102.pdf - Imperial Journal of Interdisciplinary Research(IJIR Vol-3 Issue-7 2017 ISSN 2454-1362 http\/www.onlinejournal.in Effect of Non-Monetary Rewards

102.pdf - Imperial Journal of Interdisciplinary...

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Imperial Journal of Interdisciplinary Research (IJIR) Vol-3, Issue-7, 2017 ISSN: 2454-1362, Imperial Journal of Interdisciplinary Research (IJIR) Page 611 Effect of Non-Monetary Rewards on Employee Retention with a Mediating Role of Motivation in the Banking Sector of Pakistan Imran Khan 1 , Syed Kashif 2 , Dr Ashfaq Ahamd 3 , Dr Anwar ul haque 4 1 Department of Management Science, Lecturer at Superior College Sialkot, Pakistan 2 Department of Management Sciences Lecturer at Superior College Sialkot, Pakistan 3 Department of Management Sciences University of Gujrat Pakistan 4 Department of Management Sciences University of Gujrat Pakistan Abstract- This study was conducted in the Private corporate Banking sectors of Pakistan to highlight importance of the non-monetary rewards in terms of their effectiveness as well as efficiency. The purpose of this study was to find out the effects of various non monetary rewards on the employee s retention along with the mediating role of motivation as well as to what extent the banks are taking care of this source of employee motivation. The various independent dimensions included opportunity for career advancement, development opportunity and recognition. Questionnaire contents were adopted from Paul E. Spector employee recognition program handbook. 253 respondents filled the questionnaire out of 325 respondents from banking employees and the response rate was 77 percent. Non probability sampling was applied and Spss version 16.0 software was used to analyze the data for descriptive and inferential statistics. The results showed that all the variables were significantly correlated to each other and have positive correlations with very high r values. The regression analysis showed that there was a significant relationship among the Independent, Mediating and Dependent Variable.(Baron and Kenny, 1986) method was applied for mediating testing and the results of regression showed that no mediation was taking place in the relationship of independent and dependent variables. This research can be supportive and fruitful for HR managers in banking corporate sector by designing an effective compensation package to retain their competent employees. Management can improve the use of effective non-rewards compensation system during the process of their performance management to motivate their employees. Index Terms- Opportunity for Career Advancement, Development Opportunity, Recognition, Motivation, Employees Retention 1. INTRODUCTION 1.1Background of the Study Awareness regarding rights and duties among employees is enhancing very rapidly day by day with the flourishment of the concept of HR in Pakistan. In Pakistan s economy the service sector has started to nurture recently therefore among the financial market banking sector is one of the most growing service sector in Pakistan. Services sector is trying to provide quality service to the customer which is the ultimate and definitive goal of banking. Due to exhaustive inflow of multinational
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  • Summer '20
  • Imperial Journal of Interdisciplinary Research, IJIR

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