1

Project Dissertation

ON

A STUDY ON IMPACT OF REWARD SYSTEM

& FRINGE BENEFITS ON JOB
SATISFACTION AT EY GDS

SUBMITTED IN PARTIAL FULFILLMENT FOR THE AWARD OF THE

DEGREE OF MASTERS OF BUSINESS ADMINISTRATION 2021-23

UNDER THE GUIDANCE OF

DR. SANJEEV KUMAR SUBMITTED BY:
FACULTY ,MAIT HARJOT SINGH
12114803921
MBA 4th Semester

Maharaja Agrasen Institute of Technology

Affiliated to Guru Gobind Singh Indraprastha University, Delhi
PSP Area, Plot No. 1, Sector 22, Rohini
Delhi 110086

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 STUDENT UNDERTAKING

This is to certify that I have completed the Project Dissertation “A Study on impact
of reward system and fringe benefits on job satisfaction at EY GDS”
under the guidance of “Dr.Sanjeev kumar” in partial fulfillment of the requirement for the award

of degree of Masters of Business Administration at Maharaja Agrasen Institute of Technology,

Delhi. This is an original piece of work & I have not submitted it earlier elsewhere.

Signature of Student

Name of the Student-Harjot Singh

Enrolment No-12114803921

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 CERTIFICATE FROM FACULTY GUIDE

This is to certify that the Project dissertation titled “_A Study on impact of reward system and
fringe benefits on job satisfaction at EY GDS ” is an academic work done by Harjot Singh
submitted in the partial fulfillment of the requirement for the award of the degree of Masters of
Business Administration from Maharaja Agrasen Institute of Technology, Delhi, under my
guidance & direction. To the best of my knowledge and belief the data & information presented
by him/her in the report has not been submitted earlier.

Signature of Faculty Guide

Name of the Faculty Guide- Dr.Sanjeev Kumar

Designation-

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 ACKNOWLEDGEMENT

I take the opportunity to express my gratitude to all of them who in some or other way helped me
to accomplish this challenging report. No amount of written expression is sufficient to show my
deepest sense of gratitude to them.

I am very thankful to Director Prof. (Dr.) Neelam Sharma,MAIT, HOD Prof. (Dr.) Amit
Gupta,MBA,MAIT and my Guide, Dr. Sanjeev Kumar Professor./Associate Prof./Asst.
Prof./.MBA MAIT Maharaja Agrasen Institute of Technology, Rohini for their everlasting
support and guidance on the ground of which I have acquired a new field of knowledge. The
course structure created for this curriculum has benefited with the inclusion of recent
development in the organizational and managerial aspects.

I express my sincere thanks to all people who participated and helped me in successfully
preparing the Project dissertation. I am thankful to all the members who gave valuable
information in the part of my Project dissertation.

Name and Signature of Student- Harjot Singh

Univ. Enrollment No.-12114803921

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 EXECUTIVE SUMMARY

Maintaining healthy workplace relationships in an company is a requirement for effective Organisation.

One way to preserve good and stable workplace relationships within an company is by adding lucrative
incentives to any role and activity that each workplace of that company performs Employee benefits that
are the specific non-wage incentives given to workers in addition to their regular salaries or employment
cannot be ignored by an organization's management, since an organization's human capital is the most
valuable resource. The new environment is highly competitive, and companies are facing challenges of
retention of workers regardless of scale, technology and business orientation. A good and supportive
partnership and bonding between workers and their organizations should be established and sustained in
order to resolve these restrictions. In order to reinforce this good and productive relationship, workers will
be encouraged to do their best by offering some lucrative workplace incentives such as performance
rewards, Christmas rewards, research allowances, leave allowances, etc Any organization's human
resources or workers are the most important component, and they need to be motivated and convinced to
accomplish tasks. To achieve organizational goals, companies need to devise different approaches to make
workers happier and provide them with multiple opportunities to profit, adding value to themselves and
improving organizational efficiency. When workers are not happy with their position or place of
employment, they prefer to bring less effort into the workplace or transfer with better job packages to
other organisations. This can cost a company too much, particularly if a competitor loses a key and very
skilled staf

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 TABLE OF CONTENT

Sr. No PARTICULARS Page No.

1. INTRODUCTION

2. OBJECTIVES

3. LITERATURE REVIEW

4. RESERCH METHODOLOGY

5. DATA ANALYSIS AND INTERPRETATION

6. FINDINGS AND ANALYSIS

7. CONCLUSIONS

8. RECOMMENDATIONS

9. BIBLOGRAPHY

10. QUESTIONAIRE

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 Chapter-1: Introduction to the topic

1.1 REWARD SYSTEM

Reward being seen as a vital instrument in employee performance. A well rewarded

employee feels that he/she is being valued by the company that he/she is working for. They
are also encouraged to work harder and better if they are aware that their well-being is taken
seriously by their employers, and that their career and self development are also being honed
and taken care of by their company. Employees are the engine of organization vehicles while
reward is the fuel. In the modern time management, no organization can achieve its stated
objectives without commiserate rewards and fringe benefits for its employees.

The role of reward system in shaping the live of an organization cannot be overemphasized.
Reward system has been described as the development, implementation, maintenance,
communication and evaluation of compensation processes. Ordinarily, the management of
people at work is an integral part of the management process, put differently managers need
to understand the critical importance of people in their organizations so as to recognize that
the human element and the organization are synonymous. Therefore, it is imperative and
morally worthwhile to have a sound reward system and fringe benefits in place.

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It is asserted that because of the importance that rewards holds on people's lifestyle and self-
esteem, individuals are very concerned about what they are paid. While on the other hands
organizations are concerned with what they pay because it motivates important decisions of
employees about job satisfaction and overall corporate performance.

The happier people are with their jobs, the more satisfied they are said to be. The perception
of being paid what one is worth predicts job satisfaction. Job satisfaction is perceived as an
individual’s attitude and behavior towards aspects of his own job. Personal job satisfaction is
an affective or emotional response toward various facets and outcomes of one’s job; meaning
that personal satisfaction in relation to a job is not unitary, as a person may be satisfied with
one aspect of his or her job and may be dissatisfied with the rest.

Employees will demonstrate pleasurable positive attitudes when they are satisfied with the
corporate reward system and fringe benefits which the job brings. Thus, good reward system
and fringe benefits will increase the employees’ job satisfaction which will invariably affect
corporate productivity and performance. But, whether reward system and fringe benefits
negatively or positively determines workers job satisfaction in Nigeria remains open to
empirical studies. Hence, this study will investigate the impact of reward system and fringe
benefits on job satisfaction with a special reference to Ensure Insurance Plc.

Rewards are the incentives and perquisites employees receive in addition to their regular
salary or wages. Integrating a reward framework into the workplace can help motivate
employees and teams to work efficiently and improve productivity. Understanding the
concept of rewards as an employee can help you work efficiently and achieve progress in
your career. In this article, we define reward systems, highlight the different types, and
provide some examples of common workplace rewards.

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OBJECTIVES OF REWARD SYSTEM
To design an efficient reward system, the organization needs to fully understand the
definition and meaning of reward system. It also needs to setup a clear objectives for its
reward system.

These are five key objectives that can be achieved by applying reward system.

Attraction and Retention:

Research shows that reward system can directly affects the job choice, career choice and
turnover rate of the organization. Organization’s that give the highest rewards tend to attract
and retain more people. This indicates that the better reward system can give a higher
satisfaction level to employee. The higher satisfaction level will lead to a longer length of
service and reduce organizational turnover rate.

In retail industry, employees are the most important resources. The organization needs to
retain high performance employees and remove inefficient employees. To maintain the top
performers, current reward system need to be compared with other organizations. The firm
need to ensure that its reward system is superior than its competitors.

However, it is very costly to maintain a higher reward system. This will increase the labour
cost of the organization. In certain organization, the labour cost covers 50% of overall
operational cost. In addition, if all employees are awarded in the same level, it can cause
feelings of inequity because the better performers are likely to feel inequitably treated when
they are rewarded at the same level as poor performers in the same organization.

Motivation of Performance:

When certain conditions exist, reward systems have been demonstrated to motivate
performance.

The reward system must be directly link to the effective performance. Staffs should be
rewarded according to their needs. Once the staff is rewarded for their outstanding
performance, they will further improve their work process. The effect of this reward system
depends on the situation and the needs of people. There are three factors that can affect the
motivation effect by using reward system.
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 1. Performance-Outcome Expectancy: Individuals expect that if they behave in a
certain way, they will get certain outcomes due to their behaviors. For example, if a
person sells ten units of product within one month, they will receive their based salary
without any additional bonus. In the other hand, they can receive 15% of commission
if they can sell 15 units per month. In this case, the staff will be motivated to achieve
a higher sells level in order to receive 15% of commission.
2. Attractiveness: Based on the perception of the staff, the outcome of the reward
system will lead to different attractiveness to employees. For example, some staffs
want to be promoted as they have higher desire to gain more control power. Other
staffs might prefer increment of their salary rather than promotion. The firm needs to
understand the employee’s need and select the most attractive way to retain and attract
motivated staffs. In retail industry, the firm should select the most appropriate
approach to reward its employees. For staffs who want to lead a team and manage
people, the firm can promote them to be a leader of a sells team. For staffs who enjoy
the interaction with customer, the organization can increase their commission and
keep them at ground level.
3. Effort-Performance Expectancy: The expectancy represents the individual’s
perception of how hard it will be to achieve certain behavior. For example, if the
employee has very negative thought, they feel that they can never achieve the sells
target. The employees will be further discouraged if they really fail to achieve the
target. However, if the firm creates a positive working environment, the staff will feel
that the quota is achievable and they will be motivated to hit the target and receive the
reward. Therefore, most of the retail firms want to encourage their staff to think
positively and believe that the sells target is achievable. This could help the staff to
performance better.

