rewards n reognition

7/24/2019 rewards n reognition

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A

DISSERTATION REPORT

ON

"REWARD AND RECOGNITIONSTRATEGY INRETAIL SECTOR

UNDER THE GUIDANCE OF: SUBMITTED BY:

Prof. Rachna Nigam Jainisha ShahGLC!R#$


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SECTION-1

INTRODUCTION TO

THE

TOPIC


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INTRODUCTION

Th% ra&iona'% (%hin) )oing &his *ro+%c& is &o

%,amin% &ha&- ha& is &h% ro'% of r%ar)s /

r%cogni&ion *rograms in %m*'o0%% mo&i1a&ion-

ho )i2%r%n& r%&ai' com*ani%s a**'i%s &his

s&ra&%g0 for &h% gro&h of i&s %m*'o0%%s &o

achi%1% in)i1i)3a' an) co''%c&i1% goa's an) a'so &o

%,amin% an0 )ra(ac4s an) h3r)'%s in i&s a0 .

The basic for the efficient functioning of a company is that its employees work hard

and stay motivated no matter how tough is the client to deal with . This can only happen if the

employees find a driving force towards working in a better way from within a company . Anda company can reciprocate to its employees in no way better than rewards and recognition . It

has been statistically proved that frequent indulgence of rewards and recognition along with

constant appreciation and most importantly constructive criticism have been the reason for

the employees of any company to work better than they used to. By implementing different

rewards and recognition, firms show that the employee is not unnoticed and that their work is

d early valued.

Organiational success is driven by satisfied and motivated employees . !atisfaction

and motivation can be enhanced through rewards and recognition . "ecognies and rewardsare achievements that have a notable impact on a program, to pro#ect an individual activity

that contributes to the vision and to the pursuit of e$cellence.

OBJECTIVES

To analye "eward and recognition programs , its goals and ob#ectives .

Approaches to successful reward and recognition program design .

Techniques to measuring employee satisfaction with reward and recognition programs.

Approaches to determining program success and performance .

Technologies that enhance the administration and communication of reward andrecognition programs .

To know the employee%s personal intention regarding rewards and recognition .

To know the criteria to qualify the reward.

Introduction:- Retail Industry in India

The Indian "etail sector has come off age and has gone through ma#or transformation over the

last decade with a noticeable shift towards organised retailing. A T &earney, a '! Based

global management consulting firm has ranked India as the fourth most attractive nation for


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retail investment among () flourishing markets.The retail market is e$pected to reach a

whooping "s. *+ lakh crore by )-/-+, as it e$pands at a compounded annual growth rate of

-0 per cent, accordingly to the 12es Bank / Assocham3 study.

The retail market, (i!l"#i$ %r$ai&e# a# "%r$ai&e# retail', a& at R&)*+ lakh !r%re i *--.-*) A!!%r#i$ t% the &t"#/, %r$ai&e# retail, that

!%m0ri&e# 1"&t &e2e 0er !et %3 the %2erall retail market i *--.-*, i&

e40e!te# t% $r% at a CAGR %3 *5 0er !et a# attai -)* 0er !et &hare

%3 the t%tal retail &e!t%r 6/ *-7.-8)

I term& %3 &heer &0a!e, the %r$ai&e# retail &"00l/ i *-+ a& a6%"t 5)8

milli% &9"are 3eet (&9 3t') Thi& &h%e# a 8 0er !et i!rea&e %2er the

t%tal mall &"00l/ %3 1"&t *); milli% &9 3t i *-*)


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The I#ia retail &e!t%r i& hi$hl/ 3ra$mete# a# the "%r$ai&e# &e!t%r

ha& ar%"# -+ milli% retail %"tlet& that a!!%"t 3%r ar%"# ;.7 %3 the

t%tal I#ia retail i#"&tr/) H%e2er, $%i$ 3%rar#, the %r$ai&e# &e!t%r&

$r%th 0%tetial i& e40e!te# t% i!rea&e #"e t% $l%6ali&ati%, hi$h

e!%%mi! $r%th, a# im0r%2e# li3e&t/le)

