100

Chapter 2

101

Chapter 2 Research Methodology

2.1 Review of Literature

2.2 Importance of Study

2.3 Objectives

2.4 Hypotheses

2.5 Scope of the study

2.6 Sources of information

2.7 Techniques and Tools

2.8 Sampling and Sample Composition

2.9 Introduction of sample units

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Chapter 2 Research Methodology

This chapter focuses on the important aspects of methodology used for conducting

this Research . The initial part highlights the important concepts & facts studied from

important areas associated with the concepts of Reward system & Performance

Management. As a beginning of any research is based on the need & importance of

study and this chapter highlights the need and importance of conducting this research .

It also highlights the framework of research with the objectives of Research and the

hypotheses . Also, highlights the structure of Research with introduction to sampling

units and the techniques used for conducting this research.

2.1 REVIEW OF LITERAURE

The appropriate literature on the theme “ Reward system & Performance” is

somewhat lacks in . Nevertheless , there are some literatures which aptly describe the

theme in near sense.

Adams, J.S.. “Inequity in social exchange.” ,NewYork: Academics Press ,( 1965

)pg 264-300.

According to Adams social relationships involve an exchange process where a person

may expect equity in comparison with others .A person’s feeling about the equity of

the exchange is affected by the treatment they receive when compared with what

happens to other people. When there is an unequal comparison of ratios, the person

experiences a sense of inequity. that causes tension which in turn causes the person to

decrease the amount of quality work or working additional hours without pay.

Ajila C and Abiola A “ Influence of Rewards on Workers Performance in an

Organization “ J. Soc. Sci., (2004) ,8(1): 7-12

Extrinsic rewards are those that are external to the task of the job, such as pay, work

condition, fringe benefits, security, promotion, contract of service, the work

environment and conditions of work. Such tangible rewards are often determined at

the top organizational level, and may be largely outside the control of individual

managers. Intrinsic reward on the other hand are those rewards that can be termed

‘psychological rewards’ and examples are opportunity to use one’s ability, a sense of

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challenge and achievement, receiving appreciation, positive recognition, and being

treated in a caring and considerate manner .

Akerele, A.. “Role of labour in productivity.” Nigeria Journal of Industrial

Relation, (1991 )5: 50-58.

Observed that poor remuneration is related to profits made by organization. However,

wage differential between high and low income earners in the same organization was

related to the low morale, lack of commitment and low productivity.

Ali Reena & Ahmed M.Shakil , “The Impact Of Reward And Recognition

Programs On Employee’s Motivation And Satisfaction “ , International Review

of Business Research Papers , (2009)

If more focus is placed on rewards and recognition, it could have a resultant positive

impact on motivation and thus result in higher levels of job performance.

Anderson E, Oliver R. L , “Perspectives on behavior-based versus outcome-

based sales force Control Systems “ , J. Mark. (1987) ,51: 76-88

Employees’ value both intrinsic and extrinsic rewards available in organizational

settings. This presupposes that managers of rewards systems must therefore blend the

two to meet expectations of employees.

Armstrong Michael , “Employee Reward “ , (1996) , p. 569

Employee motivation is one of the most essential parts in a company’s development

and success. In order to maximize the overall performance of the company it is vital

for an employer to understand what motivates the employees and how to increase

their job satisfaction. A well designed and functional reward system is an efficient

way to increase employee work motivation.

Aslam Marwat Zubair , Qureshi Tahir Masood , Ramay Muhammad I “Impact

of human resource management practices on employees performance (A case of

Pakistani Telecom Sector)” Muhammad Ali Jinnah University, Islamabad (2006 )

104

Training and compensation are having positive effects on organization and

employee’s performance.

Andrew, D. P. S., & Kent, A. , “The impact of perceived leadership behaviors on

satisfaction, commitment, and motivation: An expansion of the multidimensional

model of leadership.” International Journal of Coaching Science, 1(1) (2007).

Commitment of all employees is based on rewards and recognition.

