Journal Press India^®

Author Details ( * ) denotes Corresponding author

Companies are facing many challenges and among those challenges acquiring right workforce and retaining it, is of utmost importance. Human asset is considered to he the most important asset of any organization. In order to get the efficient and effective result from human resource; employee motivation is necessary. Organizations spent most of their revenues on employee compensation and reward. They play such a key role because it is at the heart of the employment relationship, being of critical importance to both employees and employers. The objectives of the study are to assess employee satisfaction with CRM practices, factor analysis with different components of compensation and reward management and finding impact of employee satisfaction with compensation and reward management practices on employee motivation. Descriptive study is done and data is collected from 150 employees of TCS and Infosys by using questionnaire. Factor analysis, Chi-square, correlation, regression, means and standard deviations are used to analyze the data. Findings of the study say that overall satisfaction level of employees towards CRM practices is 82%. It is clear that the rank of seven major factors of compensation and reward management practices contributing to employee satisfaction are; Incentives, Career growth opportunities, Cafeteria approach to choose rewards, Empowerment, Salary hikes; Benefit plans and Equal remuneration for equal work. There is a strong positive correlation between employee satisfaction with compensation and reward management practices and their motivation. Incentive plans motivates employees more towards the work compared to remaining compensation parameters hence organizations has to concentrate more on this.

Keywords

Compensation; Rewards; Satisfaction; Motivation

NA