| Title : | Impact of reward on employee performance in Nepalese commercial banks | | Material Type: | printed text | | Authors: | Prakash Pandey, Author | | Publication Date: | 2017 | | Pagination: | 105p. | | Size: | GRP/Thesis | | Accompanying material: | 10/B | | Languages : | English | | Descriptors: | Reward on employee performance
| | Class number: | 658.3125 | | Abstract: | Reward is a crucial element for motivating employees in an organization. It not only helps to generate innovative ideas but also improves the organizational performance. Rewards play an important role in building and sustaining the commitment among employees that ensures a high standard of performance. There is so much changes occurring in the business world and every business entity or organization has much relay on employee’s good performance. Rewards are considered an important tool to check the employee’s performance.
Rewards are most important way to engage the employees with their work and with their organization. Organizational rewards mean all the benefits, both, financial and non-financial that an employee receives through their employment relationship with an organization (Bratton and Gold 1994, Malhotra et al. 2007). Rewards increase the level of productivity and quality of the employees on their jobs and in the result thereof increase the success of the organization. Also experts noted that the suggested rewards from the firms might strongly affect the employee’s behaviour related to the job and the organization that they work in (Lincoln and Kallerberg, 1990). Reward refers to all categories of financial benefits, tangible services and benefits that an employee receives as part of employment relationship with the organization (Bratton and Gold 1994).
Rewards increase the level of productivity and quality of the employees on their jobs and in the result thereof increase the success of the organization. Also experts noted that the suggested rewards from the firms might strongly affect the employee’s behaviour related to the job and the organization that they work in (Lincoln and Kallerberg, 1990). Rewards increase the level of efficiency and performance of the employees on their jobs and in the result thereof increase the success of the organization. Crews (1997) concluded that economic rewards are most important to private sector employees. Employee will give their maximum when they have a feeling or trust that their efforts will be rewarded by the management. Chapagai (2011) revealed that reward is an important determinant of employee performance. Increased reward practices makes positive effecton employee performance of Nepalese banking employees.
The main purpose of the study is to identify major factors affecting employee performance and commitment in Nepalese commercial banks. The study has the following specific objectives: to analyze the perception of employees towards the reward practices in Nepalese commercial banks, to examine the relationship of compensation, promotion, bonus, recognition and empowerment on employee performance and commitment in Nepalese commercial banks, to find out the most important factor affecting employee performance and commitment in Nepalese commercial banks.
The primary source of data is used to assess the opinion of employee with respect to reward practices on employee performance in Nepalese commercial banks. The survey is based on 220 respondents from 20 commercial banks in Nepal. The questions were asked in the Likert scale questions. The Likert scale questions of different variables as compensation, promotion, bonus, recognition, empowerment, employee performance and commitment were measured in 5 points scale. For the fact finding of the study primary data was analyzed by using percentage frequency distribution and methods such as descriptive statistics, correlation analysis and regression analysis.
The result of the study shows that there is positive correlation of rewards practices on employee performance and commitment in Nepalese commercial banks. The impact of compensation, promotion, bonus, recognition and empowerment are positively significant with employee performance. The impact of compensation, promotion, bonus, recognition and empowerment are positively significant with employee commitment.
Promotion has the highest weighted mean value which reveals that it is followed effectively in Nepalese commercial banks. Likewise, recognition has lowest weighted mean value which indicates that recognition practices are not effectively followed in Nepalese commercial banks. The beta coefficients for compensation, promotion, bonus, recognition and empowerment are positive with employee performance. In the same way, beta coefficients for compensation, promotion, bonus, recognition and empowerment are positive when regressed on employee commitment. Recommendations are given on the basis of the finding of the study. The major conclusions of the study are that all the variables of rewards have positive relation with employee performance and employee commitment.If the Nepalese commercial bank has good reward system in the form of compensation, promotion, bonus, recognition and empowerment it will tends to increase employee performance and commitment. If the bank more focuses on these variables of the reward practice it leads to motivate the employee towards their work and increase overall banks performance.
