Employee Compensation System
“Impact of Compensation System on Employee Performance Management” Problem Statement:
Problems facing by employees in the organizations like employees monitoring, their work life balance, training, etc. affect the organization in great way because organization performance greatly relates with employee performance. This research proposal is identifying those Factors which affect the performance of employees. The problem statement can be this “what are the Consequences of compensation system issues on the employee performance of a organization"? Job security, promotion and salary are the main problems related to employee’s performance issues, discouraging them working effectively.
INTRODUCTION:
Employees are the greatest assets of an organization.
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People are getting money but still living hand to mouth. A person who is living like this cannot give his 100% in his job. So to increase the performance one had to initiate most effective compensation system. Needs of different employees should be identified and they should be rewarded according to their priorities. For example for a young employee new car, promotion , better status and rank , high salary may be the priorities whereas for a old worker his honor, dignity and respect must be retained and reasonable pension must be awarded. Different countries have their own compensation system in order to motivate employees.
Literature review:
A compensation system : support the design whereby the input of employees is paid back . An effective compensation system can encourage employees to perform better , therefore it leads to increase in productivity and job performance. Compensation system is based on three factors:
• job-based pay
• performance-based
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Regression Equation:
Employee Performance = 3.648+ 0.091 Salary - 0.089 Rewards + 0.081 Indirect Compensation
Descriptive Analysis:
N mean Std. deviation
Salary 300 4.08 .378
Rewards 300 4.07 .513
Indirect Compensation 300 4.09 .394
Performance 300 4.07 .323 descriptive analysis tells us the answer of salary, rewards, indirect compensation and employee performance which sows agreeableness. Therefore it means that the independent variables will add to the employee performance.
Standard deviation tells us the variation in given data. According to the results of standard deviation the data variation of salary is 3.78 - 4.07 .As the mean results lie between this range so the respondents responds in agree which means that salary has positive impact on employee performance.
The variation in the variable rewards is 3.54 – 4.58.Its value also lies between this range. So the responses are in agreeableness. Therefore it is concluded that rewards has positive impact on employee
Correlation Analysis: salary reward Indirect compensation performance
Salary Pearson Correlation
Sig. (2-tailed) N 498
.00
.300 .272
.000
300
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