Attitude of employees towards monetary and non monetary rewards and its impact on motivation and turnover

Abstract

Rewards are a major motivational tool which is used by organizations to try and enhance the performance of the employees. The purpose of these tools is to create a strong element of the internal organizational strength and in turn a market based competency that roots from the value that the employees contribute. With this dissertation, the purpose is to create a relationship among the rewards and the performance of the employee with a more in-depth insight into how the reward types are connected with the performance of the employees through focusing on their motivation level as well as their turnover in the organization. With employees that remain in the organization for longer periods, a more specialized skill set develops that can be highly beneficial for the organization. Similarly, motivated employees are more likely to stay with the organization and hence the results are favorable. The study focused on the banking sector with the focus on the reward types which are given out to the employees and the performance enhancement which is witnessed eventually. The focal point was to see what organizational mixes are effective in the banking sector. Through using 200 samples in two banking organizations, the results were achieved which provided the results for the hypotheses testing.