In the current dynamic corporate world, companies are requiring to effectively manage their workforce to survive successfully in the intensively competitive working environment. Over the years, workers became the core strength of the firm that can bring either success or failure to the entity. In the present challenging and competitive market place, firms are require to motivate and inspire their workers to push their talent, capabilities and potential so that they can put work hard to meet targets.
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Reward mechanism is considered as one of the powerful strategy that helps firm to cope up with the prevailing market conditions and changing world. Both the tangible as well as intangible motivational factors and monetary as well as non-monetary awards like better working conditions, health benefits, pension, contributory schemes, appreciation, high remuneration, more responsibility, bonus, incentive, involvement in decision-making, freedom or autonomy and many others play an essential role in rewarding workers and thereby motivate them to perform well.
The present project report published by our dissertation writing experts will highlights the key findings about both the financial as well as non-financial reward system and its effectiveness in motivating and improving workers performance. It will be discussed in the context of Marks and Spencer (M&S) which is a leading British retailer that serve global consumer base by merchandising food, grocery, and clothing products. In the report, researcher will investigate that how reward mechanism impact staff productivity and overall business performance to ensure long-run survival.
Aims and objectives
Aim: “To investigate the role of reward system in enhancing business performance”, A case study on M&S
- To investigate the role of reward mechanism in retail industry
- To identify different types of intrinsic and extrinsic rewarding tools to encourage people
- To analyze the impact of reward system on M&S’s business performance
- To recommend the most effective solution to M&S to create the best reward programme
Rising absenteeism and staff turnover is the area of concern that attracts scholar’s attention to conduct an investigation in the respective field. Lack of talented worker pool, motivated people and challenged workforce is an issue that gain researcher’s attention to identify that what are the reasonable factors behind declining employee’s performance. Therefore, proposed research will be carry out to measure the effectiveness of reward system that how M&S can use such mechanism to motivate people and strengthen their performance.
This study will deliver extreme level of benefits to the retailers to prepare an excellent reward system to encourage their people’s potential and capabilities to perform well and attain goals. Moreover, scholar will be benefited to understand the concept of reward system, intrinsic and extrinsic, monetary and non-monetary types and its impact on overall performance. In addition to this, other companies can also use the findings of the report to identify various ways to motivate workforce, increase productivity and maximizing overall business performance.
Concept of reward syste
According to Geard (2015), reward system refers to the plans, initiatives and actions that companies undertaken to encourage people to put high dedication towards their job responsibility and thereby meet out business targets. Strategic and well-balanced reward programme helps firm to gain competitive advantage, retain their workforce and decrease staff absenteeism and turnover. On the contrary to this, Scheid (2010), founded that in the present times, companies are facing several difficulties in rewarding their workers effectively due to elimination of one or more elements in their established reward programme and its improper align with the corporate strategies and aims.
Intrinsic and extrinsic, monetary and non-monetary tools of reward mechanism
Allison and et.al. (2015), presented two types of reward system that are intrinsic and extrinsic, formal are considered more effective and value driven includes professional growth, pleasure and appraise feelings, praise by seniors, recognition and a joy of accomplishing targets. However, on the other hand, later regards to the tangible factors that are external to the organization and tied with worker behaviour, capabilities and roles. It consists of pay-scale, bonus, incentive schemes, commission, fringe benefits, excellent working conditions, promotions, appraisal and many others.
On the contrary to this, Sinha and Verma (2015), categorized the reward system into monetary versus non-monetary rewards. In the first, companies reward their workers in the form of salary appraisal, higher incentive, bonuses, more benefits and other extra facilities like health and medical facilities, pension and so on. On the other hand, non-monetary rewards consists of those tools that do not provide any financial benefits to the business such as praise, feeling of pride, paid leaves, counselling, furnishing and well-equipped office and others.
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Despite this, Springer, Rosenquist and Swain-McSurely (2015), expressed some other tools of rewarding such as membership-based, reduced working hours, staggered daily schedule, flexible working arrangements, work from home facilities, compensation schemes and others that enable personnel to make a balance between their personal as well as professional life and make them satisfactory, which in turn, they work hard and with high level of motivation to reach goals.
Impact of reward system on business performance
As per the view point of Yoon, Sung and Choi (2015), reward system plays an essential role in enhancing staff productivity which have a direct association or linkage with the overall business performance. High remuneration, incentive, rewards, word of praise, autonomy power and extra monetary as well as non-monetary tools encourage and inspire people to give their maximum potential to deliver superior quality products and services to the consumers. Highly-motivated and talented labour pool helps to encourage repetitive buying, retain existing client base and attract prospective customers, which in turn, enlarge consumer base.
