Reward and Recognition Programs at Sona Koyo Steering System Ltd.

Abstract

Employee recognition is the communication tool that reinforces and rewards the most important asset that is manpower for business. Reward and recognition program are designed to reward employees who have excelled in their work and convey sincere “thank you“ 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. A structured questionnaire was drafted comprising of both open and closed ended questions. It had 21 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, the organization provides both types of rewards; monetary and non-monetary, but nowadays most of the organizations are giving non-monetary rewards like promotion, increment in benefits, gift packs and so on because these are highly preferred by the employees. A maximum number of the organizations fixes 10% to 15% of its revenue for reward and recognition. Decisions from the top officials are considered for the employee selection for reward. Rotation of the job is done in many organizations so as to improve the performance of the employee. The best way to recognize the employees is in the group.