EXPLORING THE IMPACT OF REWARDS ON EMPLOYEE RETENTION

Abstract

The most essential asset in an organization is its people. The quality of organization’s members has a crucial impact on its success, since employees are primarily responsible for achieving an organization's goals, human resources are viewed as a strategic asset. As a result, it's critical to pinpoint the driving forces behind employee goal achievement. People are the primary source of most issues, opportunities, and difficulties in a business. Thus, in today's dynamic business environment, retaining employees and providing a compelling rewards package are two conflicting concerns that must be addressed. Organizations must need to figure out how to motivate the workforce through rewards-recognitions in order to get the most benefit from them. Despite the fact that rewards and recognition appear to be widespread, they are complicated and challenging because of the complexity of the workplace and the diversity of the workforce. Rewards and Recognition are crucial for motivating employees and increasing efficiency. A planned rewards program can significantly increase the effectiveness and efficiency of a company. This research study aims to investigate the effects of rewards and recognitions on employee motivation, work satisfaction, individual performance, and attrition. This study examines how reward systems affect workers' productivity in the contemporary workplace and how rewards satisfaction might boost output and improve job satisfaction. In order to determine which kind of rewards are most advantageous in the present business environment, this study will look at how incentive systems impact performance.