Baron, R. A , “ Behaviour in organizations “ New York: Allyn & Bacon, Inc. .

(1983).

When we recognize and acknowledge the employees in terms of their identification,

their working capacity and performance is very high. Recognition today is highest

need according to most of the experts whereas a reward which includes all the

monetary and compensative benefits cannot be the sole motivator for employees’

motivation program.

Carnegie, D. , “ Managing through people “ , New York: Dale Carnegie

&Associates, INC

. (1987)

The work of Dale Carnegie focuses on principles of good human relations to

effective management. He highlighted that human capital play very important role in

an organizational effectiveness as compared to financial capital. People are now seen

as the Primary source of a company’s competitive advantage. The most important

motivational aspect of work for people would be money, personal time and attention

from the supervisor as most rewarding and motivational for them at work.

105

Deeprose, Donna , “ How to recognize and reward employees “ , New York:

AMACOM Greenfield, (1994) ( p. 26)

Posits the view that effective reward management can help an organization to achieve

its business objectives by attracting and retaining competent people. She quoted that “

It’s not the money , but unique , value-based rewards that differentiate

employers of choice”. The reward management system can therefore be seen as a set

of relationships between the various reward management processes and the corporate

strategy. Rewards have to be a combination of monetary as well as non-monetary

rewards. The monetary rewards are crucial to any employee reward system, because

money is a strong motivator. People render their services to a corporate organization

in return for monetary payment. Therefore, the importance of financial rewards

cannot be undermined.

Drucker, P.F. , “ The coming of the new organization “ Harvard Business

Review, 66 (1), 45-53. (1988)

The development of systems of rewards, recognition and career opportunities is one

of several critical tasks of management in the information-based companies.

Flamholtz M , “ The two authority structures of bureaucratic organization “ ,

Admin. Sci. ,(1996) ,13: 211-228

The design and management of rewards is very critical to the survival of the any

organization, as if properly designed, reward systems can lead to desirable behaviour

for an organization & if incorrectly designed or administered, reward systems can

lead to gradual deterioration of an organization if not its abrupt demise.

Freedman, M. S. , “Some Determinants of Compensation Decisions “ The

Academy of Management (1978).

When effective rewards and recognition are implemented within an organization,

favorable working environment is produced which motivates employees to excel in

their performance. Employees take recognition as their feelings of value and

appreciation and as a result it boosts up morale of employee which ultimately

increases productivity of organizations .

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Flynn, G , “ Is your recognition program understood? “ Workforce, 77(7), .

(1998).

Rewards and recognition programs keep high spirits among employees, boosts up

their morale and create a linkage between performance and motivation of the

employees. The basic purpose of recognition and reward program is to define a

system to pay and communicate it to the employees so that they can link their reward

to their performance which ultimately leads to employee’s job satisfaction .

Gomez-Mejia, L.R. and Balkin, D.B. “Compensation, Organizational Strategy,

and Firm Performance “ , Southwestern Publishing Company, College Division,

Cincinnati, OH, (1992)

Contend that the old model of compensation (with pay structures based on job

analyses, descriptions, specifications, and classifications) is no longer effective in

today's business environment. They conclude that modern organizations must align

their reward system practices with their organizational strategy in order to achieve

higher levels of performance at both the individual and organizational level.

Griffeth M Sur H, Mumcu G, Soylemez D, Atli Y, Idrim C “Factors affecting

Dental Job satisfaction, Evaluation and the Health “ , The Haworth Press , (2000

), 27: 152-164.

Noted that pay and pay-related variables have a modest effect on the exit of

employees. Their analysis also included studies that examined the relationship

between pay, a person’s performance and exit. They concluded that when high

performers are insufficiently rewarded, they quit.

Hansen F, Smith M, Hansen RB , “Rewards and recognition in employee

motivation: effective compensation programs must distinguish between rewards

and recognition. Compensation & Benefits Review “ (2002)

Monetary/tangible rewards will have little impact on behaviour without the intangible

positive reinforcers (eg. managerial praise, public/peer recognition, thank-you notes,

etc.)