Create Positive Organizational Culture:

Reward system can help the firm to create a positive culture. Depend on the way that reward
systems are developed, administered, and managed, the organizational culture will be
affected according to these factors. For example, the reward system can influence the human
resources oriented culture, entrepreneurial culture, innovative culture, competence based
culture, fair culture and participative culture. It can also affect the communication, motivation
and satisfaction of the employees. For example, the employees will work hard to achieve

14
their personal value if their efforts are recognized organization. However if the organization
rewards

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all staffs equally without appreciation of the individual’s effort, most of the staff will tend to
slack.

The established culture should be able to meet following standards:

1. The individual believes that the better behavior will lead to better outcomes.
2. The individual feels that the reward is attractive enough for them to improve their
work. Organization needs to understand the needs of the staff
3. The individual believes that it is possible to achieve certain level of target. The firm
should encourage the staff to think positively and set an achievable target for them.
For example, the monthly sells quota need to be reasonable.

Improve on Skills and Knowledge:

The reward system can encourages employees continuously improve their skill sets. The firm
can pay employees based on their skill levels. Staffs will be motivated to attend extra courses
and improve their skill sets in order to receive more benefit.

For example, the firm can reward staff with outstanding explanation and presentation skills.
Staffs will take more initiatives to improve their presentation skill and attend related courses.

Both organization and staffs can be benefited from this. The firm can adjust the setup of the
reward system based on the requirement of the organization. For example, effective
communication skill and customer service skill are more important in retail industry. The
firm can provide benefits to staffs who attend relevant courses and have outstanding customer
service skills.

Reinforce and Define Organizational Structure:

The reward system can reinforce and define the organizational structure. The firm might not
foresee the impact of reward system on firm’s structure changes. However, the reward
systems can have a strong impact of how integrated the organization is and how
differentiated it is.

For example, if the company wants to create a united structure, it can reward all staff in the
same manner. In this case, more teamwork will be encouraged and there are less competition
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within the organization. If the firm wants to differentiate the top performers from average
performers, they can apply a reward system that can create a more competitive environment.
In this system, employees focus on their individual work instead of the benefit of the whole
team. Insurance companies encourages on agent’s individual efforts. The reward system
provides intensive benefit for top sellers and insurance agents are not sharing their
information even within their own team.

By studying this theory, the reward system can be used to motivate the staff; encourage
continues learning process and build organizational culture/structure. The retail firm needs to
select the most attractive approach that can best fit into the needs of staff.

It is not necessary for the retail firm to focus all five objectives. The firm should select one or
two main objectives that have highest priority. For example, some retail firms focus
on Motivation of Performance. Supervisors need to consistently encourage their staffs
and create a positive working environment. Staffs are informed that the sells quota is
achievable if they work hard enough.

Based on the structure of the firm, the reward system need to be carefully designed to meet
the organizational target. The retail firm should never underestimate the impact of the reward
system on the structure of the firm.

Requirements of an Ideal Reward System

After identifying the objective of the reward system, the organization also needs to
understand the needs of its staffs. A good reward system can meet the needs of the staffs in
order to maximize its effect. Reward system needs to address four basic needs of the
employees.

1. Compensation: Monthly basic pay and salary.

2. Benefits: Sharing of organizational profit; bonus and other types of staff welfare
3. Recognition: Staffs want to be recognized for their effort and good work. The
organization needs to create opportunities for staff to have more exposure and gain
recognition.
4. Appreciation: The firm should show appreciation to staffs for their achievements.
The firm can show its appreciation by promote premonition and giving out award to

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top performers.

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Many businesses miss one or more of these elements (usually recognition and/or
appreciation). Most firms only focus on financial compensate since it is the easiest way to
reward the staffs, however there are many employees emphasize on recognition and
appreciation. If the firm miss these two elements, it might not be able to retain staff
effectively.

In addition, an ideal reward system should be able to award both employee’s performance
and behavior. The performance is easier to measures since it is a direct comparison between
the desired target and actual performance of employee. For example, the top sellers should be
awarded for achieving and exceeding the selling target. This can be easily measured by
looking at the profit generated by individual employee.

It is harder to use reward system to affect the employee’s behaviour’s. The firm needs to
define the behaviour’s that the employee should adopt and design the reward system based on
this target. For example, manufacturing firms will award the employees based on their work
efficiency. The aim of the reward system is to motivate staff to achieve higher productivity
yield. In the other hand, most of the design companies focus more on the innovation and
creativity of the staff. Instead of time spend in the office, the firm will reward employees who
have more creative ideas.

According to this theory, an ideal rewards system needs to be able to address the needs of the
staff and effectively affect staff’s behaviour’s based on the needs of the organization.

Core Principle:

This is the key value of the organization. The firm needs to help the employees to build trust
on the core principle. The core principle can be the belief in pay for performance; a belief in
secrecy about pay and other fundamental long-term commitments such as long service award.

All rewards system need to be designed based on this core principle. The firm needs to
maintain the consistency when applying the reward system. It is not convincing enough if the
firm is keep changing its core principle and reward system. For example, if the firm wants to
promote a fair and united working environment, the reward system needs to treat every
employee equally. Even with certain level of objection from the ground level, the
organization still needs to make its stand by consistently practicing in the same manner. If the
firm wants to promote a
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competitive working environment, the reward system shall only provide benefit for top
performers. The system will create a gap between top performers and average performers.

Process Features:

The process feature will determine how the reward system can be implemented in
organization. For example, the communication policies will determine the approach of the
reward system. In retail industry, positive communication approach is widely used to
motivate staffs. The reward system needs to emphasize the benefit of achieving the target
instead of remind the staff on the consequences of fail to achieve the target. The rewards
system needs to fit the process features of the firm.

System Practices:

System practice can determine the method of delivering reward to staffs. This includes pay
delivery systems such as profit-sharing plans and other organizational welfare programs.
Instead of paying a fixed salary, the firm can share its benefit by paying bonus quarterly. It
can also provide a better facility and healthcare benefit to staff. The way of delivering reward
system should determine by staff needs and system practices of the organization. Different
organization’s are having varies ways to deliver their reward systems. For example, insurance
company provides free trip for its top performers every year to boost the staff morale. In
addition, the insurance agent can receive 50% of the commission for each policy that they
sold to client. This encourages agents to reach out for more clients. However, the same
practice is not feasible at all in the retail industry. Due to the high operational cost, the firm
cannot afford to pay 50% of commission to its employees.

The literature review shows that the firms need to put in many considerations in order to
design a decent reward system that can be best fit into their organizational structures.

Firstly, the firm needs to fully understand the definition and objectives of the reward system.
In retail industry, the reward system is mainly used to motivate staff and create a
positive organizational culture.

In addition, management team needs to consider through the firm’s economic state and needs
of their employees in order to achieve the best outcome of the reward system. The needs of

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staff in retail industry might be different depends on their designations. The ground staff
might focus on the based benefit and staff welfare. While staffs that work at management
level need more recognition and appreciations.

Organization needs to consider its core value, process feature and system practices when the
reward system is designed. Therefore, many new reward systems practices have become
popular in order to align reward systems with the important changes that are occurring in the
way organization’s are designed and managed.

There is no good or bad for a particular reward system. The organization must evaluate the
context of other systems and business strategy of the organization. The reward system needs
to match with the information system; human resource management system and other crucial
operating systems for maximize its effect.

FRINGE BENEFITS

Fringe benefits are a type of compensation provided to an employee outside of his normal
wage or salary. Many years ago, employers began to understand that potential employees
give great consideration to the wage or salary offered. In an effort to tempt a qualified
individual to accept employment with the company, rather than going to a competing
company, many employers began offering non-wage compensation in addition to the actual
salary offered.

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These fringe benefits, often in the form of employer-paid life and health insurance policies,
retirement benefits, and other things that might aid in the recruitment of top quality, skilled
workers. In fact, fringe benefits play a large role in keeping workers motivated to do quality
work and increase production. Some fringe benefits may be classified as taxable income by
the IRS.

Fringe benefits are one of the most important components of job satisfaction of employees.
Fringe benefits not only motivate the employee but also enhance their performance. Different
types of fringe benefits are offered by organizations to attract and retain the employees.
Fringe benefits do not only limits to offering health insurance or cab facility, its scope is
much wider and results are very much evident. On the employee side, having fun perks can
make work more enjoyable and avoids to be the burden. When employees are happy and
healthy, they become more productive and their satisfaction with their job aroused.
Fringe benefit is defined as any form of compensation provided by the organization other
than wages or salaries that is paid for in whole or in part by the employer. Employee benefits
are also essential for the development of corporate industrial relations. Examples include
retirement plans, child care, elder care, hospitalization programs, social security, vacation and
paid holidays.

TYPES OF FRINGE BENEFITS

Many employers offer employees an array of fringe benefits in addition to their salaries. Also
considered “Job-Perks” these benefits cost employers, who pay for such perks, and are
therefore considered a portion of the employees salaries on their books, even if the benefits
are not in the form of money, such as bonuses. There are many types of fringe benefit, and
which types are offered often depends on the type of employer, and value of the employee’s
position.

