A Panacea for Job Satisifaction The Effects and Impact of Rewards Practices: A Study on the Employees of Various Selected Private Educational Institutions in Hyderabad, Telangana, India

Abstract

Motivated employees can help make a corporation competitively more value added and profitable. The retention and retaining efficient and experienced workforce in an organization is very crucial for the overall performance of any organization. In the current competitive environment, organisations face a lot of difficulties and one among these is satisfying and retaining talented employees. Reward practices are fundamental to satisfying employees in any sector. The main objective of this study was to examine the effects and influences of reward practices which is a panacea for job satisfaction of employees. For this study, causal research design was used to indicate cause and effect relationship between reward practices and employees’ job satisfaction. Stratified random sampling technique was used to determine the number of employees from private educational institutions. The sample size used for this study purpose were 140. Under primary sources of the data, researcher assisted 5-point Likert Scale questionnaire was used. Both descriptive and inferential statistical analysis techniques were used. To analyze the collected data, SPSS version 21.0 was applied. In this study, independent variables are extrinsic rewards like salary, fringe benefits, promotion and intrinsic rewards like job autonomy, job recognition and task significance are considered. The study indicated that extrinsic reward practices have higher impact on job satisfaction of employees in private educational institutions in Hyderabad. Finally, the study recommends the managements to ensure the existing reward practices fairly implemented among employees.