107

Houran James , Kefgen Keith “ Money & Employee Motivation “ Mineola NY ,

(2000)

Companies must balance financial considerations with other non-financial

reinforcements to maximize job quantity and quality.

Ivana Nacinovic, Lovorka Galetic, and Nevenka Cavlek “Corporate Culture and

Innovation: Implications for Reward Systems “ , World Academy of Science,

Engineering and Technology , ( 2009)

Reward system is an important ingredient in managing innovation in a company.

Different features of the reward system can stimulate different aspects of innovation

within a firm. Only smaller investments into reward system could result in higher

level of innovation and improved company performance.

Jishi Hala Abdulhadi Al , “Motivation & its effects on performance “ , Open

University Malaysia , ( 2009 )

Motivated employees help organizations survive as motivated employees are more

productive. To be effective, managements need to understand what motivates

employees within the work they perform, and to recognize motivation and

performance; to find out motivation effects on employee performance.

John Bratton and Jeffrey Gold, Human Resource Management, 3rd ed.,

Hampshire: Palgrave Macmillen, 2003, p.276.

Reward refers to all of the monetary, nonmonetary and psychological payments that

an organization provides for its employees in exchange for the work they perform .

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Kreitner J (1988) Relation of leader consideration and initiation structure to R

& D subordinates’ satisfaction. Admin. Sci. Q. 16: 19-30

Argues in support of Maslow’s position that managers must take time to understand

the needs of employees on individual basis especially during challenging times. He

points out that managers have the responsibility to create a proper climate in which

employees can develop to their fullest potential.

Kunz and Pfaff ( 2002) Agency theory, performance evaluation and the

hypothetical construct of intrinsic motivation, Account. Organ. And Soc. 27: 275-

295

It is widely held view that in general, employees’ value both intrinsic and extrinsic

rewards available in organizational settings 1987). This presupposes that managers of

rewards systems must therefore blend the two to meet expectations of employees.

Kurt Verweire, Integrated Performance Management: A Guide to Strategy

Implementation, London: GBR: Sage Publications, 2004, p.216.

Reward refers to all forms of returns – direct and indirect, short-term and long-term,

financial as well as non-financial – that employees receive as part of their

employment relationship .

La Belle, J.E. , “The paradox of safety hopes and rewards: are you rewarding the

right behaviour? “, Professional Safety, (2005 ) ,pp. 37-39

Advocated that different individuals have different perceptions of rewards . For

instance, some individuals may consider being recognized by their leader as more

rewarding than financial incentives.

Lawler, E.E.. “The effects of performance of job satisfaction.” Industrial

Relations, (1985 )7: 20-28

Emphases satisfaction of the employee depends on the amount received and the

amount the individual feels he or she should receive. Also what others collect

influences employees satisfaction and that the employee’s satisfaction with both

intrinsic and extrinsic rewards received affects overall job performance. He also

109

observed that, people differ widely in the rewards they desire and in the value they

attach to each. And concluded that, many extrinsic rewards satisfy only because they

lead to other rewards. All these observations suggest the need for a diverse reward

system.

Liew Chai Hong and Kaur Sharan , “A Relationship between Organizational

Climate, Employee Personality and Intention to Leave” , International Review of

Business Research Papers , (2008)

Management should form an organization that promote positive organizational

climate which includes well-defined job responsibilities and policies with flexible

structure, fair and equitable rewards system as well as a supportive and friendly work

atmosphere.

La Motta, T , “Recognition: The quality way “ New York: Quality Resources. .

(1995).

The level of motivation of employees increases when employees get an unexpected

increase in recognition, praise and pay .

Micheal Armstrong, Employee Reward, 3rd ed., London :CIPD, 2003, p.8.

Total reward is all of the available tools of employer’s, that may be used to attract,

retain, motivate and satisfy employees. It is an approach to providing a ‘package’ of

reward to employees in ways that optimize employee satisfaction with reward from

their work, and which does this in such a fashion that the employees’ contribution to

the employer is optimized at an acceptable cost .

