Reward Strategy: The Effect of Reward Strategy on Employees' Performance, Case: Sodium Metal Pvt. Ltd., India

Abstract

The aim of this thesis is to evaluate how reward strategies affect employee performance and produc-tivity in Sodium Metal Pvt. Ltd. In order to accomplish this aim, this research has two primary objec-tives. First, examine the employees' perspectives on the present reward system and how it affects their satisfaction and productivity at Sodium Metal Pvt. Ltd. Second, determine the employees' view-points of the performance-based rewards and how they affect performance at Sodium Metal Pvt. Ltd.

In addition, this research includes literature from a variety of literature sources, including articles, journals, and textbooks, which contribute to a deeper comprehension of the research issue. This al-lows for a better explanation and justification of the research subject. Also, using literature sources, this study focuses on successful reward strategies and how they affect employee performance from various angles. This research study employs the quantitative method of data collecting since it provides numerical data and statistics and exhibits the relationship between theory and research. A survey questionnaire has been used to gather primary data from the employees of Sodium Metal Pvt. Ltd. Additionally, data that demonstrates the impact of various reward factors on employee performance was examined in this research. Additionally, the survey was successfully completed, and responses were provided by 72 employees of Sodium Metal Pvt. Ltd. In order to obtain an accurate response, this survey considered different gen-der and age groups as well as numerous organizational divisions, including Human Resources, Market-ing, Finance, Operations, and others.

After reviewing the survey, this research emphasized the findings and provided key insights. According to the survey findings, most employees thought that the company promoted an equal and unbiased rewards system and that its current payment system was simple and straightforward to understand. Most of the employees state that the performance-based payment system is the most widely used form of reward out of all the payment systems employed by the organization. They also believed that the PRP system was a better system of rewards than other ones. They also felt that the company has involved them in the design and implementation of an effective PRP system inside the organiza-tion and that the existing PRP system is inclusive and equitable. Furthermore, the majority of respondents said that a performance-based system directly affects their overall performance and drives them to provide the company with their best efforts.

Finally, taking into account the data and findings from the research analysis, this research also includ-ed recommendations and suggestions. Concerning this, a small percentage of workers thought that their work environment, peer support, possibilities for growth, and perks & facilities were more significant than the company's pay policy. The author counseled the company to focus more on im-proving the working environment, encouraging peer support, creating more opportunities for employ-ee growth, and enhancing additional benefits & perks that could boost employee morale in order to ensure transparency and equality among the workforce in addition to giving these crucial elements more consideration. The author also advised the organization to act quickly to address any payment system issues and resolve them right away because they are crucial and directly impact employees' morale and output. The author further recommended providing adequate training and timely information about the payment system and addressing specific difficulties with the same on a priority basis.