Business research methodology
Questionnaires were prepared to get the relevant information with regards to the particular organization and also evaluate the impact of reward system In that organization. The conclusion elucidate that the reward systems have a positive effect on employee performance and it will help the organization to Improve effectively as well as efficiently. Key Words: Reward system, Learning, Performance, Productivity, Effectiveness and Efficiency. Introduction: Human Resources Management is mainly focuses on people. It strongly believes that he all other resources are meaningless without people.
HARM plays a vital role In an organization. Now a day, the human resources department strongly motivates employees by providing them proper rewards for their work or achievements. We can say that the overall performance of any organization is highly influenced by the reward system. This research gives a response to the Importance of reward system In the hotel industry in, Cochin, the type of rewards and the impact it has on the employees. Literature Review: The rewards are given to the people who perform well in their work and also by the skills In them.
According to Humphrey (1987) a reward Is applicable when the employee contributes in an extra ordinary method to the profits of the company.
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A may not get satisfied even if the person is given basic needs. The organization may have to bring in schemes keep him motivated by giving him paid or non-paid holidays. Broom’s expectancy theory states that there should be relation with the work done the reward system and the employees’ value towards that rewards. The organization can give targets which the employee can achieve within an expected time and the management has to analyze what reward system will motivate the employee. This theory is effectively put into practical test as it relates rewards specific to each employees.
The analysis can be done by directly asking the employees to put targets n their daily life and help them achieve it financially and non-financially. The theory of motivation claimed that the people or employee who contributes more to the organization should receive more for their work. (Campbell, 1998). This method has a significant influence on the design of incentive systems and payment by merit programs. We have to pay more attention to employee Job satisfaction. It is one way to minimize absenteeism. Several people have proved that absenteeism can reduced by providing rewards and recognitions (Lealer, 1981; Lealer, 1990).
Also sometimes it is less costly than absenteeism. In some causes skill based rewards are there, it will produce higher pay level of individuals. Nonsense et al. , 1992). Similarly performance can be measured by forming teams, and it should obviously lead to individuals team performance (Cohen and Lealer, 1992). Statement of the problem: Today, most of the organizations are performing in an organized way. They are not willing to provide any kind of rewards to the employees without a performance analysis program. Even though it is there, some organizations fail to find the right person at the right time to offer the reward.
So that it is significant to ask the following questions. ) Does efficiency really increase after providing the reward? B) Is employee satisfied with the type of reward that the organization provide? C) Does the company adapt performance analysis program? D) Do the HER manager and the senior management respond positively to the reward given? As a result, this research is aspires to learn the effectiveness and importance of reward system in the hotel industry. Also how it will help the organization and the employees. Primary objective: To study how reward system helps the overall performance of the hotels in Cochin.
Secondary objective: To assess the current reward system within the organization. To evaluate how employees respond to the rewards provided by the organization. To study the new evaluation method of performance that may be applied within the hotels. To evaluate the effectiveness of reward system in the organization. Limitations of the study: There are some limitations to do the research based on the effectiveness of reward system in the hotel industry of Cochin. L. The limitation of time was a major problem to do this research. II. There was limited time to evaluate all the Hotels in Cochin. Ill.
The sample size is not enough to evaluate the results of all Hotels in Cochin. ‘V. Employees were spread across various locations and their expected time was not unsuitable. Hypothesis: Chi-square test Providing rewards is playing a major role in the performance of the organization. To understand better the effectiveness of reward system in the hotel industry in Cochin, a framework is established with most important variable “reward system” being the independent variable and “performance of employees” being the dependent variable. The following hypothesis was recognized: There is a relation between employee performance and reward system.
