Rewarding, Motivating and Retaining Employees: A Case Study of Blue Waters Products Limited (2013)
A growing concern among companies operating in the Trinidad and Tobago labour market with high job mobility is how to maintain a workforce capable of fulfilling corporate demands. The intention of this study was to gain an insight of how rewarding and motivating employees could be essential to reducing staff turnover thereby retaining a talented cadre of employees using one particular organization as a case study.
The findings reveal that there were significant differences throughout the various levels of employees and moreover the study results demonstrated that while an attractive pay package is effective in manifesting job motivation, complementary strategic human resource practices are profoundly important in reducing staff turnover. These findings are discussed in terms of the other application aspects of well integrated human resource practices. Data was collected via semi-structured, in depth, interviews, open ended questionnaires and surveys to address the research question and the sub-questions posed.
This data was then analyzed deductively and inductively in preparation to address the research questions. This study’s findings showed that the organization’s management generally felt that rewarding employees with cash was the only motivator necessary in today’s turbulent economic times but it is conditional and no formal reward system was required since they could simply reward individual employees if and when they considered them deserving of it.
Existing relevant literature on the related topics were therefore examined and reviewed so as to ascertain whether there was any divergent premise. Literature reviewed clearly identified the fact that rewarding employees was not just a nice “thing” that organizations could do for their employees, but rather it is a communication tool that reinforces and recognizes the most important outcomes people create for the organization and therefore necessary even in the 21st century.
When an organization rewards its employees effectively, they reinforce with their most chosen means of rewards, the actions and behaviours they most want to see employees repeat. Literature showed that an effective employee reward system should be simple, immediate and powerfully reinforcing. Many HR academics added weight to the old aphorism, people are a company’s greatest asset, however, it could also be said that employees are an organizations greatest liability.
The study argues therefore that over the years the focus has changed from simply worker efficiency and skills to employee satisfaction and personal and professional development and improved working conditions as a means of motivating and ultimately retaining employees and this should all be driven via the emphasis on employee rewards and its effect as a motivational tool.
The continued use of only money as an employee reward by managers to not only increase performance and productivity but also encourage loyalty is severely flawed as a means of motivating and retaining talented employees in the 21st century.
- 28,000 words – 118 pages in length
- Excellent use of literature
- Good case study analysis
- Well written throughout
- Includes questionnaire
- Ideal for international HRM students
1 – Introduction
2 – Literature Review
Cash Rewards and its impact
Non Cash Rewards and its impact
The Role of Motivating For Increased Retention
Why Employee Rewards, Retention and Motivation Are Important
Retention as a Strategic Business Issue
Calculating the Cost of Attrition
Factors Motivating Employees
Sources of Employee Turnover – Job Related Factors
Voluntarily Versus Involuntary Turnover
Effects of Employee Turnover
Strategies to Minimize Employee Turnover
3 – Research Methods
4 – Data Analysis
Significance of the Study
5 – Research Results
Definitions of Rewards
Executive and Management’s view on rewards
Motivation at BWPL
Rewards, Motivation and BWPL
The Phenomena of Intrinsic Motivation at BWPL
All Employees at BWPL
Comparisons between Groups of Employees
Importance of Rewards and Motivation
Employee Rewards and Retention
6 – Discussion
Analysis and Implications
Rewards and Employee Turnover
Employee Rewards and Motivation
7 – Conclusion