This study investigated the compensation and benefits package of a multinational bank in Hong Kong in order to examine whether it effectively attract, retain and motivate employees in order to increase organizational productivity. Using a mixed method approach, this study quantitatively and qualitatively measured the perceptions of select employees of the company through a survey. The survey measured what facets of the compensation and benefits package attracted the participants to join the company, what made them stay and whether it motivates them to work productively.
Demographic data was also measured to explicate the unique characteristics of the employees in relation to their views regarding the compensation package. Survey results showed that employees identified job conditions and salary and benefits as attractive while working conditions and external rewards made them stay, the employees also identified external rewards in terms of recognition, awards and bonuses motivated them to work more efficiently. Employees however explicitly acknowledged that they have stayed with the company because of the economic returns and this would motivate them to be more productive.
It was found that majority of the surveyed employees were in their 20’s to 30’s, single, highly educated and relatively new to the company and based on need theories these influenced the perceptions of the respondents. This study supports earlier studies on motivation and compensation, which identified salary as the most important factor that employees look for in a job likewise evidence was found that some of the traditional benefits offered by the company attracted and retained employees.
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