Alth%"$h the $r%th 0%tetial i the &e!t%r i& imme&e, there are

%6&ta!le& t%%, that !%"l# &l% the 0a!e %3 $r%th 3%r e etrat&) Ri$i#

re$"lati%&, hi$h 0er&%el !%&t&, real e&tate !%&t&, la!k %3 6a&i!

i3ra&tr"!t"re, a# hi$hl/ !%m0etiti2e #%me&ti! retailer $r%"0& are &%me

&"!h !halle$e&)

ey dri!ers o" t#e Indian Retail Industry

Emer$e!e %3 "!lear 3amilie&

A i!rea&e i the #%"6le.i!%me h%"&eh%l#& tre#

ar$e %rki$ 0%0"lati%

Rea&%a6le Real e&tate 0ri!e&

I!rea&e i #i&0%&a6le i!%me a# !"&t%mer a&0irati%

Dema# a& ell a& i!rea&e i e40e#it"re 3%r l"4"r/ item&

Gr%i$ 0re3ere!e 3%r 6ra#e# 0r%#"!t& a# hi$her a&0irati%&

Gr%i$ li6erali@ati% %3 the FDI 0%li!/ i the 0a&t #e!a#e

I!rea&i$ "r6ai&ati%,

Ri&i$ a="e!e ami# !%&"mer&

$ottlenecks

A l%$ a/ t% meet iterati%al &ta#ar#&

a!k %3 e!iet &"00l/.!hai maa$emet

a!k %3 re9"ire# retail &0a!e

N% ?4e# !%&"m0ti% 0atter

Sh%rta$e %3 traie# ma0%er

a!k %3 0r%0er i3ra&tr"!t"re a# #i&tri6"ti% !hael

Emer%in% sectors&trends in Indian retailin%

Jithi retail, the emer$i$ &e!t%r& %"l# 6e 3%%# a# $r%!er/, a00arel,

ele!tr%i!&, e.!%mmer!e, 3a&hi% a# li3e&t/le)

I!%r0%rati% %3 te!h%l%$/ i the %r$ai&e# retail &e$met ha& 6ee

&%methi$ t% re!k% ith i the 0a&t 3e /ear&) U&e %3 !%m0"ter& 3%r

mer!ha#i&e 0lai$ a# maa$emet, !%tr%l %3 i2et%r/ !%&t& a#

&"00lie& a# re0lei&hmet %3 $%%#& #%e ele!tr%i!all/, iteral &t%re

6illi$, et! ha& !ha$e# the 3a!e %3 0r%#"!t retaili$)

Olie retail 6"&ie&& i& the e4t $e 3%rmat hi!h ha& hi$h 0%tetial 3%r

$r%th i the ear 3"t"re) A3ter !%9"eri$ 0h/&i!al &t%re&, retailer& are% 3%ra/i$ it% the #%mai %3 e.retaili$) The retail i#"&tr/ i& all &et t%

te&t ater& %2er the %lie me#i"m, 6/ &elli$ 0r%#"!t& thr%"$h e6&ite&)


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F%%# a# $r%!er/ &t%re& !%m0ri&e& the lar$e&t !h"k %3 the I#ia retail

market)

A emer$i$ tre# i thi& &e$met i& the 2irt"al 3%rmat& here !"&t%mer

%r#er& are take %lie thr%"$h e6 0%rtal& hi!h are #eli2ere# at the

#%%r &te0 the 2er/ &ame #a/ %r the 3%ll%i$ #a/) Thi& tre# ha& 6ee

!at!hi$ "0 ith m%&t %3 the lar$e &i@e# retail !hai& that ha2e their

e6&ite&)

Market Si'e

The B%&t% C%&"lti$ Gr%"0 a# Retailer& A&&%!iati% %3 I#ia 0"6li&he# are0%rt title#, KRetail **: Retr%&0e!t, Rei2et, Rerite, hi$hli$hti$ thatI#ia& retail market i& e40e!te# t% earl/ #%"6le t% USL - trilli% 6/ **3r%m USL 7 6illi% i *-;, #ri2e 6/ i!%me $r%th, "r6ai@ati% a#attit"#ial &hi3t&) The re0%rt a##& that hile the %2erall retail market i&e40e!te# t% $r% at -* 0er !et 0er a"m, m%#er tra#e %"l# e40a#ti!e a& 3a&t at * 0er !et 0er a"m a# tra#iti%al tra#e at - 0er!et)

