognitions.

The organizations whether they take part in explaining the awareness of the existing rewards

and recognition and how effectively the senior management is involved in this practice.

It is trying to convey that whether rewards and recognition practices takes in the suggestions

of employees and how it is a continuous evaluation.

We will also explore a new dimension that how important in Indian context is family important

in celebrating success and designing of these practices considering an individuals family needs.

The Research Problem:

The Economic times (PTI Jul 9, 2014) quoted that Economic Survey 2014: Working age of India's population is set to increase to 64% by 2021.The percentage of working-age population is expected to surge from around 58 per cent in 2001 to more than 64 per cent by

2021, with a big number of Generation-Young aspirants in the age group of 20-35, referring to

the pre-Budget Economic Survey 2013-14.

So our special focus would to understand the aspirations of 22-35 age group (Gen-y group) on

a broader perspective.

After going through detailed analysis of each question present in the questionnaire, we would

like to draw some conclusions, inferences and make suitable recommendations (if any) for

overall advances to make this practice of rewards and recognitions as an enhancement of

value significantly for both employees and employers.

The Research Design

The analysis planned is a descriptive inquiry to accumulate ample data on theory and research

literature study.

Here the data amassed to realize the general perspectives on Rewards and Recognitions

which includes collection of feedbacks straight from staffs of different organizations.

This will also help in understanding if there are any behavior patterns observed. A wide-

ranging study of existing research materials will also be involved.

The primary source of data will be from various forms of answers from employees through

questionnaire.

Each query from the questionnaire will be studied in detail and some analysis and inferences

will be drawn as per the responses.

The questionnaire will be mailed across to all volunteering employees various organizations

will be undertaken to comprehend in detail about the various internal and external factors

important for the success of Rewards and Recognitions systems

The observations will be tabulated along with details including gender diversity and age. The

composed figures will be estimated in Microsoft Excel.

Analysis of Survey Sample

0

5

10

15

20

25

30

35

40

45

22-34 35-46 47-60

To

tal N

o.

Age Group

Sample Distribution

80%

10%

10%

Share of various Age-groups

22-34

35-46

47-60

0

5

10

15

20

25

30

35

40

Female Male

Tota

l No

.

Gender

Gender Distribution

17, 33%

34, 67%

Gender Share

Female

Male

17%

57%

14%

10%2%

Overall

Strongly agree Agree Neutral Disagree Strongly Disagree

12%

59%

17%

10%2%

AGE GROUP 22-34

Strongly agree Agree Neutral

Disagree Strongly disagree

40%

60%

0%0%0%

AGE GROUP 35-46



40%

40%

0%

20%0%

AGE GROUP 47-60

Strongly agree Agree

Q1. Do you feel that the awareness generated by your organization concerning recognition and reward programs is

adequate?

8%

70%

12%

6%4%

Overall


Q2. Do you feel that you have the essential comprehension of the criteria for an employee to receive recognition and

reward?

8%

68%

12%

7%5%

AGE GROUP 22-34

Strongly agree Agree Neutral Disagree Strongly disagree

20%

60%

20%0%0%

AGE GROUP 35-46


0%

100%

0%0%0%

AGE GROUP 47-60


12%

47%16%

25%

OVERALL

Strongly agree Agree Neutral Disagree

5%

49%

17%

29%

0%

AGE GROUP 22-34


Q3. Do you believe that the current employee recognition and reward program utilized by your company is

effective in providing you with the recognition for your actions?

40%

60%

0%0%0%

AGE GROUP 35-46


40%

20%

20%

20%0%

AGE GROUP 47-60


19%

45%

18%

14%

4%

OVERALL


Disagree Strongly Disagree

12%

49%

19%

15%

5%

AGE GROUP 22-34


40%

40%

20%

0%0%

AGE GROUP 35-46


60%20%

0%

20%

0%

AGE GROUP 47-60


Q4. Do you believe that the current employee recognition and reward program used by your company enhances

your value as an employee?

10%

41%31%

18%

OVERALL


7%

41%

37%

15%0%

AGE GROUP 22-34


0%

40%

20%

40%

0%

AGE GROUP 35-46


40%

40%

0%

20%0%

AGE GROUP 47-60


Q5. Do you believe that the employee recognition and reward program utilized in your company is comparable to

other companies programs?

61%

27%

10%0% 2%

AGE GROUP 22-34


40%

60%

0%0%0%

AGE GROUP 35-46


20%

80%

0%0%0%

AGE GROUP 47-60


Q6. Do you feel Employee recognition and reward is important for your morale?

55%35%

8% 2%

OVERALL

Strongly agree Agree Neutral Strongly Disagree

57%33%

6%2%2%

OVERALL


59%29%

7%3%2%

AGE GROUP 22-34


20%

80%

0%0%0%

AGE GROUP 35-46


80%

20%0%0%0%

AGE GROUP 47-60


Q7. Would you like to see both formal and informal employee recognition programs at your company?

17%

32%

24%

27%

0%

AGE GROUP 22-34


40%

40%

20%0%0%

AGE GROUP 35-46


40%

20%0%

20%

20%

AGE GROUP 47-60


Q8. Do you think that your company does an adequate job recognizing and rewarding employees for their

performance?