HO ?employee performance is independent on the reward system HI – employee performance depend on the reward system. Here we can say that the HO is a null hypothesis and the HI is the alternate hypothesis. Reward system/performance high low total 3 5 12 17 35 15 50 Expected frequency = nor * NC / n Nor = sum total of row NC = sum total of column N = grand total O = observed number E = expected number Subtract expected number from observed number (O-E) XX the sum of (0-E) 2/ E 23. 1)2 / 23. 1 + (3- 9. 9)2 / 9. 9 + (5-11. 9)2111. 9 + (12-5. 1)215. 1 = 2. 061 + 4. 809 +4. 000 + 9. 35 = 20. 205 We identified that the HO is the null hypothesis here, and so we can reject that . 05 is level of significance. At last it is recognized that there is a positive relation between the reward system and performance. To check the viability of the hypothesis, a sample size of 50 was taken to determine the result of this research. To be more explicit: Sample Population: Employees of Trident and Tag hotels Sample Size: 50 This hypothesis has been assessed though data analysis and interpretation, with the help of Excel in order to come to an appropriate conclusion.
Methodology and Sample: The primary data collected for the research, with the help of interviews and survey. Also the secondary data from books, Journals and articles were comprised. The the General Manager held at hotel Trident and Tag in Koch over a period of 4 months. Questionnaires were prepared to get the relevant information with regards to the particular organization. A sample size of 50 was taken for the research and the answer were compiled with the findings identified for further study and conclusion.
Data Analysis and Interpretation: Analysis and interpretation is one of the most important parts of the study. The 50 survey distributed have been transformed into charts for better elucidation. General Data: Opinions Number of respondents Percentages of respondents (%) Age below-20 2 4% 20-30 30-40 8 0-50 10 above 50 sex Male 76% Female 24% Marital Status Single Married 26 52% Divorced 4 No of years of experience less than 3 years 8% 3-5 20 above 5 How many rewards you obtained in the last one year? None one-two 18 36% two-three 28 56% above three 6 What is the type of reward providing to you? Alarm hike 34% bonus 19 38% promotion 2% compliments others, please specify 6% 7 On an average, how much time did it take to get used to the organization’s management system. Less than one month two months 29 58% three months 21 42% more than three months Do you feel that your management understands your necessity for the recognition of he reward? Yes 9 may be Responses of employees towards rewards system were represented in a graphical format: 1) Analysis of employee alertness about the rewards in the organization.
This is to measure the awareness of reward system in the organization and how it will be evaluated. (Whether the employee is conscious about the performance evaluation programs) they are aware of the expectations and the rewards, 38% agree and 6% neither agree nor disagree. 2) analysis of the need for reward system in an organization: This assessment is a measure of whether employee’s performance are recognized and met via rewards. From the above diagram, we can monitor that 14% of the total respondents strongly agree that the reward systems are well planned. 8% agree and the remaining 26% are neutral and a 2 % of people disagree with this statement. 3) Analysis of the reward systems: This is to measure, on what criteria the organization providing rewards to their employees. And to assess that, it is conducted in a systematic way or not.. The above graph indicates that 18% of the total respondents strongly agree that t they are conducted in a systematic way, 27% agree, while the remaining 35% think so, but on a neutral base and 2% disagree with this. ) Analysis of performance evaluation stages.
This is a measure of whether there is regularity in evaluating performance, feedback, and monitoring The above diagram shows that, 18% of the total respondents strongly agree that after the reward program has been done, that is through feedback and evaluation of performance. 42% agree to this, while 23% remain neutral and remaining 17% disagree. 5) Does efficiency really increase after providing the reward This is an analysis of whether the efficiency increases after granting rewards and appreciations. From this graph above, we can observe that 60% of the total respondents strongly s effectiveness. 0% agree to this, while 10% remaining neutral and remaining 10% 6) Is employee satisfied with the type of reward that the organization provide It indicates whether the employee is satisfied with the type of reward the organization providing. While looking at the graph above, 57% of the employees are strongly agree that they are satisfied with the type of reward they provide. Also 33% of people do agree with this. We can see that a 10% of employees are neutral to this situation. 7) Does the company adapt performance analysis program Here we are scrutinizing the performance analysis program KIP, KARA etc. ICC are used by the organization. The above pie diagram signifying that, 67% strongly agree and 20% people agree to this condition. 9% of them were neutral to this. And 14% says that the company does not adapt a performance analysis program. 8) Do the HER manager and the senior management respond positively to the reward given We are scrutinizing the response of the management towards the rewards. Here we also shrill out the behavior of the management to the employees. In the above graph, 47% strongly agree that the management response positively to the reward. 20% do agree with this. 33% of the people are neutral to this.