TAXABLE FRINGE BENEFITS

According to the IRS, any fringe benefits provided by an employer may be taxable, unless it
is specifically excluded from taxation. The IRS provides specific information regarding
fringe benefits, including which are considered taxable. Some of the fringe benefits that may
be taxable under certain situations often include payment of, or reimbursement for, things in
an excessive amount. These includes:
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Excessive Moving Expense: If an employer reimburses or pay for an employee’s moving
expenses, when the move was less than 50 miles from the employee’s current residence, may
be taxed.
Excessive Mileage Reimbursement: Employer reimbursement for business related driving
of the employee’s private vehicle may be taxable if the total exceeds the IRS’s standard
mileage rate.
Expense Reimbursement: Expense amounts reimbursed to an employee with the
employee’s sufficient accounting, may be taxable.
Clothing Reimbursement: Employer reimbursement for clothing that is not strictly for
work on the job, but which is suitable for everyday street wear, is taxable.
Working Condition Benefits: any equipment or supplies purchased by an employee that is
used for work purpose exclusively, it is tax free. If the item is used for any personal purpose
at all, it is taxable.
Excessive Education Expenses: Educational assistance for education that is not job-related,
or which the amount exceeds the IRS allowable amount is taxable.
Award and Prizes: Employee awards and prizes that are given in cash, are taxable, unless
they are given to charity in the employee’s name. Valuable non-cash awards may also be
taxable, unless the value is minimal.

NON-TAXABLE FRINGE BENEFITS

There are many types of non-taxable fringe benefits that may be offered to employees
without increasing their tax burden. Some of the most common tax-free types of fringe
benefit provided to employees by private and public businesses include:
Insurance Benefits: Insurance coverage is perhaps the most common fringe benefit provided
to employees, though the structure of how insurance is paid for has changed in recent years.
Insurance coverage may include employer-paid life insurance, health insurance, and short or
long-term disability insurance. When an insurance coverage fringe benefit is offered, the
employer most commonly shares the cost of premiums at a certain percentage, thus reducing
the amount for which the employee is responsible. Of course, insurance coverage may be
offered entirely at the employer’s expense. Some employers also offer health savings
accounts to their employees, often matching the employee’s contributions to the plan.

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Childcare Assistance: Childcare assistance is one fringe benefit that comes in handy for
many families, and may increase attendance at work, as well as productivity. This is because
parents have additional responsibilities in ensuring their children are well cared for while they
are at work. Many large employers are offering on-site childcare, either free of charge, or at a
discounted price. This allows parents to concentrate on their work, knowing their children are
close by, and being cared by. Some smaller employers, while unable to maintain an on-site
daycare facility, offer a cost-share for daycare.
Physical Fitness: Some employers make it a priority to ensure their employees have access
to gyms or fitness centers in order to promote a healthy lifestyle, which in turn increases
attendance and productivity. Some companies maintain on-site fitness centers, where
employees can work out on breaks or other off times, while others offer paid gym
membership, or memberships at discounted price.
Education Assistance: Education Assistance is the form of tuition reimbursement, or other
assistance in adding to an employee’s education or skill set, is one of the more popular types
of fringe benefit offered by employers. Helping an employee gain new job-related skills or
knowledge helps the company, as the employee is then able to work at a different level in his
current position, or may become able to advance into new areas of the business.

OBJECTIVES OF FRINGE BENEFITS

The view point of employers is that fringe benefits form an important part of employee
incentives to obtain their loyalty and retaining them. The important objectives of fringe
benefits are:

 To create and improve sound industrial relations.

 To boost up employee morale.
 To motivate the employee by identifying and satisfying their unsatisfied needs.
 To provide qualitative work environment and work life.

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ELEMENTS OF TOTAL REWARDS

Fig.3 Total Rewards

Benefit packages

Consider providing a variety of benefit packages to meet employees' individual needs.

Employers may seek to go beyond the bare minimum legal requirements for employee
benefits, such as medical insurance, when adopting a total reward system. Benefits packages
can include the addition of holidays and leaves of absence.

Work-life balance

An effective total reward system recognises the importance of balancing personal and work
life. It involves developing a work schedule that gives employees enough time to rest and
pursue interests outside work. This can help boost their morale and improve their
productivity.

Recognition

Recognising employees' efforts and good performance can motivate them to continue
working hard. This type of reward can include establishing peer and team recognition awards.
To accomodate employees' different working styles, you can also set up individual awards for
employees who meet their personal goals.

Development

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Providing professional development opportunities can improve an employee's expertise and
skills. Development rewards may include running in-service training sessions for the staff.
You can also organise team building and personal advice sessions to help employees grow on
a personal level.

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.

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COMPENSATION AND BENEFITS

Companies give compensation to inform their pay decisions to employees. Every company’s
actual compensation details differ but the basic components like base pay, incentives and
bonus remain the same. Being knowledgeable about what compensation is and how its
components work would help you make better decisions about your career growth. In this
article, we discuss what is compensation, its structure, importance and types of compensation

and explain the factors that often determine employee compensation.

Compensation is the remuneration given to the employees for their work or contribution
made to the business. The contribution can be as time, knowledge or commitment to the
projects they are handling. Compensation comprises regular salary and other non-monetary
benefits that an employee gets for their services in the organisation.

Compensation is a part of human resource management, which helps to keep the employees
encouraged and improves an organisation’s effectiveness. A company’s compensation plans
also reflect its values and culture. It shows how thoughtful the organisation is towards its
employees. Compensation would be fair if it covers basic living expenses, keeps up with
inflation and gives some room for savings.

COMPENSATION STRUCTURE

Compensation structures are the pay-based frameworks companies use to establish fair and
equitable pay for all employees in an organisation. A compensation structure gives a business

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clear guidelines for assigning basic pay rates, managing raises and distributing bonuses. An
effective compensation structure seeks to dismantle pay practices based on inequitable
factors, like past salary history, ineffective negotiation and inherent bias.

There are different compensation structures organisations adopt to design their compensation
plan for their employees. Below are a few commonly used compensation structures:

Broadband structure

A broadband structure is an older compensation style that some companies still use. In a
broadband structure, the company sets pay bands, which can differ dramatically from entry-
level pay to top-level pay. The primary purpose of the broadband structure is to reduce the
salary range within a particular level but increase the pay range within a job level. Many
companies use the broadband structure to support employees who might stay with the
company for their entire career, often in the same position.

Step structure

The step compensation structure is a tenure-based framework that primarily accounts for an
employee’s time with the company. Step structures are effective for some roles in particular
industries where there is not the substantial opportunity for upward growth, such as teachers.
These employees are compensated for their continued commitment and loyalty to the
organisation.

Grade and range structure

The grade and range structure is one of the most common compensation structures for
businesses to use today. The grade structure comprises a hierarchy of grades, levels and
bands into which group of jobs that are highly comparable in size is placed. It is similar to the
broadband structure in that there is a salary range within each grade, but the range is often
much smaller than with the broadband structure and the overall system provides more
opportunities for growth and promotion. Usually, a grade and range structure combine both
tenure and performance when moving employees from one grade to another.

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Benchmark structure

The benchmarking compensation structure depends on market research and data to assign
competitive salaries to specific roles. In some other systems, there is a clear growth trajectory
for employees and their pay, but in benchmarking structure, the dependency is more on
current market trends and data. It may also shift from year to year. A benchmarking structure
is particularly useful for companies or roles that are highly competitive or challenging to hire
for.

FACTORS DETERMINING EMPLOYEE COMPENSATION

Here are a few factors businesses take into consideration while deciding compensation for
their employees:

Market factors

Organisations research what other businesses in the same area or technology are paying their
employees. They also check the similarity of the business and the pay employees with the
same designation or similar work get. They can conduct surveys to know this information or
check different websites where employees self-report their salaries.

Employee perception

Employee perception can influence the overall compensation structure a company chooses
for its employees. Most employees want to work for an organisation that is transparent about
how its employees are compensated and how those wages are determined. Creating a
compensation system that employees feel is straightforward and fair is often in the
company’s best interest.

Cost of living

Cost of living is another important factor in determining the compensation of the employee.
If the company’s office is in a metro city, then the cost of living an employee would incur
might be higher than if they would be allocated to non-metro city. The non-cash benefits like
travel expenses, house rent allowance varies according to the area where you are living.

Government legislation

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Depending on where you live, your state might have specific wage and salary regulations that
can affect how your company structures its organisational compensation. Some states
regularly

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increase the minimum wage, which can shift every pay band, step or grade in your company’s
structure upward.

Job competition

The demand for a particular skill in the market also determines the compensation a company
would align for a job role. For example, if you have expertise in a skill that is in high demand
in the market, you would have the choice to take a job at different companies. In such a
scenario, companies offer the best compensation to lure you to accept the job offer.

Industry

There are some industries that give the same compensation to their employees. This is
particularly in the public sector, where the compensation is defined based on the grade rather
than the work you are entitled to do. For example, in government banks, the compensation
given to the employees depends on the grade at which they were hired. Whereas, in the
private sector, compensation is dependent on various factors like job competition, previous
salary package, skills, certifications and years of experience.

Growth opportunities

Growth opportunities that an employee would get in the organisation also determine the
compensation they might be offered. Companies can justify the lower pay range by factoring
in the growth opportunities a person may get if they join the organisation, the long-term value
that the company’s brand would add to the career path of the individual.

