EFFECT OF REWARD AND COMPENSATION MANAGEMENT SYSTEM ON LOYALTY OF EMPLOYEES WORKING AT LIFE INSURANCE CORPORATION, BHUBANESWAR
Abstract
Different theories have been developed to discriminate between job satisfaction and motivation. It is believed that job satisfaction is the lower level need and motivation is the higher level need of the working personnel. Wages, salary, and compensation come under the lower level need linked with job satisfaction. The present research conducted on employees working in the insurance sector revealed that compensation management with employee performance and employee motivation are connected. Compensation is the outcome of the physical and mental effort given by the employees at the workplace. In this changing scenario, compensating the employees according to their performance will motivate them to give better and enhanced outcomes. Different statistical tools such as correlation coefficient analysis and ranking scale have also been adopted to analyze the responses of 77 numbers of employees working at Life Insurance Corporation of India, Bhubaneswar.
Keyword : workforce loyalty, compensation management system, incentives, employee performance, motivation & job satisfaction
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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