“The Impact of Compensation Management Practices on Job Motivation with respect to Private Bank Employees in Mumbai City-A Study.”
NEED OF THE STUDY
The study on compensation management gives brief information about employee compensation in the organization and explains the employee reward system and which determines the performance of employees in their work. The Rationale for the study is to design a suitable compensation package for employees that is Cost Effective and at the same time provides Job Motivation to Employees.
SCOPE OF THE STUDY:
The study focuses on compensation management in Private Banks in Mumbai. It gives detailed information on employee compensation based on their performance and employee levels in Private Banks.
This project is to study compensation management strategies & to evaluate the behavior & performance of employees in their work
OBJECTIVES OF THE STUDY:
- To Study the impact of compensation management on the performance level of Private bank employees in Mumbai.
- To know the various types of compensation provided by the company.
- To identify the satisfaction level of employees with their compensation.
- To Study the problems related to Compensation faced by Bank Employees and bring out suitable measures to solve them
Research Design: The Method of Research Design will be is both an Exploratory and Descriptive Study in Nature.
- Sampling frame: The sample frame will be taken from among the Employees working in Private Banks in Mumbai
- Sample size: The sample size will be around 100 Private bank employees
- Sampling Procedure: The Sampling Procedure to be used is Random sampling since the Employees working in private banks will be chosen randomly.
- Sample Units: The Bank employees of HDFC, ICICI, AXIS, and Kotak Mahindra Bank will form part of 100 Sample units
- Period of the study: The duration of the project may be limited to 40 -50 days approximately
Data Collection Methods:
- Primary data: Under Descriptive research design primary data will be collected using a well-structured questionnaire that contains questions satisfying the objective of the Study.
- Secondary data: Under Exploratory Research, Secondary Data will be collected from among the following:
HRM Journals, Textbooks, Journal on Labour relations, Websites Newspaper Articles, and other Published Materials.
Cross Tabulation, Graphs, charts, Percentages, and other suitable Statistical Tools such as Chi-Square may be used for Analysis
LIMITATIONS OF THE STUDY:
- The study will be undertaken among respondents residing in Mumbai city only.
- The Study will be undertaken for a period of 40-50 days
- The sample size is Limited to 100 only.
- The opinion of the Respondents may change during the post Research period
DIRECTIONS FOR FURTHER RESEARCH
The compensation level decision may be considered the most important one for individuals. In terms of both employee attraction and cost considerations, it is often considered by most managers as a primary consideration. Hence, this research has huge future scope to extend the benefits of Compensation to Bank employees. The Banking Companies by adopting suitable Compensation Management practices will help the employees to be motivated to perform better.