Project Report Pages: 70 Can be used in: HR Project Cost: Rs 2300. Executive perception on training & development system (MBA HR). (MBA HR) HRIS implementation challenges and solution: an overview (MBA - HR) Effectiveness of Reward System on Motivational Level of Employees (MBA HR) Web. ECommerce JSP, Oracle - JSP + Oracle; Online Survey. INFLUENCE OF INTRINSIC AND EXTRINSIC REWARDS ON EMPLOYEE PERFORMANCE: THE BANKING SECTOR OF PAKISTAN Ismail Khan 1. Extrinsic reward system, employee job satisfaction, and their relationship effect on. The opportunity to take on important projects or tasks, and even leadership attention. In 1959, Frederick Herzberg, a behavioral.
Rewards & recognition. 1. IMPLEMENTATION OF REWARDS & RECOGNITION SEHEME SUBMITTED BY: ANITA KUMARI 12MBA05568 MBA 2012-14 (4rd Sem.) Jamshedpur Women’s College. II JAMSHEDPUR WOMEN’S COLLEGE A DISSERTATION REPORT ON “IMPLEMENTATION OF REWARD AND RECOGNITION SCHEME” UNDER THE GUIDANCE OF: SUBMITTED BY: MISS.CHYTALI GHOSH ANITA KUMARI Mr. UPENDRA DEEP (Faculty MBA). III JAMSHEDPUR WOMEN’S COLLEGE CERTIFICATE This is to certify that Miss Anita Kumari, MBA (4th semester,) of Jamshedpur women‟s college, Jamshedpur has completed her project under supervision. She has taken proper care and show utmost sincerity in completion of the project.
I certify that the project completed is as per the guidelines. Head Department of MBA. IV JAMSHEDPUR WOMEN’S COLLEGE DECLARATION I, ANITA KUMARI do hereby declare that the project report entitled 'IMPLEMENTATION OF REWARD AND RECOGNITION SCHEME”, is submitted by me to the Jamshedpur Women‟s College, Jamshedpur in the partial fulfillment of the requirement for the degree of Master in Business Administration is an original piece of work and has not been submitted earlier to this college or to any other institute for fulfillment of the course of study. DATE: SIGNATURE: PLACE:. V JAMSHEDPUR WOMEN’S COLLEGE ACKNOWLEDEGEMENT Coming together is beginning, working together is success. These words truly express all the joy and effectiveness of working together. Completing this project was an arduous task and required all sort of field and table work.
This project could not have been a complete venture without the kind permission of companies who allowed me to perform analysis and subsequent interpretations which form the pillars of this project. I would also like to thank the unsung heroes of this project. They are my mentor, parents, friends, and siblings who took all pains and gave me all sorts of support for doing this project. Thanks to all and almighty. Signature:.
VI JAMSHEDPUR WOMEN’S COLLEGE ABSTRACT “People may forget words; People may forget actions; but people will always remember Respect, Recognition & Appreciation given to them publically for their contributions.” In a world characterized by increased global competition, and a rapidly changing business environment, companies and organization are forced to continuously reevaluate how they work. Since the first systematic studies of manual labor began during the last century, the focus has changed from a strict control of employees increased globalization, and the emergence of Human Resource Management during the 80‟s. Research shows that employee compensation can account for as much as 70-80 percent of companies cost, but also show that the value of a company‟s human capital can significantly affect the market value of the company. Studies also show that managers see non - monetary reward and recognition systems as very effective in reaching eight out of ten organizational objectives. In order for an organization to meet its obligations to shareholders, employees and society, its top management must develop a relationship between the organization and employees that will fulfill the continually changing needs of both parties. At a minimum the organization expects employees to perform reliably the tasks assigned to them and at the standards set for them, and to follow the rules that have been established to govern the workplace.
Management often expects more: that employees take initiative, supervise themselves, continue to learn new skills, and be responsive to business needs. At a minimum, employees expect their organization to provide fair pay, safe working conditions, and fair treatment. Traditionally most reward and recognition programs were vague and often given in response to a manager‟s perception of when an employee performed exceptionally well.
There were usually no set standards by which exceptional performance could be measured, and it could have meant anything from having a good attitude, assisting another department, or being consistently punctual. In current organizational settings this is no longer the case, as organizations understand the great gains derived by linking rewards and recognition to their business strategy. Accordingly, this piece of work deals with all the relevant factors of rewards and recognition, as a motivational tool to attract and keep employees. This encompasses information regarding basic purpose of the program, methods and techniques used to perform these, its implementation in various organization and findings & drawbacks. VII JAMSHEDPUR WOMEN’S COLLEGE TABLE OF CONTENTS Pg.
III Acknowledgement IV Abstract V SECTION-1 INTRODUCTION TO THE TOPIC. 1 - 2 Introduction Objective SECTION-2 LITERATURE. 3 - 17 Employee Reward and Recognition Systems Reward v/s Recognition Important factors In a Recognition Program Procedures of Reward and Recognition Types of Reward & Recognition Methods of Rewards Guidelines for recognizing and rewarding employees Tools for recognizing employee performance in India SECTION-3 GREAT PLACE TO WORK. 18 - 23 Great Place to Work The GPTW framework India's best companies in rewards and recognition, 2013 SECTION- 4 COMPANY IMPLEMENTATION OF REWARDS & RECOGNITION SCHEME. 24 - 36 Rewards & recognition @ TML Driveline of Tata Motors Rewards & Recognition At A-F Blast Furnace Of Tata Steel. VIII JAMSHEDPUR WOMEN’S COLLEGE Pg.