IMPORTANCE OF COMPENSATION

Below are the points highlighting the importance of giving the right compensation to the

employees:

 It helps an organisation to stay competitive in the market and run its business

 It attracts skilled talent

33
  It reduces the attrition rate

 It encourages employees to perform better and achieve specified standards

 It helps to increase employee engagement

 It helps to keep employee’s morale high and keep them motivated

 It helps to increase the efficiency of the job evaluation process

 It ensures job satisfaction amongst employees

 It helps to stay in compliance with the Federal and State government agencies

TYPES OF COMPENSATION

Here are different type of most common components of compensation:

 Base pay (hourly or salary wages): it is the minimum amount an employee would
receive with no deductions or additional benefits. It can be expressed as an hourly
rate, monthly rate or annual rate.
 Overtime allowance: it is the amount an organisation pays if its employee works
outside standard business hours.
 Bonus pay: it is the annual pay an employee gets above their regular earnings. It is
basically a reward that an employee gets for their work and goal accomplishments.
Bonus pay is basically offered to boost the productivity and morale of the employee.
 Merit pay: merit pay is performance-based pay. An employee gets merit pay
depending on their yearly performance and achievement of the goals set. The criteria
for merit pay vary from company to company. In most companies, merit pay depends
upon both the employee’s and the organisation’s performance.
 Benefits like paid leaves, leave travel allowance (LTA), medical insurance: these
are the additional benefits that an employee gets as a part of their compensation. Such
benefits are non-monetary benefits. Organisation gives the defined number of earned
leaves, sick leaves or vacation leaves. Companies also provide health and medical
insurances cover to their employees.
 Travel allowance: some companies offer a daily travel allowance to their employees
like reimburse petrol charges, another mode of travel or provide pick and drop service

34
 from their homes. The travel allowances also depend upon the job role you hold in a
company.
 Free meals: many organisations offer free or subsidised breakfast or lunch to their
employees. This may not be in all organisations and depends on the company’s
policies.

35
INCENTIVES SCHEME

Fig.5 Incentives Scheme

Also referred to as an incentive program, an incentive scheme is a formal scheme that is

usually put to use when a company wishes to promote a certain kind of behaviour or action
amongst its customers. The key to be noted here is it is time specific.

This means that the scheme lasts for a fixed duration or time period only and then it expires
or is terminated by the company. This can be done so while dealing with company workers as
well as while dealing with customers that you wish to attract in order to increase the sales of
your firm. An interesting way to understand this concept is simply that you pay a certain
amount for the desired result.

Incentives refer to any material tangible or intangible that can pull in the attention of the
employees and motivate them to work more enthusiastically in a constructive manner. An
incentive’s sole purpose is to enhance the employee’s overall performance that eventually
leads to the entire organization’s performance.

The power of incentives is immense, as they are the powerful hidden forces that can let
human beings feel appreciated, plus can also convince them to shape their behavior to a
certain amount as per the expectations of the incentive provider.

36
Delving deep into the world of incentives is actually understanding human beings because
incentives are the factors that driven human behaviour. Companies and organizations that do
not realize the power of incentives sometimes make severe errors.

There are two popular ways of incentivizing employees. These are indirect and direct
compensation. These incentives can be in the form of organizational incentives, individual
incentives, or group incentives.

Types of Incentives

Incentives are broadly classified under three major heads that are as follows:

Monetary and non-monetary incentives

These include designation as a permanent employee, seniority, promotion, and merit

recognition. It also includes payment for holidays, medical benefits, city allowance, house
rent allowances, provident funds, and conveyance. Offering something monetary or non-
monetary that can motivate employees to work harder will come into this type.

2. Financial incentives

These consist of group incentive plans and profit-sharing plans to motivate the behaviour of
the employees. This is in the form of extra monetary benefits on top of the basic
compensation that the employees receive for their efforts. This is again something that acts as
a reward and motivates employees to work with more dedication.

Non-financial incentives

Whenever an employee overachieves or consistently performs at a high level for a long time,
they are usually rewarded with recognition or prizes for their challenging endeavor. This can
be in the form of the Employee of the month Award. This type of reward is considered
effective in the psychological empowerment of the employees to continue their work with the
same dedication.

The most common example of an incentive system is payroll.

37
An excellent fat pay check motivates the employee to show up every day on work in time and
perform their tasks admirably.

The five common examples being:

Subsidies

These are specific government incentive programs that give a business a set amount of
money. This helps the business to grow under any circumstances.

For instance, Agricultural subsidies are pretty standard for all governments to provide
farmers. There are different subsidies involved wherein government give health care, oil,
housing, ethanol, environmental and export.

Tax Rebates

There are tax rebates on offer by the government of most of the economies. The most notable
tac rebates are in areas where environmental welfare is concerned.

We all know the degradation of the environment poses a significant threat to the existence of
humanity. This is why the government comes up with tax rebates like purchase Evs to
incentivize people to use Evs.

Negative Incentives

They are also popularly known as disincentives; it means punishing people financially for
doing specific jobs incorrectly. They encourage certain activities by making them
compulsory.

They can be in the form of penalties that the employee might have to pay if he breaks a
particular set of rules and regulations.

Tax Incentives

These are popularly known as “Tax Benefit”. The government provides these to motivate the
public to spend their money on specific items. The tax benefits over the years have proved to

38
be an excellent source of economic development. A tax incentive on the payment made
towards

39
the mortgage can influence people to make timely payments. This, alongside empowering the
employees, helps the organizations as they can provide more employment opportunities.

Financial Incentives

All the monetary incentives received by the corporation, employer, organization, and
consumer. These are all part of the financial incentives scheme of the organization. For
instance, an employer might get a part in the commission or stock option plan. For a
customer, it is discounted, buy one get one free offer.

Advantages of Incentive Plans

There are significant merits or advantages involved with providing incentives to the employees:

Improving Employee Dedication

Incentives have a proven track record of reducing employee turnover or attrition rate,
depleting absenteeism, and decreasing unproductive time. These incentives can make sure
that the employees give their full efforts in any task they perform.

It has been certified by the National Commission of Labour that wage incentives are the most
cost-effective methods of increasing the productivity of the employees.

Developing better personal connections

A well-worked incentive reward can build a great personal bond with the customers. Bump
up discount offers or buy three get one free are very popular among customers. It can
motivate casual customers of the business to become regular customers.

The standard of living of the employees goes up after receiving incentives. They can use the
extra incentive in improving their personal lives that will directly increase their productivity.

Positive Work Environment

There is a sense of positivity around the employees whenever they receive incentives for their
hard work. This positivity can directly translate into an increase in the productivity of the

40
employees. Incentives help the employees to be concentrated and dedicated to the task at
hand. As a result, these decrease supervision costs.

This helps in improving the workflow within the organization. The smooth functioning of the
workflow of the organization is significant. This makes sure that the targets and goals of the
organization are met within the deadlines.

Extrinsic vs Intrinsic incentives: There are two major types of incentives are Intrinsic and
Extrinsic incentives. Both have significant dissimilarities. These dissimilarities are as
follows:

Extrinsic incentives are materialistic, whereas Intrinsic incentives are not materialistic.

Extrinsic incentives can be rewarding the employee with a financial incentive like money for
completing a task. The intrinsic incentive is borne from within without any external
stimulation from the outside.

Extrinsic incentives can also be in the form of punishment if an employee fails to meet a
deadline. The intrinsic incentive is more about self-satisfaction and self fulfillment in his job
role.

All the economic incentives are Extrinsic incentives, whereas non-economic incentives are
Intrinsic incentives.

Employees become more creative in their work, and they give their all during their working
hours. All these behavioural changes can be noticed during the implementation of an
incentive plan.

Employees become more creative in their work, and they give their all during their working
hours. All these behavioural changes can be noticed during the implementation of an
incentive plan.

41
1.1 Company Profile

EY GDS, also known as EY Global Delivery Services, is a global service delivery organization
that is part of Ernst & Young Global Limited (EY). EY is one of the world's largest professional
services firms, providing a wide range of advisory, assurance, tax, and transaction services to
clients across various industries.

EY GDS was established to enhance EY's service delivery capabilities by leveraging

technology, process excellence, and global talent. It operates as a centralized entity, delivering
a range of support services to EY member firms worldwide. The primary focus of EY GDS is
to provide high-quality, cost-effective solutions to EY's global clients, allowing member firms
to focus on client relationships and strategic initiatives.
The services offered by EY GDS span multiple areas, including finance and accounting,
technology, risk management, data analytics, tax, and various business support functions.
These services are delivered through a combination of technology-enabled processes, skilled
professionals, and standardized methodologies. EY GDS aims to streamline operations,
improve efficiency, and drive innovation within EY and its clients' businesses.

With a global presence, EY GDS operates in multiple delivery centers across different
countries, including India, Argentina, Poland, China, the Philippines, and more. These centers
house a diverse talent pool consisting of professionals from various disciplines, including
finance, technology, data analytics, and more.

EY GDS plays a crucial role in supporting EY's commitment to delivering exceptional client
service by harnessing technology, optimizing processes, and leveraging global talent. By
providing scalable and specialized services, EY GDS contributes to EY's overall value
proposition and helps clients navigate the challenges of a rapidly evolving business landscape.

42
The business of EY GDS revolves around providing a wide range of support services to EY
member firms and their clients. These services span multiple areas and are designed to
enhance operational efficiency, optimize processes, and deliver value to clients. Here are
some key aspects of EY GDS's business:

Finance and Accounting Services: EY GDS offers finance and accounting services, including
transaction processing, financial reporting, budgeting and forecasting, accounts payable and
receivable management, payroll processing, and more. These services help streamline
financial operations and ensure compliance with regulatory requirements.

Technology and IT Services: EY GDS provides technology services, including application

development and maintenance, infrastructure management, cybersecurity, data management,
and IT advisory. These services help clients leverage technology effectively, enhance their IT
infrastructure, and address digital transformation needs.

Risk Management and Compliance: EY GDS assists clients in managing risk and ensuring
compliance with regulatory frameworks. This includes services such as internal audit, risk
assessment and mitigation, regulatory compliance, and governance frameworks. These
services help organizations identify and manage risks effectively.

Data Analytics and Insights: EY GDS leverages data analytics and advanced technologies to
provide insights and support decision-making. This includes data management, data
visualization, predictive analytics, and business intelligence services. These services enable
clients to extract valuable insights from their data and make informed business decisions.