Likewise, Nachiappan, Anantharaman and Muthukumar (2016), suggested that reward system have a direct impact upon increasing employee satisfaction and productivity level. This facilitates businesses to maximize client satisfaction level results in higher turnover and business yield. It increases competitive strength of the firm that assist business to run operations and business activities successfully in the intensively competitive age.
On the critical note, Geard (2015), criticised monetary reward mechanism as it increase cost burden to the enterprise, results in declining performance. Moreover, bonus and incentives provides short-term or temporary benefits to the firm henceforth cannot be used as an assurance for retaining talented people for a prolonged period. Biasness can also lead to build negative image and perception in the employees and may results in higher staff turnover.
Q.1. How reward system plays an essential role in British retail sector to push employee efforts in right direction?
Q.2. What are various intrinsic and extrinsic as well as financial as well as non-financial reward tools available to British retailers?
Q.3. How reward system helps M&S to meet out workers expectations, motivating them and increasing overall business performance?
Q.4. What are the proposed solutions available to M&S to develop an excellent reward mechanism to maximize staff productivity and attain goals?
Researcher will used qualitative study to identify that what are the tools available to retailers to positively influence workers to work hard and put extra efforts to meet their job targets. Quantitative factors that are intrinsic and extrinsic motivational factors like working conditions, pay-scale, incentive and bonus plans, rewards, non-monetary awards etc. factors will be taken into consideration to meet the aim of the study.
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Primary data will be gathered by carrying out an online-survey of HR professionals that are accountable to manage their workforce. The reason behind using survey is it delivers first-hand information and helps to obtain new factual data and relevant information in connection with the selected area of investigation. For this, structured web questionnaire will be designed containing all the essential questions like open-ended, close-ended, multiple choice and others to gather sufficient quantum of data.
This technique selects a small proportion of universe or entire population that represents all the units for surveying people. It eliminates the need to conduct survey of each and every member by gathering data only from the selected sample size.
Survey only will be conducted of a selected ample size of 50 HR managers of M&S.
Random or non-probablistic sample will be taken into account, in which, all the current managers will have an equal likelihood or probability to being involve in the sample. Biasness selection is the main reason behind choosing this sampling technique.
Methods of analysis
Tabulation and graphical presentation will be taken into account by the scholar to visualize the findings more effectively. Moreover, thematic approach is considered as a suitable way to analyze and interpret the key findings of the survey for making better decisions and reaching solution of the selected issue.
Research process underpins overall strategy or plans that scholar will follow to address each and every element of the study effectively, presented hereunder:
- Selection of topic or area of investigation
- Formulating aims, objectives and research questions
- Develop theoretical base by literature review
- Choosing data collection method and techniques
- Gathering primary data by online survey
- Data interpretation and findings
- Concluding the study
- Giving recommendations
The most viable outcome and deliverable of the chosen area of research is it will determine different ways, tools, processes or methods either monetary or non-monetary to appreciate staff members for their best efforts and contribution. Along with this, findings of the report will also enable M&S and other British retailers to make better decisions to combat barriers or hurdles which they are facing. With this, companies can design suitable reward system, which in turn, results in higher satisfaction, productivity, retention and enhancement of overall performance. It will strengthen their strategic capabilities and maximize competitive strength to compete effectively.
In conclusion of the report, it becomes clear that reward programme is of great importance that helps firms to pool their talent base towards corporate targets and objectives. Both the monetary and non-monetary tools like better recognition, appreciation, appraisal, higher pay, extra benefits, rewards, autonomy, decision-making power and so on facilitates business to maximize their staff productivity and thereby reach goals.
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- Nachiappan, R.M., Anantharaman, N. and Muthukumar, N., 2016. Design of a New Reward System in a Continuous Line Manufacturing Industry. IUP Journal of Operations Management.
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- Sinha, S. K. and Verma, P., 2015. A Study of Non Monetary Sales Promotion and Reward. International Journal of Commerce, Business and Management: April.
- Springer, M. G., Rosenquist, B. and Swain-McSurely, W., 2015. Monetary vs. Non-Monetary Incentives. Experimental Evidence from After-School Tutoring Student Attendance Interventions. Journal of Research on Educational Effectiveness.
- Taylor, S. J., Bogdan, R. and DeVault, M., 2015. Introduction to qualitative research methods: A guidebook and resource. John Wiley & Sons.
- Yoon, H. J., Sung, S. Y. and Choi, J. N., 2015. Mechanisms underlying creative performance: employee perceptions of intrinsic and extrinsic rewards for creativity. Social Behavior and Personality: an international journal.