ANALYSIS ON REWARD MANAGEMENT STRATEGIES

ANALYSIS ON REWARD MANAGEMENT STRATEGIES

Sakshi Maskara

Department of MBA,

Galgotias University

Abstract

A reward system is in place to encourage staff members to strive toward accomplishing strategic objectives that are established by organizations. Pay and employee perks (monetary rewards) are not the primary aspects of reward management. Non-monetary benefits like recognition, training, development, and more responsibility at work are as important to it. This study evaluated the incentive management strategies utilized by Commercial Bank of Ethiopia with an emphasis on employee perceptions in an effort to evaluate the strategies currently employed by the organization to recruit and retain staff. The descriptive research method was applied in order to achieve this. Based on the goals, questionnaires, unstructured interviews, and document reviews were created. Analysis is up. Cluster sampling was utilized in the study to send 99 questionnaires to CBE employees, all of whom lied and returned them. The completed survey was processed and examined using textual summaries, tables, graphs, and pie charts. The study's conclusions demonstrated the use of reward management systems. Responses were gathered based on respondents' evaluations of the bank's overall incentive management procedures as well as equity, transparency, consistency, and alignments. The Statistical Package for Social Sciences (SPSS) was used to examine the data. Financial incentives make up the majority of the company's reward program. Additionally, the data indicate that the respondents considered the company's compensation system was unfair and unjust. When workers perform better, they prefer to be asked what they need most. The organizational culture of the corporation is similar to that of a restrictive organization. Last but not least, a lack of prior experience in conducting systematic research, a lack of awareness in our society to distribute questionnaires carefully and return them on time, and the lack of previous works on the topic in the Ethiopian context will all have an impact on the study's findings and necessitate the involvement of additional researchers to demonstrate the study's reliability.