Tax Services: EY GDS supports clients with various tax-related services, including tax
compliance, tax advisory, transfer pricing, tax technology, and tax process optimization.
These services help clients navigate complex tax regulations, optimize their tax position, and
ensure compliance.

Business Support Functions: EY GDS also provides a range of business support functions,
including human resources, procurement, facilities management, knowledge management,
and project management. These services help optimize internal processes and enable EY

43
 member firms to focus on their core business and client relationships.

Overall, EY GDS aims to deliver high-quality, cost-effective services to clients, leveraging

technology, standardized processes, and a global talent pool. By offering specialized expertise
and scalable solutions, EY GDS enhances EY's service delivery capabilities and helps clients
achieve their business objectives.

EY GDS, as part of Ernst & Young Global Limited (EY), offers a range of fringe benefits to its
employees. These benefits are designed to support the well-being, work-life balance, and overall
satisfaction of their workforce. While specific benefits may vary depending on factors such as
employment location, seniority, and local regulations, here are some common fringe benefits that EY GDS
may provide:

Health Insurance: EY GDS typically offers comprehensive health insurance coverage, including medical,
dental, and vision plans. This coverage helps employees manage their healthcare expenses and ensures
access to quality healthcare services.

Retirement Benefits: EY GDS often provides retirement benefits, such as a company-sponsored pension
plan or a contribution to an employee's retirement savings account. These benefits help employees plan for
their financial future and save for retirement.

Paid Time Off: EY GDS typically provides paid time off, including vacation days, holidays, and
personal/sick leave. The specific number of days can vary depending on factors like seniority and local
employment laws.
Flexible Work Arrangements: EY GDS may offer flexible work arrangements, such as telecommuting,
flexible working hours, or remote work options. These arrangements can support work-life balance and
accommodate individual employee needs.

Parental Leave: EY GDS often provides parental leave benefits to support employees who become
parents through birth, adoption, or surrogacy. These benefits typically include paid time off and job
protection during the leave period.

Employee Assistance Programs (EAP): EY GDS may offer EAPs to support employees' well-being.
These programs provide confidential counseling services, mental health resources, and assistance with
various personal and work-related challenges.

44
Professional Development: EY GDS emphasizes professional development and may offer benefits such
as training programs, workshops, conferences, and tuition reimbursement to support employees'
continuous growth and advancement in their careers.

Employee Discounts and Perks: EY GDS may provide employee discounts and perks, such as discounts
on various products and services, gym memberships, wellness programs, and employee recognition
initiatives.

45
46
_

47
 LITERATURE REVIEW

Mitchell, O. S. (1982). Fringe benefits and labor mobility. The Journal of Human

Resources, 17(2), 286-298.

Fringe benefits includes benefits and services, being a part of wage

and salary administration, include all expenditure incurred to benefit employees
over and above regular wages and direct monetary incentives related to output.
Erbasi (2012) defined fringe benefits as compensation in addition to direct wages
or salaries, such as company car, house allowance, medical insurance, paid
holidays, pension schemes, subsidized meals. Some fringe benefits are regarded
part of a taxable income. Concept of Employee Performance: employee
performance is a very critical factor in every organization. It is the basis of the
success of an organization which, in all aspects, is dependent on individual
employee performance.
In other words, if an individual performs according to the expected standards, then
organization performance will be enhanced and improved (Chegini, 2010).
It is, therefore, logical that employee performance is an extremely important
criterion that relates to organizational outcomes and success. Given the importance
of employee performance, management has to carry out an in-depth analysis of
their employees and find out the determinant factors that will increase high
employee job performance. Factors used to measure an individual job performance
vary from one field of work to another.
For example, in the healthcare industry, these factors will include the relationship
of work experiences, job stress and psychological wellbeing (Burke, 2016). In the
research industry, the employee performance can be measured by two categories,
which are personal and environmental.
Campbell (2010) came up with three core determinants of employee performance,
which he classified under declarative knowledge, procedural knowledge and skill
and motivation. He noted that these three are the core of any employee
performance, as one should have the complete knowledge about the task at hand.
They must possess the required skills to perform the task and should have complete
understanding of how to do it and lastly ,have the level of motivation to perform
the task with maximum will and efforts.

48
The effect of fringe benefits on employees’ performance has empirically been
proven. Lewis (2013) posits that praise and recognition are effective ways of
motivating employee behavior in the organization as they are considered the most
important rewards.
Similarly, Erbasi (2012) examined the impact of fringe benefits for food sectors in
the central Anatolian region in Turkey and found that both financial and non-
financial benefits are important elements of job The Concept of Reward
Management Steel and MacDonnell (2012) recently deliberated about the
behaviors that contribute to the success of the organization. These behaviors could
be managed by using the traditional concept of “The Abasyn Journal of Social
Sciences.
Haider, Aamir, Hamid, & Hashim 343 carrot and the stick”. Using the concept in a
business setting means offering or removal of the reward. Organizations now days
are extensively focused on the management of reward practices as at times these
are not as worthwhile as anticipated.
Organizations are challenged by high turnover issues of their employees. That is
why researchers believe it to be tough for the organizations to attain competitive
advantage in the absence of less effective reward policy(Kwenin, Muathe, &
Nzulwa, 2013). Keeping in view the implications of reward Steel and MacDonnell
(2012)upraised questions about the terms; reward, reward management, and factors
behind the effectiveness of the reward policy. Reward management is a concept
that convey the signal to the employees that are being appreciated in the
organization(Shoaib, Noor, Tirmizi, & Bashir, 2009).
Armstrong and Taylor (2014b)in his seminal work designated that “reward
management deals with the strategies, policies and processes required to safeguard
that the value of people and the contribution they make to achieving organizational,
departmental and team goals is recognized and rewarded”. Whilst discussing the
characteristics of reward management Armstrong indicated that reward
management includes developmental and application relating areas of reward
system that is a mean to achieve organizational targets. Similarly, Bratton and Gold
(2001) mentioned that reward management is “central to the regulation of the
employment relationship and is one of the central pillars of human resource
management”.
Armstrong and Stephens (2005) in a different study added to the meaning of
49
reward management by signifying that the ultimate aim of reward management is
to enable organization to achieve its strategic goals Generally reward practices
enable organization to answer two questions, (i) where do we want our reward
practices to be in a few years’ time? & (ii) how do we intend to get there?
(Armstrong & Stephens, 2005).
Similarly (Armstrong & Brown, 2001) suggested that reward management of an
organization “deals with both ends and means”. Putting simply a comprehensive
reward strategy defines the purposes of the reward programs, their components,
and how they allied to accomplish organizational objectives.
Kaplan (2007) in the same vein came up with the ability of reward strategy to
define the philosophy behind the programs, which as a result offers the basis for
future plan design.Armstrong and Murlis (2007) earlier arguments appear in line
with the recent description of reward strategy, he mentioned that “a business-
focused statement of the intention of the organization concerning the development
of future reward processes and practices which are aligned to the business and
human resource strategies of the organization, its culture, and environment in
which it operates”. That is why Wilson (2003) regards reward strategies as a
process by which an organization interprets its competitive business strategy into a
sequence of programs and initiatives that will have an encouraging influence on
human behavior .
Non-financial Rewards Researchers like Daniel (2009) showed their apprehensions
about financial rewards. Polemics of financial rewards pointed towards the
negative effect of financial rewards like decrease in intrinsic motivation as it can
cause short term thinking and more frauds (Morrell, 2011). Morrell
(2011)additional added that significance of both financial and non-financial
rewards are imperative as there are diverse jobs in the industry where one kind of
reward does not accomplish the purpose. Therefore, with the passage of time the
prominence of non-financial rewards (also called relational, intangible, and/or non-
monetary) is increasing
. Similarly, Brewster and Mayrhofer (2012) highlighted the importance of
nonfinancial rewards by revealing their role in the enhancement of job satisfaction
of employee’s, their commitment and performance.
Scott, Yeld, & Hendry, (2007)termed non-financial rewards as a vehicle to develop
the value of reward programs to justify significance employees give to non-
50
financial rewards. The CIPD (2011) research indicated that employees give more
importance to non-financial rewards when determining where to work and the level
of commitment to give to their work. Similarly, Fagbenle, Adeyemi, and Adesanya
(2004) survey revealed that “Application of non-financial incentive schemes
increases the productive time of bricklayers and consequently enhances
productivity. These schemes increased the output from 6 to 26% and concreting
activities measured on site (p. 907). Despite of its significance, implementation of
non-financial rewards are more difficult.Armstrong (2010) recently briefed that it
is not a matter of announcing ‘quick-fix’ initiatives. In reality it appears to be a
challenge for organizations to develop effective methodologies to measure the cost
of non-financial rewards (Deloitte Consulting, 2008). The following paragraphs
explain different categories of rewards that lie in the domain of non-financial
reward. Abasyn Journal of Social Sciences.
8(2) Haider, Aamir, Hamid, & Hashim 345 The success of organization at times
hinge on the fine alignment between the organizational goals and that of
employees’ individual goals.
Gandossy and Kao (2004) regards career opportunities as one of the factors of
employee retention. Similarly, Day, Sammons, Stobart, and Kington (2007)
confirm that for an employee the chance to develop and grow as part of his/her job
is a factor that can satisfy and retain them for longer period of time. That is why,
employees stay in those organizations that invest in their employee development
and make them a part of the vision for the future. The recent survey conducted by
Scott et al. (2007) confirmed employees preference of career development
opportunities as the focal purpose behind their decision to stay in the same
organization for longer period of time. The absence of proper career development
plan pushed organizations to offer high pay and benefit packages to attract and
retain employees compared to organizations with attractive career development
plans. The presence of effective developmental plan shows greater value an
organization gives to its employees, absence of which could lead to frustrated work
force searching for alternative job opportunities(Mercer & Reilly, 2006). Apart
from offering career development another kind of nonfinancial benefit that
organization use is opportunities of learning and training (Yeo & Li, 2011). The
organization learning and training opportunities depicts high importance and value
for employees which results in their job satisfaction, commitment, and devotion
51
(Mercer &Reilly, 2006). In today’s dynamic world there is a need to regularly
improve reward investment (Mercer & Reilly, 2006). Furthermore, many
organizations who invest in their employees consider their learning and training
practices more strategically as a means of ensuring that they have the required
skills and knowledge. Researchers agree on the notion that employees give
prominence to learning new skills to make them more competitive and to exploit
future opportunities whether within the organization or outside Armstrong (2010).
The skill enhancement can be done in variety of ways ranging from offering
training about the new technology, virtual education, corporate universities,
assistance with tuition, assistance with outside seminars and conferences, or
educational sabbaticals (Zingheim & Schuster, 2008). Review of literature
highlighted that training at times can be the reason of high turnover as general
training puts employees in a position where they can avail more opportunities than
otherwise Although the above described non-financial contributes towards overall
satisfaction and retention of employees the needs of the modern world seeks the
answer to questions; Are these rewards enough? Employees now days have to deal
with additional responsibilities which require them to bring balance between work
and life which emerged as a major issue. By way of illustration the adoption of
flexible working hours strategies by leading businesses like Google highlighted the
need to look for organization that facilitate their employees to achieve work .
life balance. An employee with occupied mind is less beneficial for organization
than the one who can contribute at the peak of its attention. For example (Blades &
Fondas, 2010) study affirmed that 66% of the respondent organizations offer
flexible programs which helped them increase employee’s engagement. Whereas,
64% acknowledged employee’s retention, and about 49% experienced enhanced
employee’s recruitment. Researchers maintained that Work-Life balance includes
programs which make it easier for employees to get their job done while balancing
personal and family needs (Giancola, 2009). In response to such balance makes an
organization a best place to work, increasing employees’ preferences to stay, and/or
praise the organization to other people. Similarly, it enhances performance,
minimizes costs associated with absenteeism and turnover, and contributes
significantly to job satisfaction.(Heneman III & Milanowski, 2007). Job
Satisfaction Conferring to Hopkins (1983) job satisfaction as being any number of
psychological, physiological and environmental circumstances which lead an