22%

31%22%

23%

2%

OVERALL


51%42%

7%0%0%

AGE GROUP 22-34


20%

40%

40%

0%0%

AGE GROUP 35-46


40%

60%

0%0%0%

AGE GROUP 47-60


Q9. Do you feel that personal recognition is important to you after successful completion of a difficult task?

47%

43%

10%

RESPONSE DISTRIBUTION


27%

44%

19%

5%5%

AGE GROUP 22-34



80%

0%

20%0%0%

AGE GROUP 35-46



40%

20%

40%

0%0%

AGE GROUP 47-60


33%

37%

22%

4% 4%

OVERALL


Q10. Do you feel that personal recognition is more important than a monetary reward?

6%

45%

16%

25%

8%

OVERALL



8%

43%

19%

30%

AGE GROUP 22-34


0%

60%20%

20%0%

AGE GROUP 35-46



0%

80%

0%

20%0%

AGE GROUP 47-60



Q11. Do you feel your department has a standard mechanism in place for a supervisor to give spot

awards?

43%

47%

8%2%0%

OVERALL


44%

51%

3%2%0%

AGE GROUP 22-34


Neutral Disagree

Strongly disagree

20%

40%

40%

0%0%

AGE GROUP 35-46



60%20%

20%0%0%

AGE GROUP 47-60


Q12. Do you enjoy celebrating professional achievement with your team and family?

6%

27%

20%

39%

8%

OVERALL



5%

29%

19%

37%

10%

AGE GROUP 22-34



20%

20%

0%

60%

0%

AGE GROUP 35-46



0%20%

40%

40%

0%

AGE GROUP 47-60


Q13. Do you feel your organization takes your family needs into consideration while designing the Reward

and recognition systems?

8%

51%21%

14%

6%

OVERALL



10%

46%25%

12%

7%

AGE GROUP 22-34



0%

60%

0%

40%

0%

AGE GROUP 35-46



0%

80%

20%0%0%

AGE GROUP 47-60



Q14. Does your senior encourages you to praise your subordinates?

11%

59%

10%

12%

8%

OVERALL

Strongly agree Agree Neutral Disagree Strongly disagree14%

54%

7%

15%

10%

AGE GROUP 22-34


Neutral Disagree

Strongly disagree0%

60%

40%

0%0%

AGE GROUP 35-46



0%

100%

0%0%0%

AGE GROUP 47-60


Q15. Does the top management praises its people (Verbal or Written) for their efforts or achievement

on a regular basis?

16%

41%18%

21%

4%

OVERALL



10%

49%17%

19%

5%

AGE GROUP 22-34



40%

0%40%

20%0%

AGE GROUP 35-46



40%

20%0%

40%

0%

AGE GROUP 47-60


Neutral Disagree

Strongly disagree

Q16. Do you think that Employee recognitions and rewards in your organization is given on the basis of continuous

evaluation throughout the year?

10%

39%

23%

22%

6%

OVERALL


Disagree Strongly disagree10%

34%

27%

22%

7%

AGE GROUP 22-34



20%

40%

20%

20%

0%

AGE GROUP 35-46



0%

80%

0%

20%0%

AGE GROUP 47-60


Q17. Does your organization considers employee's suggestions while giving out reward and recognitions?

12%

49%

25%

10%4%

OVERALL


12%

54%

24%

7%3%

AGE GROUP 22-34



0%0%

60%20%

20%

AGE GROUP 35-46



20%

60%

0%

20%

0%

AGE GROUP 47-60


Q18. Does Representatives from top management in your company actively participate (in person) in the

different reward & recognition programs?

Conclusions:

Overall the Indian organizations have fared reasonably well.

Yet there still exists some scope of improvements in the rewards and recognitions practices in

order to withstand the domestic and international competition.

However there are still some hesitations and fixed mindsets in the present Indian organizations

scenario. There needs to be greater flexibility and openness in the present conditions. But

gradually with meticulousness and perseverance, the organizations can retain their talented

workforce and attract new ones.

In this journey, Rewards and recognitions systems will play a crucial role in determining the

future course of the organizations and employees.

Recommendations

There needs to be greater push to create awareness about the rewards and recognition practices and their criteria

among the employees.

The suggestions of employees needs to be considered with vigor and enthusiasm

Some amount of due consideration should be given to family needs in context of Indias cultural heritage for

designing the practices.

Continuous evaluations of rewards and recognitions practices should be done instead of the usual yearly and

half yearly practices.

An on-spot rewards and recognition practices needs to be fostered by Indian organizations with greater zeal and

rigor.

Recommendations

In workplace practices, informal recognition and praising of employees and subordinates seeds to be fostered in

order to have a healthy work environment.

Robust systems needs to be in place so that the organizations is effective in recognizing Individuals efforts.

Special Attentions to be given in designing recognitions (both formal and informal) as compared to monetary

rewards which is very much evident from the response distribution.

Awareness about industry rewards and recognition practices and it should be showcased how the organizations

existing practice is better than the competition. Also it reassures an employee that he is valued and he receives

personal recognition.

Rewards and recognition practices needs to be more oriented towards encouraging employees to learn help

them upgrade their skillset and innovate processes and products.

It also should motivate him to take risks, be a team player and develop a sense of professionalism

Rewards and recognitions should also be designed that it challenges the mindset of the employees and help

them broaden their perspectives.

Thank You

a study on rewards and recognition

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