An organisation cannot function properly without the commitment and co-operation of its workforce to carry out the set tasks and goals of the organisation. Employees are usually paid for their services in financial forms of remuneration or pay but in many organisations employees are rewarded for a good job done, in some way or the other. Organizations introduce some kind of reward scheme. The aim of these schemes is to reward employees for achieving set goals in a better way and also to motivate employees within the workplace.
Motivation is another topic of extreme importance in the field of not only business but all other workplaces as well, which involve human working force. It is a very complex and worthy topic of study. This research follows from the title as an ‘investigation into the impact of reward systems into the job satisfaction and retention of the employees’ discusses this important concept of HR in relation to the rewards systems offered by the organizations. The relevant literature is carefully compiled and a quantitative research is carried out, by evaluating the data received from a sample of population from two large organizations in the service sector of UK.
In completing the aims and objectives of this research, it was explored that how employee rewards motivate employees positively and how employees perceive these rewards and benefits as a factor in achieving motivation and job satisfaction. To do so, all the study was compiled and the information gathered is represented using tables, charts and graphs.
Human resources are one of the most important resources of an organization that helps the organization in gaining competitive advantage over its competitors and this resource should be retained and utilized optimally through motivating it by using different techniques. Job satisfaction and reward systems are two crucial concepts of HRM. The most acknowledged and known factors of job satisfaction are pay, promotion opportunities, co-workers, supervision, and the work itself (Kamoche, 2011). According to Brown and Reilly, an effective reward system plays a vital role in sustaining the high performers in the organization and that the rewards should be in accordance to their productivity levels (2013).