52
individual to express his/her satisfaction with their work. Odom, Boxx, and Dunn
(1990) on the other hand pronounced job satisfaction as the employees’ general
affective opinion of their job and the degree to which an employee feels
confidently or adversely about his or her job (Odom et al., 1990). Similarly,
Armstrong and Taylor (2014a) referred job satisfaction as the employee’s emotions
and attitude about their job. Normally job satisfaction can be alienated into two
different types’ i.e. extrinsic job satisfaction and intrinsic job satisfaction (Clark,
Oswald, & Warr, 1996). Extrinsic job satisfaction refers to material aspects of job
and associated with external sources for employees, for example, pay, co-workers,
retirement, health insurance benefits and supervision. While Intrinsic job
satisfaction is linked with internal sources, for example, job complexity, amount of
responsibility, skill utilization, being able to help others, enjoying one’s tasks and
challenges (Currie & Hill, 2012; Luna–Arocas & Morley, 2015).
Rendering to Robbins (2013) there are six significant work-related factors
contributing to employees job satisfaction i.e. equitable rewards, mentally
challenging work, work-life balance, supportive job environment and colleagues.
Personal factors usually had low relationship with job satisfaction (Karin
Andreassi, Lawter, Brockerhoff, & J. Rutigliano, 2014)while, job-related factors,
such as task identity, task importance and independence, had positive correlations
with employee's job satisfaction (Spector, 1997). However, the employee's lack of
satisfaction not only had a negative effect upon job performance and achievement,
but also resulted in an increase in absenteeism, low productivity and separation
from the job (Bryant & Allen, 2013)
. Numeral studies Abasyn Journal of Social Sciences. 8(2) Haider, Aamir, Hamid,
& Hashim 347 inspected the association between job satisfaction and turnover and
found negative relationship(C. Andrews, Michele Kacmar, & Kacmar, 2014; Javed,
Balouch, & Hassan, 2014; Panaccio, Vandenberghe, & Ayed, 2014) which means
that when employees satisfaction level is high the turnover will be high and they
are likely to leave the organization. Similarly evidences suggested by(Shanker,
2014) supports that most turnovers in organizations arise from a lack of satisfaction
which further lead to higher productivity.
Relationship between Non-financial Rewards and Job Satisfaction The review of
previous literature confirmed the relationship between rewards and employees job
satisfaction. However, types and nature of rewards that have a direct relation with
53
 the satisfaction and motivation of employees separate the researchers view
point(Ali & Ahmed, 2009; Flynn, 1998). Researchers like Locke, Feren, McCaleb,
Shaw, and Denny (1980)stressed on the importance of financial rewards and
declared that, “No other incentive or motivational technique comes even close to
money with respect to its instrumental value”. Ever since Taylor Frederick (1911)
pioneering work, financial benefits used either as an incentive or reward to
encourage or reinforce the desired behavior.
,Borjas (1979) mentioned that pay is an essential aspect of job satisfaction. Shields,
Scott, Sperling, and Higgins (2009)added that some financial rewards for example
health care, are considered a vital foundational element in attracting or retaining talent
as competitors for talent also offer employee benefits”. Some other studies show that
certain financial benefits such as pensions and medical coverage can increase
employee’s retention and organizations with benefit programs that employee’s value has
higher shareholder value (Milkovich & Newman, 2008; Pfau & Kay, 2002). However,
other studies revealed that compensation is negatively connected to employees job
satisfaction and turnover intention(Grace & Khalsa, 2003). Consistent with the prior
results, Ovadje (2010)found a strong negative relationship between pay and employee's
job satisfaction. Batt, Colvin, and Keefe (2002) found that pay is significantly and
negatively related to turnover. Some studies have found positive relationships between
pay level and job satisfaction(Judge, Piccolo, Podsakoff, Shaw, & Rich, 2010; Sanchez
& Brock, 1996); while, others have found a weak but positive relationship between pay
and satisfaction(Judge et al., 2010; Malka & Chatman, 2002).
Different types of Non-financial rewards lead employees more towards high satisfaction
and motivation as compare to financial rewards (Nel et al., 2004).Stovall
(2003)conducted research on non-financial rewards and their impact on employee’s job
satisfaction and concluded that an effective reward package could have a significant
impact on the employee’s performance. He explained that non-financial rewards
motivate workers which lead to job satisfaction.Tausif (2012) in his Abasyn Journal of
Social Sciences. 8(2) Haider, Aamir, Hamid, & Hashim 348 study concluded that
organizational non-financial rewards has significant role in teachers job satisfaction.
Tippet and Kluvers (2009)regarded nonfinancial rewards as a helpful tool to develop
employee’s job satisfaction.Barton (2006)has considered employees' recognition as most
the important factor among non-financial rewards to enhance the employees job
satisfaction level.
54
life balance. An employee with occupied mind is less beneficial for organization than the one who can
contribute at the peak of its attention. For example (Blades & Fondas, 2010) study affirmed that 66% of
the respondent organizations offer flexible programs which helped them increase employee’s engagement.
Whereas, 64% acknowledged employee’s retention, and about 49% experienced enhanced employee’s
recruitment. Researchers maintained that Work-Life balance includes programs which make it easier for
employees to get their job done while balancing personal and family needs (Giancola, 2009). In response
to such balance makes an organization a best place to work, increasing employees’ preferences to stay,
and/or praise the organization to other people. Similarly, it enhances performance, minimizes costs
associated with absenteeism and turnover, and contributes significantly to job satisfaction.(Heneman III &
Milanowski, 2007). Job Satisfaction Conferring to Hopkins (1983) job satisfaction as being any number of
psychological, physiological and environmental circumstances which lead an individual to express his/her
satisfaction with their work. Odom, Boxx, and Dunn (1990) on the other hand pronounced job satisfaction
as the employees’ general affective opinion of their job and the degree to which an employee feels
confidently or adversely about his or her job (Odom et al., 1990). Similarly, Armstrong and Taylor
(2014a) referred job satisfaction as the employee’s emotions and attitude about their job. Normally job
satisfaction can be alienated into two different types’ i.e. extrinsic job satisfaction and intrinsic job
satisfaction (Clark, Oswald, & Warr, 1996). Extrinsic job satisfaction refers to material aspects of job and
associated with external sources for employees, for example, pay, co-workers, retirement, health insurance
benefits and supervision. While Intrinsic job satisfaction is linked with internal sources, for example, job
complexity, amount of responsibility, skill utilization, being able to help others, enjoying one’s tasks and
challenges (Currie & Hill, 2012; Luna–Arocas & Morley, 2015). Rendering to Robbins (2013) there are
six significant work-related factors contributing to employees job satisfaction i.e. equitable rewards,
mentally challenging work, work-life balance, supportive job environment and colleagues. Personal
factors usually had low relationship with job satisfaction (Karin Andreassi, Lawter, Brockerhoff, & J.
Rutigliano, 2014)while, job-related factors, such as task identity, task importance and independence, had
positive correlations with employee's job satisfaction (Spector, 1997). However, the employee's lack of
satisfaction not only had a negative effect upon job performance and achievement, but also resulted in an
increase in absenteeism, low productivity and separation from the job (Bryant & Allen, 2013). Numeral
studies Abasyn Journal of Social Sciences. 8(2) Haider, Aamir, Hamid, & Hashim 347 inspected the
association between job satisfaction and turnover and found negative relationship(C. Andrews, Michele
Kacmar, & Kacmar, 2014; Javed, Balouch, & Hassan, 2014; Panaccio, Vandenberghe, & Ayed, 2014)
which means that when employees satisfaction level is high the turnover will be high and they are likely to
leave the organization. Similarly evidences suggested by(Shanker, 2014) supports that most turnovers in
organizations arise from a lack of satisfaction which further lead to higher productivity. Relationship
between Non-financial Rewards and Job Satisfaction The review of previous literature confirmed the
relationship between rewards and employees job satisfaction. However, types and nature of rewards that
have a direct relation with the satisfaction and motivation of employees separate the researchers view
point(Ali & Ahmed, 2009; Flynn, 1998). Researchers like Locke, Feren, McCaleb, Shaw, and Denny
(1980)stressed on the importance of financial rewards and declared that, “No other incentive or
motivational technique comes even close to money with respect to its instrumental value”. Ever since
Taylor Frederick (1911) pioneering work, financial benefits used either as an incentive or reward to
encourage or reinforce the desired behavior. Similarly,Borjas (1979) mentioned that pay is an essential
aspect of job satisfaction.Shields, Scott, Sperling, and Higgins (2009)added that some financial rewards
for example health care, are considered a vital foundational element in attracting or retaining talent as
competitors for talent also offer employee benefits”. Some other studies show that certain financial
benefits such as pensions and medical coverage can increase employee’s retention and organizations with
benefit programs that employee’s value has higher shareholder value (Milkovich & Newman, 2008; Pfau
& Kay, 2002). However, other studies revealed that compensation is negatively connected to employees
job satisfaction and turnover intention(Grace & Khalsa, 2003). Consistent with the prior results, Ovadje
(2010)found a strong negative relationship between pay and employee's job satisfaction. Batt, Colvin, and
Keefe (2002) found that pay is significantly and negatively related to turnover. Some studies have found
positive relationships between pay level and job satisfaction(Judge, Piccolo, Podsakoff, Shaw, & Rich,
2010; Sanchez & Brock, 1996); while, others have found a weak but positive relationship between pay and
satisfaction(Judge et al., 2010; Malka & Chatman, 2002). Different types of Non-financial rewards lead
employees more towards high satisfaction and motivation as compare to financial rewards (Nel et al.,
2004).Stovall (2003)conducted research on non-financial rewards and their impact on employee’s job
55
satisfaction and concluded that an effective reward package could have a significant impact on the
employee’s performance. He explained that non-financial rewards motivate workers which lead to job
satisfaction.Tausif (2012) in his Abasyn Journal of Social Sciences. 8(2) Haider, Aamir, Hamid, &
Hashim 348 study concluded that organizational non-financial rewards has significant role in teachers job
satisfaction. Tippet and Kluvers (2009)regarded nonfinancial rewards as a helpful tool to develop
employee’s job satisfaction.Barton (2006)has considered employees' recognition as most the important
factor among non-financial rewards to enhance the employees job satisfaction level. In same vein, Bull
(2005)further added that challenging jobs also enhance the employees job satisfaction.Similarly, several
studies were also conducted on university faculty which identified remuneration as the most important job
satisfaction factor(Grace & Khalsa, 2003). Despite the significance of monetary rewards Budhwar &
Bhatnagar, (2007) pointed towards other type of rewards that are in generalignored in discussions of
employees' job satisfaction. Nonfinancial rewards have a significant role in employee's opinion concerning
the reward climate in organization (Khan, Shahid, Nawab, & Wali, 2013).Ngatia (2015)conducted
research on non-financial rewards and their impact on employee’s job satisfaction and concluded that
useful reward package could have a major impact on the employee’s job satisfaction and performance.
Similarly, Hayati and Caniago (2012)find the positive link between non-financial rewards and job
satisfaction. Tausif (2012) examine the relationship between non-monetary rewards and job satisfaction
among teachers in public schools in Pakistan and found that non-financial rewardsare the most dominant
predictors of employees job satisfaction When employers give more attention to non-financial reward
tools such as work-life balance, career advancement, educational benefits the employee may recognize the
organization as helpful and supporting. Abdullah and Wan (2013)give more importance to the employee’s
recognition as the most dominantinstrument that is being used in the organization to drive employee
satisfaction. Rewards are imperative factors that elucidate certain job aspects that contribute significantly
to the organization such as job satisfaction. Öztürk and Dündar (2003) conduct a survey from employees
working in public sector organization in UK. The results of the study concluded that employees working
in public sector organizations give more importance to non-financial rewards as compare to financial
rewards for example performance appreciation, promotional opportunities, and involvement in decision
making. Similarly, (AĞIRBAŞ, Çelik, & BÜYÜKKAYIKÇI, 2005; Erbasi & Arat, 2012) examined the
importance of non-financial rewards among head physician in hospital and concluded that the respondents
give more prominenceto job security, promotional opportunities, and organizational culture that have
significant and imperative effects on job satisfaction. In most organizations very limited time and efforts
are spend or considering non-monetary sources of rewards. Erbasi & Arat (2012) regarded non-financial
rewards as a helpful tool to develop employee’s Abasyn Journal of Social Sciences. 8(2) Haider, Aamir,
Hamid, & Hashim 349 job satisfaction. For example research confirmed contribution of effective training
and development opportunities to learn and develop enhance employee retention (Arnold, 2005). The
drawbacks associated with absence of non-financial rewards could be job turnover of talented employees
who look for place where there are high chances of growth and professional training(Herman,

