EFFECT OF REWARD ON RECRUITMENT OF EMPLOYEES IN AN ORGANIZATIONStudents NameAdmission No.University
I.IntroductionIn Today`s time, 21st century, one of the greatest challenges for any organization is to ensure theirsustainability for a longer period of time in the dynamic business environment. Therefore, therecruitment of employees has become of paramount importance and a critical issue for an organizationas there is extensive evidence regardless the organization facing recruitment challenges in todaycompetitive labor market during the extreme economic downturn. The success and failure of everyorganization depends on the quality of people found in the organization. During the last few decades alots of research has been taking place to find out the factors involved which can ensure their long timesuccess in this competitive business field (Brown & Armstrong, 1999). Most of the researchers areconcerned about human resources management, particularly in the employee recruitment andrecruitment which is the best hands ensures improved sales, customer satisfaction and can maintainedbalanced relationship between staff and management to generate overall growth of the organization.Globally, firms are facing a talent exodus as world economies return to growth, and workers aroundthe world are already starting to seek new job opportunities as growth returns and labor markets beginto pick up (Butler & Waldrop, 2001). According to the study, 47 per cent of workers are unsure thatthey can achieve their career objectives at their current company and almost as many are seeking morelearning and development opportunities (44 per cent) and greater supervisory support for development(43 per cent).The Talent Management and Rewards Survey (2013), surveyed 1,605 employers globally, andreported that companies are having difficulty attracting and retaining the high potential and critical-skill employees necessary to increase their global competitiveness. Almost three in four organizationsreported difficulties attracting critical-skill employees, and more than half report difficulties retainingthem. Almost six in 10 companies reported difficulty retaining critical-skill employees; similarproportions had difficulty retaining high-potential employees and top performers.Reed (2001) cited in Armstrong (2007) claims that “every worker is five minutes away from handingin his or her notice, and 150 working hours away from walking out of the door to a better offer. Thereis no such thing as a job for life and today’s workers have few qualms about leaving employers forgreener pasturesi.What is Reward System and Recruitment in an Organization?
In the broadest sense of the word, performance evaluation and reward systems are designed foremployee recruitment and raising motivation with the purpose of achieving better and more visibleresults. Goals are reached by giving systematic feedback while the effects of subjectivity and the