| Title : | The impact of reward on employee performance in Nepalese insurance companies | | Material Type: | printed text | | Authors: | Pooja Shah, Author | | Publication Date: | 2018 | | Pagination: | 102p. | | Size: | GRP/Thesis | | Accompanying material: | 9/B | | Languages : | English | | Descriptors: | Reward on employee performance
| | Class number: | 658.3125 | | Abstract: | Reward management is one of the strategies used by Human Resource Managers for attracting and retaining suitable employees as well as facilitating them to improve their performance through motivation and to comply with employment legislation and regulation. As a result of these pressures, HR managers seek to design reward structures that facilitate the organizations strategic goals and the goals of individual employees. Reward systems are very crucial for an organization (Maund, 2001).
According to Bowen (2000), rewards and recognitions are vitally important to boost morale and creating goodwill between employees and managers. Rewards and recognition play an important part in motivating employees and improving performance. A carefully designed reward system can greatly enhance an organization's effectiveness and productivity. According to the Armstrong (2008), performance management is a systematic process for improving organizational performance by developing the performance of individuals and teams. He further explained it is means of getting better results by understanding and managing performance within an agreed framework of planned goals, standard and competency requirements.
This study examines the impact of reward on employee’s performance in Nepalese insurance companies. Employee productivity and job quality are selected as the dependent variables. Compensation, promotion, bonus, empowerment and recognition are selected as independent variables. The primary source of the data is used to assess the opinions regarding the reward and employee performance in Nepalese insurance companies. The survey is based on 180 respondents from 18 insurance companies in Nepal. To achieve the purpose of the study, structured questionnaire is prepared. The multiple regression models are estimated to test the significance and importance of reward system on employee performance in Nepalese insurance companies.
The result shows that there is a positive relationship of compensation and promotion with employee performance. This indicates that better the compensation and promotion system, higher would be the employee performance. The study also shows that there is a positive relationship between bonus and employee performance. It indicates that increase in the level of bonus leads to increase in employee performance. The study also reveals that empowerment has a positive relationship with employee performance. It indicates that higher the level of empowerment, higher would be the employee performance. Likewise, result shows that there is a positive relationship between recognition and employee performance. It indicates that higher the level of recognition in the organization, higher would be the employee performance. The regression results also show that beta coefficients are positive for compensation, promotion, bonus, empowerment, and recognition. However, the coefficients are significant only promotion, empowerment and recognition at 5 percent level.
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The impact of reward on employee performance in Nepalese insurance companies [printed text] / Pooja Shah, Author . - 2018 . - 102p. ; GRP/Thesis + 9/B. Languages : English | Descriptors: | Reward on employee performance
| | Class number: | 658.3125 | | Abstract: | Reward management is one of the strategies used by Human Resource Managers for attracting and retaining suitable employees as well as facilitating them to improve their performance through motivation and to comply with employment legislation and regulation. As a result of these pressures, HR managers seek to design reward structures that facilitate the organizations strategic goals and the goals of individual employees. Reward systems are very crucial for an organization (Maund, 2001).
According to Bowen (2000), rewards and recognitions are vitally important to boost morale and creating goodwill between employees and managers. Rewards and recognition play an important part in motivating employees and improving performance. A carefully designed reward system can greatly enhance an organization's effectiveness and productivity. According to the Armstrong (2008), performance management is a systematic process for improving organizational performance by developing the performance of individuals and teams. He further explained it is means of getting better results by understanding and managing performance within an agreed framework of planned goals, standard and competency requirements.
This study examines the impact of reward on employee’s performance in Nepalese insurance companies. Employee productivity and job quality are selected as the dependent variables. Compensation, promotion, bonus, empowerment and recognition are selected as independent variables. The primary source of the data is used to assess the opinions regarding the reward and employee performance in Nepalese insurance companies. The survey is based on 180 respondents from 18 insurance companies in Nepal. To achieve the purpose of the study, structured questionnaire is prepared. The multiple regression models are estimated to test the significance and importance of reward system on employee performance in Nepalese insurance companies.
The result shows that there is a positive relationship of compensation and promotion with employee performance. This indicates that better the compensation and promotion system, higher would be the employee performance. The study also shows that there is a positive relationship between bonus and employee performance. It indicates that increase in the level of bonus leads to increase in employee performance. The study also reveals that empowerment has a positive relationship with employee performance. It indicates that higher the level of empowerment, higher would be the employee performance. Likewise, result shows that there is a positive relationship between recognition and employee performance. It indicates that higher the level of recognition in the organization, higher would be the employee performance. The regression results also show that beta coefficients are positive for compensation, promotion, bonus, empowerment, and recognition. However, the coefficients are significant only promotion, empowerment and recognition at 5 percent level.
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