Concept of Fringe Benefits:

2005).

Fringe benefits includes

benefits and services, being a
part of wage

56
 Chapter -3

RESERCH METHODOLOGY

Research is the careful consideration of study regarding a particular concern or problem using
scientific methods. A research design is the arrangement of conditions for collection and
analysis of data in a manner that aims to combine relevance to the research purpose with
economy in procedure. Research design is a plan that specifies the sources and types of
information relevant to the research problem. It is a strategy specifying which approach will
be used for gathering and analyzing the data. In Fact research design is the conceptual
structure within which research is conducted. It constitutes the blue print for the collection,
measurement and analysis of data.

Research methodology is a way of explaining how a researcher intends to carry out their
research. It’s a logical, systematic plan to resolve a research problem. A methodology details
a researcher’s approach to the research to ensure reliable, valid results that address their aims
and objectives. It encompasses what data they’re going to collect and where from, as well as
how it’s being collected and analyzed. A research methodology gives research legitimacy and
provides scientifically sound findings. It also provides a detailed plan that helps to keep
researchers on track, making the process smooth, effective and manageable. A researcher’s
methodology allows the reader to understand the approach and methods used to reach
conclusions.

3.1 OBJECTIVES-

 To determine the impact of fringe benefits on job satisfaction and engagement for
employees working for EY GDS.

 To gain better knowledge of the structuring of remuneration packages

61
 3.2 RESERCH DESIGN

Descriptive research : A Research Design is simply a structural framework of various

research methods as well as techniques that are utilized by a researcher. The research design
is a strategy for answering our research questions. It determines how we will collect and
analyze our data.

One of the most popular and effective measurement tools to determine the impact that fringe
benefits have on job satisfaction and engagement is a research survey. Therefore, a
1uestionnaire was designed specially for employees to obtain information regarding their
perceptions on job satisfaction, engagement,remuneration and benefits.

SAMPLE SIZE-

The study has been conducted with the sample size of 31 employees.

DATA COLLECTION TOOL-

Questionnaire is being used for collecting the primary data.

62
SOURCES OF DATA COLLECTION

PRIMARY DATA

The new data is gathered to solve the problem. Qualitative and quantitative data are newly
collected data in the course of research, which consist of original information that comes
from people and includes information gathered from surveys, focus groups, independent
observations and test results. Primary data is basically collected by getting questionnaire
filled by the respondents.

SECONDARY DATA

Secondary data is collected from

 Websites

 Books

 Historical Reports

 Records

63
 CHAPTER 04

DATA ANANLYSIS AND INTERPRETATION

TABLE 1. The frequency of gender at EY GDS?

GENDER FREQUENCY PERCENTAGE%

MALE 17 54.8

FEMALE 14 45.2

TOTAL 31 100

FREQUENCY

MALEFEMALE

Fig 7. Frequency of Gender

The Gender Distribution of the Employees. It shows that there are 17 male employees which
account for the 54.8%, and 14 female employees which account for the 45.2% of the total
employees surveyed in merojob.com.

ii) Age Distribution of the Employees

The different age groups might get various types of rewards and get motivated by those
rewards and the following table summarizes the age distribution of the employees.

64
TABLE 2. The Frequency of Age Group at EY GDS

Age group Frequency Percentage%

18-24 9 29

25-34 18 58

34-44 4 13

Total 31 100

Frequency

18-2425-3434-44

Fig 8. Frequency of age group

Age Distribution of Employees working. It demonstrates that 29% of the employees are of
the age group 18-24, 58% of the employees are of the age group 25-34, & 13% of the
employees are of the age group 35-44.

iii) Departmental Distribution of the Employees

In this organization, there are various departments such as Accounts and Finance, Marketing
and Communication, Human Resource Department, Sales and Distribution, Sales and

65
Distribution, Customer Service, Research and Development, and others. The employees are
played in their respective departments. Such employees receive different rewards and get
motivated by those rewards based on their departments, which are illustrated in the following
table.

Table.3. Fringe Benefits influence employee performance

SERIAL NO FRINGE NO. OF PERCENTAGE

BENEFITS RESPONDENTS
INFLUENCE
EMPLOYEE

1 Influence 13 41.9

2 Does not influence 10 32.25

3 No opinion 8 25.8

Total 31 100

no of response

influenceno influenceno opinion

Fig 9. Response for influence of fringe benefit

66
From the above table it is interpreted that 41.9% of employees says influence, 32.25% says
does not influence. 25.8% says no opinion.