Retail &0e#i$ i the t%0 &e2e I#ia !itie& am%"te# t% R& +); trilli%(USL ;+)8 6illi%', ith %r$ai@e# retail 0eetrati% at - 0er !et a& %3*-5) Olie retail i& e40e!te# t% 6e at 0ar ith the 0h/&i!al &t%re& i thee4t ?2e /ear&)

I#ia& #ire!t &elli$ i#"&tr/ i!rea&e# 7); 0er !et i FY*-5.-; t% R&8,; !r%re (USL -)- 6illi%' a# i& e40e!te# t% rea!h a &i@e %3 R& *+,7;5!r%re (USL +);; 6illi%' 6/ FY*-.*, a& 0er a 1%it re0%rt 6/ I#ia Dire!t

Selli$ A&&%!iati% (IDSA' a# PHD)

In!estment Scenario

The I#ia retail i#"&tr/ i the &i$le.6ra# &e$met ha& re!ei2e# F%rei$Dire!t I2e&tmet (FDI' e9"it/ i%& t%tali$ USL +55) milli% #"ri$A0ril *Se0tem6er *-;, a!!%r#i$ t% the De0artmet %3 I#"&trialP%li!ie& a# Pr%m%ti% (DIPP')

Jith the ri&i$ ee# 3%r !%&"mer $%%#& i #ieret &e!t%r& i!l"#i$!%&"mer ele!tr%i!& a# h%me a00lia!e&, ma/ !%m0aie& ha2e

i2e&te# i the I#ia retail &0a!e i the 0a&t 3e m%th&)

Ama@% I#ia e40a#e# it& l%$i&ti!& 3%%t0rit three time& t% m%re

tha *,- !itie& a# t%& i *-;, a& Ama@%)!%m i2e&te# m%retha USL 8 milli% i it& I#ia %0erati%& &i!e "l/ *-5)

A#i#a& AG, rek%e# 3%r it& A#i#a& a# Ree6%k &0%rt& 6ra#&, ha&6e!%me the ?r&t 3%rei$ &0%rt& !%m0a/ t% $et $%2ermeta00r%2al t% %0e - 0er !et 3%rei$.%e# &t%re& i I#ia)

Jalmart I#ia 0la& t% a## ; m%re !a&h.a#.!arr/ &t%re& i I#ia%2er the e4t 3%"r t% ?2e /ear&)

Aer%0%&tale, a Ameri!a tee 3a&hi% retailer, ha& !h%&e t% eter

I#ia %2er Chia, a# e40e!t& I#ia t% 6e am%$ it& t%0 threemarket& %2er the e4t 3%"r /ear& ith re2e"e tar$et %3 R& ; !r%re(USL 8; milli%')


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O0ii%, a h/0erl%!al #eli2er/ &tart."0, ha& rai&e# USL 8 milli% i aSerie&.A 3"#i$ 3r%m G"r$a%.6a&e# e.!%mmer!e 3"l?lmet &er2i!e?rm Delhi2er/ al%$ ith i2e&tmet 3r%m Sa#& Ca0ital a# A!!elParter&)

Te4tile ma1%r Ar2i# imite# ha& a%"!e# a 0arter&hi0 ithSe0h%ra, %e# 6/ MH M%et Hee&&/ %"i& "itt%, a Fre!hl"4"r/ !%$l%merate, i %r#er t% eter it% the 6ea"t/ a# !%&meti!&&e$met)

M%6ile allet !%m0a/ M%6iik ha& 0artere# ith a6%$)!%m t%0r%2i#e m%6ile 0a/met &er2i!e& t% a6%$& !"&t%mer&)