Pratheepkanth Puwanenthiren , “Reward System And Its Impact On Employee

Motivation In Commercial Bank “ , Global Journal of Management and

Business Research , Global Journals Inc. (USA) ,( 2011)

When the employees needs are fulfilled satisfactory through reward system, the

employees Consistency achieved increases.

110

Pushpakumari M. D “The Impact of Job Satisfaction on Job Performance :An

Empirical Analysis “ ,( 2008

Satisfied employees have positive attitudes regarding their jobs. Satisfied workers are

tend to attend to work on time, more concern about the given targets, work speedily,

work free of errors

and omissions, loyalty and commitment to the job, less dependability, suggest new

ideas, tend to

improve knowledge, willing to accept more responsibility, obedience of rules and

regulations, less absenteeism and effort to retain in the present job. The positive

attitudes will increase the quality and quantity of employees’ performance.

Rahim Gul & Alamzeb, “A Survey on impact of compensation of employees

performance”

Compensation management has a direct relationship with employee motivation and

performance. Extrinsic benefit plans plays a delight role in perception of an employee

towards its organization and its work. And these factors play the role of satisfiers.

Extrinsic compensation has a profound impact upon an employee’s loyalty and an

organization’s turn over. Extrinsic compensation plays the role of motivators for the

employees and associates them with their job and organization.

Ramakrishna , “ Get the basics right.” . (2002)

Recognizing contributions of employees will result in a world class working

environment that motivates and propels people to work better and stay on.

111

Richard S. Allen , Ralph H. Kilmann “The role of the reward system for a total

quality management based strategy “ , Journal of Organizational Change

Management , MCB UP Ltd , (2001)

The use of extrinsic reward practices including profit sharing, gain sharing,

employment security, and comp time exhibited a significantly positive moderating

effect on the relationship between TQM and perceived firm performance .

Risher H., “ The end of jobs: planning and managing rewards in the new work

paradigm. Compensation & Benefits Review “ ( 1997 )

Most workers want their contributions recognized and when management recognizes

their value they respond by increasing their commitment .

Roberts R.L. “ Relationship between rewards, recognition and motivation at

insurance company in the Western Cape “, University Of The Western Cape ,

(2005)

Organizations are under constant pressure to enhance and improve their performance

and are realizing that relationship exists between organizational Performance and

employee performance Reward management as: “the process of developing and

implementing strategies, policies and systems which help the organization to achieve

its objectives by obtaining and keeping the people it needs, and by increasing their

motivation and commitment.”

Rose Tim and Manley Karen , “An Integrated Framework to Assess Financial

Reward Systems in Construction Projects” , Estes Park, Colorado , (2011 )

Highlight the importance of situating financial reward systems within a

complementary suite of interrelated project procurement initiatives that promote the

recognition of high performance. As without a supportive environment based on trust

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and fairness, contract agents may perceive the intention of a reward system as

potentially calculative, and thus, will be less likely to be motivated to pursue its goals.

Sharma Ram Phool and Mehlawat Seema “Impact of human resource

management strategies and business strategies in Indian banking sector

“Institute of Management Studies and Research , (2011)

Those banks which have promoted the Human Resource Management strategies and

Business Strategies in the field of Promotion, Training, Reward System , Productivity,

Job Security and Placement are performing better in the present time.

Steers A and Porter J (1983) An empirical test of the consequences of behavior-

and outcomebased sales control system, J. Mark. 58: 53- 67.

Failures to provide a healthy climate to employees would theoretically increase

employee frustration and could result in poorer performance, lower job satisfaction,

and increased withdrawal from the organization .

Taljaard Jacob Johannes,” Improving job performance by using non-monetary

reward systems to motivate low-skilled workers in the automotive component

industry” , S Perks , (2003)

Non-monetary rewards play as important a role in reward schemes as monetary

rewards. Remuneration packages should integrate monetary rewards to satisfy

the basic needs of employees.

