Employees Aspiration Regarding Pay for Performance Practices: A study of Selected Private Sector Banks in Haryana

Abstract

The subject of employees 'performance in furtherance of organisational objectives has occupied management attentio,Jfor long. Differences in. levels of performance have been a1trib11ted to differences in skills and abililies on the one hand and to different theories of money on the other. This study examined the issue of performance-based pay as a moliva/ional too/for achieving organisational pe1formance. using the situation in selected private secwr banks of Hwyana. The main objective of the study was to assess the impact ofpe,formance-related pay on the motivation of employees and subsequently, on the achievement of organisational goals. Here also employees aspiration regarding Performance Related Pay has been measured. In all.four hundred and seventy jive respondents took part in the fllrvey. The sample comprised JOO managerial staff· and 375 operating level staff The main research instrument was the questionnaire. Factor analysis was used to test the objective of the study. The result of the study revealed that the effect ofpe,formance-based pay 011 employee pe,formance is minimal as the extracted/actors are related to the categories like goal oriented, quality improvement, accountability reinforcement. performance oriented. morale enhancement and open culture. The main limitation of the study is that it could not cover all banks. due to time and financial constraints. In this respect, the interpretation of the results oft he study should not be over-generalised.