Reward and Recognition as an Effective Motivational Tool

Reward and recognition program is designed to reward employees who have excelled in their work and convey sincere ¿thank yoü for a specific job well done. The study aims to find out the extent to which reward and recognition practices are implemented in Sona Koyo Steering System Ltd., and to study the different reward and recognition programs adopted by various organizations. To gain a wider perspective of the reward and retention programs, an industry level benchmarking was done. For the purpose, a structured questionnaire was drafted comprising of both open and closed ended questions. It had 25 items in total. The questionnaire was filled by the employees of Sona Koyo Steering System Ltd., Gurugram who were selected on the basis of random sampling. The sample size is 50. To conclude, reward and recognition is an integral part of most of the organizations. Reward and recognition is the best way of motivating and to retaining the talent. Impact of performance based reward is positive as well as negative on the employees. Few organizations reward their employee¿s family to motivate the employees.