Thomas B. Wilson , “ Innovative Reward Systems for the changing Workplace

“ , ( 2002)

Gaining an employee’s satisfaction with the rewards given is not a simple matter.

Rather, it is a function of several factors that organizations must learn to manage .

Feelings of satisfaction or dissatisfaction arise when individuals compare their input -

job skills, education, effort, and performance - to output - the mix of extrinsic and

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intrinsic rewards they receive. Also overall satisfaction results from a mix of rewards

rather than from any single reward.

Tripathy, Kumuda., “ A study on the worklife of BPO employees and the various

human resource practices in a BPO - A case study “ (2006)

Strategies like building a high degree of recognition value into every reward offered,

reducing entitlements and linking as many rewards as possible to performance,

troubleshooting the reward system to make sure that what it is rewarding is what you

really want to happen, rewarding promptly, giving employees a choice of rewards,

increasing the longevity of rewards will motivate the employees.

114

Factors affecting Job Satisfaction

Fig . 2.1

115

Greenberg, 2009; Elton 2007

Some of the factors that are employed to engage and retain employees include; a

culture of respect, mentoring and feedback, professional and advancement

development, appropriate reward, effective leader-ship, job expectations, tools to

finish work responsibilities and finally, motivation .

(Herriot et al., 1996).

The banking sector has seen widespread developments triggered in the Indian and the

world economy such as changes in the market, the intensification of competition with

the entry of private and foreign banks and the developments in information

technology. The developments in the economy have changed the employment

relationship in banks, which is at present characterized by the absence of loyalty,

commitment and life-long employment .

Reynolds & Beatty (1999) add that the relationship established between the

employees and the customers may lead to an increase in value perception with regards

to the bank’s products and services. When a high perception of value is achieved, then

it is also highly likely that the customer will be satisfied, thereby bringing in more

business for the bank. Private Banks have created innovative systems of rewarding

their employees with liberal bonuses and other forms of incentives.

2.2 IMPORTANCE OF STUDY

The liberalization of our economy, stable democracy and rule of law and flexible

investment code has created a safe environment for businesses to thrive. Indeed, the

banking sector has responded positively leading to an unprecedented increase in the

number of banks in the country .The upsurge in the number of banks has led to a

fierce competition for the available and potential customers and the right mix of

personnel to attract these potential customers. In their bid to maintain and attract the

right managerial personnel, there is the need to use subtle tools as an edge over other

competitors. One such tool is the reward system. Reward systems are often used to

motivate employees to greater performance.

116

2.3 OBJECTIVES

• To determine which factors contribute to work motivation

• Investigate and analyze how well the current reward system of private banks

helps generate employee motivation

• Comparison of reward system prevalent in banks

• To determine if there is a relationship between reward and employee

motivation

• Comparing the performance level of bank employees

• To determine the impact of rewards on performance.

• Which aspects of the reward system functions well, and which aspects could

be further developed and improved in order to increase employee satisfaction

• Outline the rationale behind different compensation packages

2.4 HYPOTHESES

There is a positive impact of reward system on performance of employees in private

sector banks.

2.5 SCOPE OF THE STUDY

The study presented in this research is part of a larger research project aimed at

identifying the best practices for rewarding employees for an enhanced performance.

The continuous existence of any organization depends to a greater extent on the mix

of human resource of the organization , the corporate philosophy and the reward

system prevailing in that organization. This study is been proposed to be conducted at

individual level rather than corporate level as rewards concerned with individuals & is

extended to employees of ICICI Bank & AXIS Bank, to see how many ‘subscribed’

to the ideas proposed, thus providing further proof whether these ideas were the right

approach to achieving performance excellence in the future.

117

2.6 SOURCES OF INFORMATION

For the research study ICICI Bank & AXIS Bank have been selected from the

Universe .

2.7 TECHNIQUES AND TOOLS

• Questionnaire cum interview method was for collection of data. A

questionnaire with close ended and open ended questions was formulated

according to the set objectives.