DataJi# 0artere# ith H%meSh%0- t% e40a# it& retail 3%%t0riti the !%"tr/) U#er the 0arter&hi0, H%meSh%0- a# DataJi#%"l# 1%itl/ la"!h &0e!ial &ale& 0r%$ramme& a!r%&& 6r%a#!a&t,m%6ile a# iteret me#ia t% 0r%2i#e $reater a!!e&& t% the latter&ta6let ra$e)

Fa&hi%A#Y%" ha& %0ee# three #i&tri6"ti% h"6& i S"rat, M"m6ai

a# Be$al"r" t% a!!elerate #eli2erie&) A6" Dha6i.6a&e# "l" Gr%"0 0la& t% i2e&t R& *,; !r%re (USL +8;

milli%' i a 3r"it a# 2e$eta6le 0r%!e&&i$ "it, a ite$rate# meat0r%!e&&i$ "it, a# a m%#er &h%00i$ mall i H/#era6a#,Tela$aa)

A#it/a Birla Retail, a 0art %3 the USL 5 6illi% A#it/a Birla Gr%"0 a#

the 3%"rth.lar$e&t &"0ermarket retailer i the !%"tr/, a!9"ire# T%talh/0ermarket& %e# 6/ "6ilat Retail)

Jith a aim t% &tre$the it& a#2erti&i$ &e$met, Fli0kart a!9"ire#m%6ile a# et%rk A#iQ"it/, hi!h ha& a hi&t%r/ %3 m%6ile

i%2ati%& a# 2al"a6le e40erie!e i the a# &0a!e) US.6a&e# Pi@@a !hai S6arr% 0la& a alm%&t three3%l# i!rea&e i it&

&t%re !%"t 3r%m the !"rret -8 t% ; %2er the e4t t% /ear&thr%"$h m"lti0le 6"&ie&& m%#el&)

(o!ernment Initiati!es

The G%2ermet %3 I#ia ha& take 2ari%"& iitiati2e& t% im0r%2e the retaili#"&tr/ i I#ia)

The Mii&tr/ %3 Ur6a De2el%0met ha& !%me %"t ith a SmartNati%al C%mm% M%6ilit/ Car# (NCMC' m%#el t% ea6le &eamle&&

tra2el 6/ metr%& a# %ther tra&0%rt &/&tem& a!r%&& the !%"tr/, a&ell a& retail 0"r!ha&e&)

IEA, the %rl#& lar$e&t 3"rit"re retailer, 6%"$ht it& ?r&t 0ie!e %3la# i I#ia i H/#era6a#, the 1%it !a0ital %3 Tela$aa a# A#hraPra#e&h, 3%r 6"il#i$ a retail &t%re) IEA& retail %"tlet& ha2e a&ta#ar# #e&i$ a# ea!h l%!ati% etail& a i2e&tmet %3 ar%"#R& ;7 !r%re (USL 8; milli%')

The G%2ermet %3 I#ia ha& a!!e0te# the !ha$e& 0r%0%&e# 6/Ra1/a Sa6ha &ele!t !%mmittee t% the 6ill itr%#"!i$ G%%#& a#Ser2i!e& Ta4 (GST') Im0lemetati% %3 GST i& e40e!te# t% ea6le

ea&ier m%2emet %3 $%%#& a!r%&& the !%"tr/, there6/ im0r%2i$retail %0erati%& 3%r 0a.I#ia retailer&)

The G%2ermet ha& a00r%2e# a 0r%0%&al t% &!ra0 the #i&ti!ti%&am%$ #ieret t/0e& %3 %2er&ea& i2e&tmet& 6/ &hi3ti$ t% a


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&i$le !%m0%&ite limit, hi!h mea& 0%rt3%li% i2e&tmet "0 t% 50er !et ill %t re9"ire $%2ermet a00r%2al %r ill it ha2e t%!%m0l/ ith &e!t%ral !%#iti%& a& l%$ a& it #%e& %t re&"lt i atra&3er %3 %er&hi0 a#%r !%tr%l %3 I#ia etitie& t% 3%rei$er&)A& a re&"lt, 3%rei$ i2e&tmet& are e40e!te# t% 6e i!rea&e,e&0e!iall/ i the attra!ti2e retail &e!t%r)