Table 4. Do you feel you are compensated fairly for the work you currently do?

RESPONSE NUMBER OF RESPONSE PERCENTAGE

Yes 21 67.74

No 10 32.25

Total 31 100

No of response

YESNO

Fig 10. Response compensation fairly

While meaning and appreciation are essential to employee satisfaction, so is the pay
provided. Asking employees if they feel they’re fairly paid can unearth a significant cause of
low satisfaction rates and turnover.

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Table 5. Do you feel you have a good work-life balance at EY GDS?

RESPONSE NO. OF RESPONSE PERCENTAGE%

YES 18 58.06

NO 13 41.93

TOTAL 31 100

NO. OF RESPONSE

YESNO

Fig 11. Response for good life balance

Asking employees how they feel about their current level of work-life balance can yield
important insights about their feelings. It’s an essential factor in long-term employee
satisfaction.

68
Table 6. On a scale of 1-10, how likely are you to recommend our company as an excellent
place to work?

EMPLOYEE RESPONSE RATINGS

FRESHER 2 5

INTERMEDIATE 12 8

EXPERIENCE 17 7

Chart Title
18

16

14

12

10

0
FRESHER INTERMEDIATE EXPERIENCED

NO. OF RESPONSERATING

Fig 12. Response for company as excellent work place

It’s a good sign if employees are likely to recommend your company as a place to work. It
means you can save on hiring costs by encouraging referrals. And it also means they’re likely
pretty satisfied with the employee experience.

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Table 7. Do you feel your job makes a positive impact on the organization as a whole?

OPTION RESPONSE PERCENTAGE

YES 23 74.19

NO 8 25.81

TOTAL 31 100

RESPONSE

YESNOTOTAL

Fig 13. Response for Positive impact on Organization

Employees want to feel their work has a meaningful impact on the company – otherwise,
their tasks can begin to feel like busywork. Hiring people who find meaning in their work and
your organization can increase engagement and decrease turnover.

70
Table 8. Is bonus award equivalent to your efforts?

OPTION RESPONSE PERCENTAGE

YES 2O 64.51

NO 11 35.49

TOTAL 31 100

RESPONSE

YESNO

Fig 14. Response bonus equivalent to effort

Bonus are given to the employees on the performance basis. Where, employees feel motivated
towards it and feel their efforts are equivalent.

Where as there are certain employees who does not feel the same.

70
 FINDINGS AND ANANLYSIS

The collected data are analyzed and general observations has proven that there is major
impact of reward system & fringe benefits on job satisfaction of employee’s at EY GDS.

The main findings are as follows:-

The different age groups might get various types of rewards and get motivated by those
rewards and the following table summarizes the age distribution of the employees.

In this organization, there are various departments such as Accounts and Finance, Marketing
and Communication, Human Resource Department, Sales and Distribution, Sales and
Distribution, Customer Service, Research and Development, and others. The employees are
played in their respective departments.

Fringe benefits influence the employee motivation in the organization.

While meaning and appreciation are essential to employee satisfaction, so is the pay
provided. Asking employees if they feel they’re fairly paid can unearth a significant cause of
low satisfaction rates and turnover.

It’s a good sign if employees are likely to recommend your company as a place to work. It
means you can save on hiring costs by encouraging referrals. And it also means they’re likely
pretty satisfied with the employee experience.

Employees want to feel their work has a meaningful impact on the company – otherwise,
their tasks can begin to feel like busywork. Hiring people who find meaning in their work and
your organization can increase engagement and decrease turnover.

Bonus are given to the employees on the performance basis. Where, employees feel
motivated towards it and feel their efforts are equivalent.

71
 CONCLUSION

In conclusion, the role of reward system in shaping the live of an organization cannot be
overemphasized. Reward system has been described as the development, implementation,
maintenance, communication and evaluation of compensation processes. Ordinarily, the
management of people at work is an integral part of the management process, put differently
managers need to understand the critical importance of people in their organizations so as to
recognize that the human element and the organization are synonymous. Therefore, it is
imperative and morally worthwhile to have a sound reward system and fringe benefits in
place.
Reward being seen as a vital instrument in employee performance. A well rewarded
employee feels that he/she is being valued by the company that he/she is working for. They
are also encouraged to work harder and better if they are aware that their well-being is taken
seriously by their employers, and that their career and self development are also being honed
and taken care of by their company. Employees are the engine of organization vehicles while
reward is the fuel. In the modern time management, no organization can achieve its stated
objectives without commiserate rewards and fringe benefits for its employees.

The happier people are with their jobs, the more satisfied they are said to be. The perception
of being paid what one is worth predicts job satisfaction. Job satisfaction is perceived as an
individual’s attitude and behavior towards aspects of his own job. Personal job satisfaction is
an affective or emotional response toward various facets and outcomes of one’s job; meaning
that personal satisfaction in relation to a job is not unitary, as a person may be satisfied with
one aspect of his or her job and may be dissatisfied with the rest.

Employees will demonstrate pleasurable positive attitudes when they are satisfied with the
corporate reward system and fringe benefits which the job brings. Thus, good reward system
and fringe benefits will increase the employees’ job satisfaction which will invariably affect
corporate productivity and performance. Hence, this study will investigate the impact of
reward system and fringe benefits on job satisfaction with a special reference to Ensure
Insurance Plc.

72
Employee satisfaction can be looked at as the extent of positive feeling or attitude that an
individual has towards their job. When a person says they have a high job satisfaction, it
means they like the job, feel good about it and value the job highly. Employee satisfaction is
critical to the long-term health and success of an organization. Managers agree that retaining
the best employees ensures customer satisfaction, increased sales, satisfied workforce, and
succession planning and cultivating a culture of learning. Management thinkers from
Ferdinand Founies to Marcus Buckingham and Curt Coffman argue that a satisfied employee
knows clearly what is expected of them everyday at work. Changing workplace expectations
robs employees a sense of internal security and makes them feel unsuccessful and
dissatisfied. Research shows that losing employees costs an organization its critical resources
that can be utilized in the implementation of policies and realization of strategic missions and
objectives. Also, the ability of an employee to speak their mind freely within the organization
also contributes to workplace satisfaction. In his X and Y Theories of Human Motivation,
Douglas McGregor states that the management views the employees in different perspectives.

This research work is aiming to assess the role of the total rewards on the employee’s
performance with a mediating role of the employee motivation. The study finds out that there
exists a positive relationship between the total rewards and the employee performance.
Furthermore, it is also found that both type of the rewards (financial and non financial) have
significant relationship with employee’s performance. The employee’s motivation which is a
mediator helps to multiply the employee’s performance. In addition to this, the study points
out that non-financial rewards are more influential than financial rewards. Thus, employees
can be motivated to perform well if both types of rewards are provided. In the present study
employee performance is taken as a holistic concept and future researchers can focus on task
and contextual performances separately to find the influence total rewards can play towards
performance. The scope of the study can be enhanced by adding more sectors. Total rewards
depends on the motivation and commitment of the leadership. Thus, it would also be
interesting if leadership role is checked on the variables.

73
 RECOMMENDATIONS

From the findings I can suggest that:

Implementing a reward system that recognizes team contributions can improve employee
motivation, job satisfaction, and loyalty. Employees are more likely to be engaged and
invested in their work when they believe their efforts are recognized and rewarded.

Rewarding teams can help facilitate good team performance as it drives them to bring out
their best. This creates a work environment where employees are certain that they will be
rewarded for their good and productive work. It encourages them to fulfill their duties and
responsibilities without hiccups while focusing on achieving organizational goals.

Rewarding a group of individuals for their collaborative efforts increase their willingness to
improve their collaborative prowess. This has a positive impact on their communication, as
with enhanced collaboration, their communication also improves. Moreover, when there is
continuous collaboration, it encourages cross-functional work and increases the efficiency of
the teams.

74
 BIBLOGRAPHY

Journals –
Artz, B. (2010). Fringe benefits and job satisfaction. International journal of manpower, 31(6), 626-644.

Mitchell, O. S. (1982). Fringe benefits and labor mobility. The Journal of Human Resources, 17(2), 286-
298.

Dale-Olsen, H. (2006). Wages, fringe benefits and worker

turnover. Labour economics, 13(1), 87-105.

Leibowitz, A. (1983). Fringe benefits in employee compensation. In The

measurement of labor cost (pp. 371-394). University of Chicago Press.

Chicago

Books:-

 Employee Reward Management and Practice - Michael Armstrong { kogan Page

Publishers,2007}

 Human Resource Management - Subba Rao

Websites:-

 www.google.com
 www.wikipedia.org
 www.slideshare.net
 Reward System - Meaning, Objectives and Requirements - MBA Knowledge Base
(mbaknol.com)
 What Are Fringe Benefits? Types and Benefits (investopedia.com)

75
 QUESTIONAIRE

1. The frequency of gender at EY GDS?

a) Male
b) female

2. The Frequency of Age Group at EY GDS? a)

18-24
b) 25-34
c) 34-44

3. Fringe Benefits influence employee performance?

a) Influence
b) Does not influence
c) No opinion

4. Do you feel you are compensated fairly for the work you currently do?
a) Yes
b) No

5. Do you feel you have a good work-life balance at EY GDS?

a) Yes
b) No

6. On a scale of 1-10, how likely are you to recommend our company as an excellent
place to work?
a) Intermediate
b) Experience

76
7. Do you feel your job makes a positive impact on the organization as a whole?
a) Yes
b) No

8. Is bonus award equivalent to your efforts?

a) Yes
b) No

77