• Primary Source:

o By interviewing the employees from HR department and

executives at top level regarding employees’ performance,

expectations & satisfactions with the given jobs.

o Employees were questioned to study the impact of current

reward System on employee performance & motivation and

ultimately on the performance of the organization.

According to De Beer (1987) the nine dimensions of a questionnaire which are as

follows:

1. Work content probed the respondents’ feelings about the type of work they do.

2. Payment probed respondents’ satisfaction with their salaries.

3. Promotion probed for the opportunity that the organization offers for promotion.

4. Recognition probed whether the respondent was receiving the recognition and

feedback for the jobs they perform.

5. Working conditions were probed as the fifth factor and looked at opportunity to

mix with colleagues and interpersonal relations.

6. Benefits looked at whether the benefits such as pension, medical schemes and leave

were satisfactory.

7. Personal probed the respondents’ feelings towards their job.

8. Leadership or supervision probed the level of satisfaction with the manager.

9. General probed if the respondents’ had considered alternative employment, and

hence their level of satisfaction with the organization.

118

Five point Likert scale was used in questionnaire, consisting of scale that has five

different options: 1 for strongly disagree to 5 for strongly agree. The respondents’

scores for each construct were obtained by summing across all the item scores of the

individual variables. The questionnaire was developed taking the main problem

into consideration . The questions were selected to address that reward system

successfully motivates employees and improve job performance in the Private Banks.

The questionnaire (see Annexure A) was divided into two parts:

1. The biographical questions were designed to elicit information on the

differences in demographic profile of respondents.

2. The second part of the questionnaire was aimed at determining the

respondents’ opinion on the influence of monetary & non-monetary rewards

on motivation and job performance.

Interview with key employees and HR Managers was conducted to find an idea into

the prevailing Reward System in Banks and what needs should be taken into

consideration when developing a reward structure. Through Interview method , focus

was given on gathering information for the employees motivation with Reward

System & their level of performance in the Organization. ( Personal Interview

Questions – Annexure B ) .

• Secondary Sources:

o Survey of Literature regarding Company Policies and Future Plans.

o Information on Internet about the company and related companies.

o Information sharing through discussion forums in Internet for various HR

issues .

o Books, Journals , Articles and magazines

o Annual Reports

o Comparison of Business Rankings

• Analysis of Data : Data collected from Questionnaire and interview

schedules was categorized and tabulated and analyzed with the help of various

statistical measures. In the process of analysis, relationships or differences

119

supporting or conflicting with original hypotheses was subjected to tests of

significance to determine the validity to indicate any conclusion(s).

2.8 SAMPLING AND SAMPLE COMPOSITION

The study is designed to be conducted on the representation basis & sample units

were selected randomly .Sample size comprised of 150 employees in Supervising

Staff ( Managerial Grade ) from different Branches of ICICI Bank in Rajasthan &

150 employees in Supervising Staff ( Managerial Grade ) from different Branches

of AXIS Bank in Rajasthan .

Prior to collection of the final data for the study, questionnaire was pre-tested for its

easy understandability, accuracy and validity to gather all the information needed for

the study. Pilot study was carried out on in small size of data to check its validity and

the satisfaction of purpose to be solved . The data gathered from the pilot study was

analyzed and required corrections were made to prepare the final questionnaire.

Computer software, the Statistical Package for the Social Science (SPSS) as well

as Microsoft Excel was used to analyze the data to obtain descriptive statistics

mainly in the form of frequencies and percentages.

2.9 INTRODUCTION OF SAMPLE UNITS

Bank AXIS Bank ICICI Bank

Category Supervising Staff ( Managerial Grade )

Supervising Staff ( Managerial Grade )

No. of Employees 150 employees 150 employees

Total 300 Employees

Description of Sample Units

Figure. 2.2

120

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Newsletter

• Analysing Likert Data , Journal of Extension , April 2012 // Volume 50 //

Number 2 // 2TOT2

• Likert items and scales of measurement , SHIKEN: JALT Testing &

Evaluation SIG Newsletter. March 2011. 15(1) 10-14.

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