T#e Road )#ead*

A!!%r#i$ t% 0ael mem6er& at the &e2eth F%%# a# Gr%!er/ F%r"m

I#ia, the %00%rt"itie& i 3%%# a# $r%!er/ retail i I#ia are imme&e,

$i2e that it !%&tit"te& a6%"t 7 0er !et %3 I#ia& t%tal retail market)

The I#ia retail market, !"rretl/ e&timate# at L5 6illi%, i& 0r%1e!t t%

$r% at a !%m0%"#e# a"al $r%th rate %3 7 0er !et t% rea!h L7;

6illi% 6/ **+) M%#er retail ith a 0eetrati% %3 %l/ ; i& e40e!te# t%

$r% a6%"t &i4 time& 3r%m the !"rret *8 6illi% USD t% ** 6illi% USD,a!r%&& all !ate$%rie& a# &e$met&)

Or$ai&e# Retail i& emer$i$ a& the e 0he%me% i I#ia a# #e&0ite

the &l"m0, the market i& $r%i$ e40%etiall/) A& e!%%mi! $r%th 6ri$&

m%re %3 I#ia& 0e%0le it% the !%&"mi$ !la&&e& a# %r$ai@e# retail

l"re& m%re a# m%re e4i&ti$ &h%00er&, 6/ *-;, m%re tha + milli%

&h%00er& are likel/ t% 0atr%i@e %r$ai@e# retail !hai&)

C%&"mer market& i emer$i$ market e!%%mie& like I#ia are $r%i$

ra0i#l/ %i$ t% r%6"&t e!%%mi! $r%th) I#ia& m%#er !%&"m0ti%

le2el i& &et t% #%"6le ithi ?2e /ear& t% USL -); trilli% 3r%m the 0re&etle2el %3 USL 8; 6illi%)

The $r%i$ mi##le !la&& i& a im0%rtat 3a!t%r !%tri6"ti$ t% the $r%th

%3 retail i I#ia) B/ *+, it i& e&timate# that - milli% h%"&eh%l#& ill 6e

Kmi##le !la&&, "0 3r%m *- milli% t%#a/) Al&% 6/ *+, ;8 milli% 0e%0le

are e40e!te# t% li2e i !itie&, earl/ ti!e the 0%0"lati% %3 the Uite#

State& t%#a/)

Th"&, ith treme#%"& 0%tetial a# h"$e 0%0"lati%, I#ia i& &et 3%r hi$h

$r%th i !%&"mer e40e#it"re) Jith I#ia& lar$e K/%"$ 0%0"lati% a#

hi$h #%me&ti! !%&"m0ti%, the ma!r% tre#& 3%r the &e!t%r l%%k

3a2%ra6le)


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SECTI

ON-+

ITERATU

RE


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RE,)RDS )ND RECO(NITION

5R%ar)s an) r%cogni&ions ar% 6n%7 (3& &h%0

sho3') (% foc3s%) on shoing *%o*'% &ha& %

&r3'0 a**r%cia&% &h%ir %2or&s .

In a competitive market, more business owners are looking at development in quality

while reducing costs. This system deals with the assessment of #ob values, the plan and

management of pay arrangement, performance management4 pay for performance,

competence or skill, the provision of employee benefits and pensions. Importantly, reward

and recognition system is also concerned with the development of appropriate managerial

cultures, foundation core values and increasing the motivation and commitment of

employees. "eward system processes cover both financial and non /financial rewards.

Employee Reward and Recognition Systems

In a competitive business climate, more business owners are looking at improvements

in quality while reducing costs . 5eanwhile, a strong economy has resulted in a tight #ob

market. !o while l businesses need to get more from their employees, their employee s are

looking for more out of them. 6mployee reward and recognition programs are one method of

motivating employees to change work habits and key behaviors to benefit a business .