SECTION- 5 RESEARCH METHODOLOGY. 37- 43 Introduction Sources of data collection Findings and analysis through data and graph SECTION-6 FINDINGS & OBSERVATIONS 44 - 46 Findings on rewards & recognition Observations SECTION-7 Conclusion. 48 Limitations. 49 Suggestions. 50 Bibliography.
51. IX JAMSHEDPUR WOMEN’S COLLEGE SECTION-1 INTRODUCTION TO THE TOPIC. X JAMSHEDPUR WOMEN’S COLLEGE INTRODUCTION The reason behind doing this project is to examine that, what is the role of rewards & recognition scheme in employee motivation, how different companies applies this scheme for the growth of its employees to achieve individual and collective goals and also to examine any drawbacks and hurdles in its way. The basic for the efficient functioning of a company is that its employees work hard and stay motivated no matter how tough is the client to deal with. This can only happen if the employees find a driving force towards working in a better way from within a company.
And a company can reciprocate to its employees in no way better than rewards and recognition. It has been statistically proved that frequent indulgence of rewards and recognition along with constant appreciation and most importantly constructive criticism have been the reason for the employees of any company to work better than they used to. By implementing different rewards and recognition, firms show that the employee is not unnoticed and that their work is dearly valued. Organizational success is driven by satisfied and motivated employees. Satisfaction and motivation can be enhanced through rewards and recognition. Recognizes and rewards are achievements that have a notable impact on a program, to project an individual activity that contributes to the vision and to the pursuit of excellence. OBJECTIVES To analyse Reward and recognition programs, its goals and objectives.
Approaches to successful reward and recognition program design. Techniques to measuring employee satisfaction with reward and recognition programs. Approaches to determining program success and performance. Technologies that enhance the administration and communication of reward and recognition programs. To know the employee‟s personal intention regarding rewards and recognition.
To know the criteria to qualify the reward. XI JAMSHEDPUR WOMEN’S COLLEGE SECTION-2 LITERATURE. XII JAMSHEDPUR WOMEN’S COLLEGE REWARDS AND RECOGNITION “Rewards and recognitions are fine; but they should be focused on showing people that we truly appreciate their efforts.” In a competitive market, more business owners are looking at development in quality while reducing costs. This system deals with the assessment of job values, the plan and management of pay arran gement, performance management; pay for performance, competence or skill, the provision of employee benefits and pensions. Importantly, reward and recognition system is also concerned with the development of appropriate managerial cultures, foundation core values and increasing the motivati on and commitment of employees. Reward system processes cover both financial and non-financial rewards.
Employee Reward and Recognition Systems In a competitive business climate, more business owners are looking at improvements in quality while reducing costs. Meanwhile, a strong economy has resulted in a tight job market. So while l businesses need to get more from their employees, their employees are looking for more out of them. Employee reward and recognition programs are one method of motivating employees to change work habits and key behaviors to benefit a business.
XIII JAMSHEDPUR WOMEN’S COLLEGE Reward vs. Recognition Although these terms are often used interchangeably, reward and recognition systems should be considered separately. Employee reward systems refer to programs set up by a company to reward performance and motivate employees on individual and/or group stage. They are usually considered separate from salary but may be monetary in nature or otherwise have a cost to the business. While previously considered the area of big companies, small businesses have also begun employing them as a tool to lure top employees in a competitive job market as well as to increase employee performance. Employee recognition programs are often combined with reward programs they retain a different idea altogether. They are planned to provide a psychological rewards.
Though many elements of scheming and maintainin g reward and recognition systems are the similar, it is helpful to keep this disparity in mind, particularly for business owners interested in motivating staffs while observance costs low. Rewards and recognition are powerful tools for employee motivation and performance improvement. A reward is something given to a person or a group of people to recognize their excellence in a certain field; a certificate of excellence. Awards are often signified by trophies, titles, certificates, commemorative plaques, medals, badges, pins, or ribbons.
An award may carry a monetary prize given to the recipient. Recognition is public acknowledgement of person's status or merits (achievements, virtues, service, etc.).When some person is recognized, he or she is accorded some special status, such as a name, title, or classification. Important Factors in a Recognition Program 1. The recognition program does not exclude any employee. The employees know exactly what should be accomplished in order to earn recognition and rewards. The manager‟s success is tied to employee‟s success. XIV JAMSHEDPUR WOMEN’S COLLEGE Objectives Any organizational reward system has objectives: 1.
To motivate employees to perform to the fullest extent of their capabilities. To encourage employees to follow workplace rules and undertake special behaviors beneficial to the organizations. To instantly and innovatively recognise and reward employees for exemplary individual and team behaviour. Program Purposes 1.
Recognize individuals and teams in a timely and effective way. Provide a continuum of opportunities to acknowledge and recognize members of the organization. Recognize that each individual can make a difference. Be a fair and flexible practice that is woven into the fabric of the org culture.