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Impact of reward on employee performance in Nepalese commercial banks [printed text] / Prakash Pandey, Author . - 2017 . - 105p. ; GRP/Thesis + 10/B. Languages : English | Descriptors: | Reward on employee performance
| | Class number: | 658.3125 | | Abstract: | Reward is a crucial element for motivating employees in an organization. It not only helps to generate innovative ideas but also improves the organizational performance. Rewards play an important role in building and sustaining the commitment among employees that ensures a high standard of performance. There is so much changes occurring in the business world and every business entity or organization has much relay on employee’s good performance. Rewards are considered an important tool to check the employee’s performance.
Rewards are most important way to engage the employees with their work and with their organization. Organizational rewards mean all the benefits, both, financial and non-financial that an employee receives through their employment relationship with an organization (Bratton and Gold 1994, Malhotra et al. 2007). Rewards increase the level of productivity and quality of the employees on their jobs and in the result thereof increase the success of the organization. Also experts noted that the suggested rewards from the firms might strongly affect the employee’s behaviour related to the job and the organization that they work in (Lincoln and Kallerberg, 1990). Reward refers to all categories of financial benefits, tangible services and benefits that an employee receives as part of employment relationship with the organization (Bratton and Gold 1994).
Rewards increase the level of productivity and quality of the employees on their jobs and in the result thereof increase the success of the organization. Also experts noted that the suggested rewards from the firms might strongly affect the employee’s behaviour related to the job and the organization that they work in (Lincoln and Kallerberg, 1990). Rewards increase the level of efficiency and performance of the employees on their jobs and in the result thereof increase the success of the organization. Crews (1997) concluded that economic rewards are most important to private sector employees. Employee will give their maximum when they have a feeling or trust that their efforts will be rewarded by the management. Chapagai (2011) revealed that reward is an important determinant of employee performance. Increased reward practices makes positive effecton employee performance of Nepalese banking employees.
The main purpose of the study is to identify major factors affecting employee performance and commitment in Nepalese commercial banks. The study has the following specific objectives: to analyze the perception of employees towards the reward practices in Nepalese commercial banks, to examine the relationship of compensation, promotion, bonus, recognition and empowerment on employee performance and commitment in Nepalese commercial banks, to find out the most important factor affecting employee performance and commitment in Nepalese commercial banks.
The primary source of data is used to assess the opinion of employee with respect to reward practices on employee performance in Nepalese commercial banks. The survey is based on 220 respondents from 20 commercial banks in Nepal. The questions were asked in the Likert scale questions. The Likert scale questions of different variables as compensation, promotion, bonus, recognition, empowerment, employee performance and commitment were measured in 5 points scale. For the fact finding of the study primary data was analyzed by using percentage frequency distribution and methods such as descriptive statistics, correlation analysis and regression analysis.
The result of the study shows that there is positive correlation of rewards practices on employee performance and commitment in Nepalese commercial banks. The impact of compensation, promotion, bonus, recognition and empowerment are positively significant with employee performance. The impact of compensation, promotion, bonus, recognition and empowerment are positively significant with employee commitment.
Promotion has the highest weighted mean value which reveals that it is followed effectively in Nepalese commercial banks. Likewise, recognition has lowest weighted mean value which indicates that recognition practices are not effectively followed in Nepalese commercial banks. The beta coefficients for compensation, promotion, bonus, recognition and empowerment are positive with employee performance. In the same way, beta coefficients for compensation, promotion, bonus, recognition and empowerment are positive when regressed on employee commitment. Recommendations are given on the basis of the finding of the study. The major conclusions of the study are that all the variables of rewards have positive relation with employee performance and employee commitment.If the Nepalese commercial bank has good reward system in the form of compensation, promotion, bonus, recognition and empowerment it will tends to increase employee performance and commitment. If the bank more focuses on these variables of the reward practice it leads to motivate the employee towards their work and increase overall banks performance.
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