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Reward vs. Recognition

A& i i#"&tr/, the/ ha2e !reate# a &emati! !%"#r"m 3%r all em0l%/ee&)

N%rmall/ 0e%0le iter!ha$e the "&a$e %3 rear#& a# re!%$iti% a&i3

the/ ere i#eti!al ti&) Ir%i!all/, i %r#er t% "#er&ta# them 6%th a#

t% "&e ea!h 6etter, 0e%0le m"&t #e!%"0le them a# tea&e %"t their

#iere!e& a# lear the 6ee?t& that ea!h 6ri$& t% the ta6le) Here are

&%me - #iere!e& li&te# 6el% 6etee re$ar#& a# re!%$iti%)

1. Rewards are tangible. Recognition is intangible.7hether tangible or monetary,

rewards are always something you can touch and of a specific amount. "ecognition is

often invisible in nature and yet priceless in value. 2ou can give recognition without

giving a reward. 2ou should never give a reward without giving recognition.

2. Rewards will always be transactional. Recognition should always be

relational."ewards are always if you do 89: then you3ll get 82: in return."ecognition is so much more of a relational e$change between people. "ewards are

great for attracting people to an organiation, and recognition is perfect for keeping

them.

3. Rewards are simply consumed. Recognition is mostly eperienced. 7hen you

receive money or a gift it is usually spent, used up or somehow consumed until it ends.

In contrast, recognition is a total immersion e$perience and a personal encounter of

the best kind which can last forever. ;arefully using both will help address the unique

differences within all of us.

4. Rewards are trans!erable. Recognition is non"trans!erable."ewards can be passed

off from one person to another and are temporary in nature. "ecognition cannot be

removed from the person given to or e$changed and is quite permanent.

8. Rewards are outcome dri#en. Recognition is !ocused on beha#iors."ewards are

used to reinforce the occurrence of achieved results. "ecognition can happen anytime

someone notices positive behaviors of another. ?eople want to know how they are

doing before the end result is achieved.

9.Rewards are !ied. Recognition is !lowing."ewards are fi$ed and determined basedon desired performance and the e$pected returns. "ecognition is free flowing from

one person to another and e$panded upon as shared by others. &now when each has

their place and use each one wisely.
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13/18

10. Rewards are impersonal. Recognition is personal. "ewards have little human

dimension based on their tangible, contractual arrangement, even when given to

someone. "ecognition differs because it3s purely human connection celebrating people

for who they are and what they do. This is where the giving of rewards can be made

much more personable by giving recognition too.

Important Factors in a Recognition Program

-. The recognition program does not e$clude any employee.

. The employees know e$actly what should be accomplished in order to earnrecognition and rewards .

(. The manager%s success is tied to employee%s success.

Objectives

Any organiational reward system has ob#ectives@

-. To motivate employees to perform to the fullest e$tent of their capabilities.

. To encourage employees to follow workplace rules and undertake special behaviorsbeneficial to the organiations.

(. To instantly and innovatively recognise and reward employees for e$emplaryindividual and team behaviour .

Program Purposes

-. "ecognie individuals and teams in a timely and effective way .. ?rovide a continuum of opportunities to acknowledge and recognie members of the

organiation(. "ecognie that each individual can make a difference .*. Be a fair and fle$ible practice that is woven into the fabric of the org culture .

Impact of Recognition Program

TO SENIORTO EM.O/EES

TO M)N)(ERS O0M)N)(EMENT RO(R)M

I!rea&e Sati&?e& E!iet

0r%#"!ti2it/ re!%$iti% ee#& a#mii&trati%

Im0r%2e attit"#e& Create& 0%&iti2e Em0l%/ee

B"il# l%/alt/ re!%$iti% e4!itemet a#

!%mmitmet e40erie!e relati%&

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T/ES O0 RE,)RD RECO(NITION

Types of Rewards 5embership and seniority based rewards ob status based rewards

;ompetency based rewards

?erformance based rewards

Organisational rewards

!tock Option

?rofit !haring

Team "ewards

ain !haring

!pecial Bonuses Individual "ewards

;ommission

5erit ?ay

Bonuses

Types of Recognition

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MET2ODS O0 RE,)RDS RECO(NITION


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?ay is an essential factor, which is closely related to #ob sat isfaction and motivation.

Although pay may not be a reward as this is a static amount, which an employee will be paid

every month, it will be considered as a reward if similar work is paid less.

2. Additional Hour's RewardsThis is similar to that of overtim e . Cowever, it is paid to employees if they put in an

e$tra hour of work for working at unsocial hours or for working long hours on top of

overtime hours .

3. Commission5any organiations pay commission to sales staff based on the sales that they have

generated. The commission is based on the number of successful sales and the total business

revenue that they have made . This is a popular method of incentive.

. BonusesBonuses will be paid to employees, who meet their targets and ob#ectives. This is aimed

at employees to improve their performance and to work harder .

!. Per"ormance Related PayThis is typically paid to employees, who have met or e$ceeded their targets and ob#ectives

. This method of reward can be measured at either team or department level .

#. Pro"its Related Pay?rofits related pay is associated with if an organiation is incurring a profit situation. If

the organiation is getting more than the e$pected profits, then employees receive an

additional amount of money that has been defined as a variable component of the salary.

$. Payment %y ResultsThis is very similar to that of profit related pay. This reward is based on the number of

sales and total revenue generated by the organiation.

&. Piece Rate Reward?iece rate reward is directly related to output. The employees get paid on the number of

%pieces% that they have produced. These pieces will be closely inspected to make sure that

quality standards are being met.

. Recognition6mployees will not always be motivated by monetary value alone. They do require

recognition to be motivated and to perform well in their work.

1(. )o% Enric*ment

This is a common type of recognition that is aimed at employees to get motivated. ob

enrichment allows more challenging tasks to be included in the day/to/day tasks performed

by the employee.

7orking the same way every day may prove to be monotonous to the employees. Therefore,

there will be a lack of interest and the performance drops.

11. )o% Rotation'nlike #ob enrichment, #ob rotation refers to shifting employees between different

functions . This will give them more e$perience and a sense of achievement.


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12. +eamwor,Teamwork is also considered as recognition. ;reating teamwork between team members

will improve performance at work . !ocial relationships at work are essential for any

organiation. Cealthy social relationships are considered as recognition to the employees.

This improves their morale and performance.

13. Empowerment6mpowerment refers to when employees are given authority to make certain

decisions.This decision making authority is restricted only to the day /to/day tasks.Though,

by giving employees authority and power can lead to wrong decisions to be made which will

cost the company . !o, 6mpowerment will not relate to day/to/day functioning authority .

1. +raining5any organiations place a greater emphasis on training. This is considered as

recognition for employees. Training could vary from on the #ob training to personal

development training. Training workshops such as train the trainer or how to become a

manager will give employees a chance to switch #ob roles and this will increase their

motivation levels.

1!. AwardsThis again is an important type of recognition that is given to employees, who perform

better. Organiations have introduced award systems s uch as best performer of the month,

etc., and all these will lead employees to perform better.

OBJECTIVE O$ %ROJECT

To find out and analye various basic rewards and recognition strategies used in "etail sector.

To help in increasing retention rate by providing action plan with the help of analysis.

&O'(S O%ER)*'I

Research design+/

In this pro#ect I have basically used descriptive research design and graphs D tables.

&ethod o! data collection@/

I have used both kind of data ?rimary data and !econdary data. The method and mode usedfor collecting these data are e$plained below.

%rimary 'ata+ "

?rimary Eata collected by direct interaction with C" of the various retail industries and

employees of the same.

Secondary 'ata+"

;ompany ?rofile

?revious years reports

Fiterature


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ournals

Internet

Intranet

RESE)RC, I*STR(&E*T@The research instrument used for collecting the data is Gualitative as well as quantitative.

-uestionnaire+

The Guestionnaire is prepared in an organied and thorough manner and reframed

accordingly after considering all the required aspects of the company%s rewards and

recognition program.

ST)TISTIC) TOOS (SE' $O )*)/SIS@/

After data collection, statistical tools are used for analying the data and results are obtained.

rewards n reognition

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