KANIKA BATRA

8/3/2019 KANIKA BATRA

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A

Summer Training Project Report

On

Analysing employee satisfaction of executive level employees with

regard to non-monetary rewards followed at Bhushan Power and

Steel Ltd. (Chandigarh)

Submitted to

Kurukshetra University, Kurukshetra

In the partial fulfillment of the Degree of Master of Business Administration

(Session 2009-11) MBA 3rd Semester

Under the guidance of: Submitted by:

Mrs. Vandana Madaan Kanika Batra

Assistant Professor D/o Mr. Yash Pal Batra

Class Roll No. 1110/10

University Roll No.

University regd. No.07-MY-990

DECLARATION

Tilak Raj Chadha Institutute of Management & Technology(Affiliated to Kurukshetra University, Kurukshetra & Approved By AICTE)

M.L.N. College Educational Complex, Yamuna Nagar- 135001 (Haryana)

Ph. 01732-220103, 234010, 234110. Fax: +91-1732-234110E-mail: [email protected], Web Site: www.timt.ac.in
mailto:[email protected]://www.timt.ac.in/http://www.timt.ac.in/mailto:[email protected]


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I Kanika Batra, Roll No. 1110/10, MBA (Semester- III) of the Tilak Raj Chadha Institute

of Management and Technology, Yamuna Nagar hereby declare that the Summer Training

Report entitled Analyzing employee satisfaction of executive level employees with

regard to non-monetary rewards followed at Bhushan Power and Steel Ltd.

(Chandigarh)is an original work and data provided in the study is authentic to the best of

my knowledge.

This report has not been submitted to any other Institute for the award of any other degree.

(Kanika Batra)

ACKNOWLEDGEMENT


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The researcher would like to take this opportunity to express his gratitude to all those great

minds and hearts that have touched this project in the path of its success.

It has been fortunate for him to do this project under the guidance ofMr. Sanjay Gupta, HR

Manager in Bhushan Power and Steel Ltd, Chandigarh whose practical insight and valuable

support from the beginning of the project have been extremely obliging to him.

The researcher has been sincerely thankful to Dr. Vikas Daryal, Director-TIMT and Mrs.

Vandana Madaan, Head-Department of management, Tilak Raj Chadha Institute of

Management and Technology (TIMT), Yamuna Nagar for giving him an opportunity to

work with JCB Limited, Faridabad and provided him the guidance and support in the

completion of the project.

The researcher would also like to express his thanks to Mrs. Vandana Madaan, Head-

Department of management TIMT, Yamuna Nagar for her kind co-operation & valuable

guidance throughout the training.

Finally the researcher would like to thankBhushan Power and Steel Ltd. for providing the

opportunity to work and the respondents for their kind cooperation with this vast and exciting

live project which was an excellent learning experience for him.

EXECUTIVE SUMMARY


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The intended research on Analysing employee satisfaction of executive level employees

with regard to non-monetary rewards followed at Bhushan Power and Steel Ltd.

(Chandigarh) has been carried out to identify significant factors which need to be

considered while deciding non-monetary reward policy so that the employees feel satisfied attheir jobs.

This project demonstrates the effect of non-monetary rewards on employee satisfaction. The

study has been conducted with the objective of measuring the impact of non-monetary

rewards on Employee satisfaction.

The research has been Exploratory in nature as it has been a first time study. The type of

investigation is Causal as the effect of non-monetary rewards on satisfaction of employee has

been studied. Study setting is Non-contrived because the study has been conducted with no

interference of researcher. It is a Cross sectional study as data has been collected at one

particular time.

The data has been collected by researcher from Bhushan Power and Steel Ltd. through

questionnaires. He has drawn a sample of 60 respondents working from past 2 years for

Bhushan Power and Steel Ltd. using random sampling technique.

The null hypothesis has been made with an assumption that there is no significant impact ofnon-monetary rewards on employee satisfaction while the alternate hypothesis has been that

there is significant impact of non-monetary rewards on employee satisfaction.

To test the hypothesis chi-square test has been applied which support alternate hypothesis.

Various statistical tools have also been applied like Factor analysis, Reliability Statistics

and Correlation analysis to analyse the data.

Factor analysis has been used to find out the most significant factors out of all factors which

are developed through extensive literature survey which are considered while deciding non-

monetary rewards policy. After applying this, following factors have been extracted i.e.job

satisfaction, high appreciation, performance feedback, good working atmosphere, reward

policy, opportunity of advancement.

Reliability statistics has been used to find out the extent to which data collected is reliable

and truly represent the population. After its application, it has been found that data is 91%

reliable. Correlation coefficients measure the strength of association between two variables.


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The most common correlation coefficient, called the Pearson product-moment correlation

coefficient, measures the strength of the linear association between variables.

Correlation is applied on the important factors which are extracted from factor analysis.

There is high degree of correlation between welfare facilities, opportunity of advancement,

high appreciation, pride, reward policy, good working atmosphere, and well treatment by

management with job satisfaction.

There is very less correlation between well treatment by management, pride in the company

, quality of work life, performance feedback and relationship with fellow workers.

The researcher has made various recommendations to the organization regarding the balance

between monetary and non-monetary rewards, appreciation and treatment by management,

choice of rewards, employee participation and teamwork. Some limitations have been there in

the study like time constraint, unwillingness of respondents and limited scope of study. At

last it has been concluded that non-monetary rewards do affect the satisfaction level of

employees. So in order to be competitive in the global era employees non-monetary rewards

should be given in order to fulfill their satisfaction level.


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CONTENTS

1. Introduction

a. Industry Profile

b. Company Profile

c. Introduction to topic

2. Theoretical Framework

a. Construct

b. Independent and Dependent Variables

3. Literature Review

4. Research Objectives

5. Research Methodology

a. Research Design

i. Type of Research Design

ii. Time Horizon

iii. Study Setting

iv. Measurement and scaling

b. Flowchart for selection of statistical tools

c. Hypothesis Development and Testing

d. Sample and Sampling Design

e. Data Collection

f. Analytical Tools

g. Statistical Tools

i. Factor Analysis

ii. Reliability Statistics

iii. Regression Analysis

h. Limitations of the Study

6. Data Analysis

7. Results and Findings

8. Policy Implications

9. Recommendations


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INTRODUCTION TO INDIAN STEEEL INDUSTRY

Indias economic growth is contingent upon the growth of the Indian steel industry.

Consumption of steel is taken to be an indicator of economic development. While steel

continues to have a stronghold in traditional sectors such as construction, housing and groundtransportation, special steels are increasingly used in engineering industries such as power

generation, petrochemicals and fertilisers. India occupies a central position on the global steel

map, with the establishment of new state-of-the-art steel mills, acquisition of global scale

capacities by players, continuous modernisation and upgradation of older plants, improving

energy efficiency and backward integration into global raw material sources.

Steel production in India has increased by a compounded annual growth rate (CAGR) of 8

percent over the period 2002-03 to 2006-07. Going forward, growth in India is projected to

behigher than the world average, as the per capita consumption of steel in India, at around 46

kg, is well below the world average (150 kg) and that of developed countries (400 kg). Indian

demand is projected to rise to 200 million tonnes by 2015. Given the strong demand scenario,

most global steel players are into a massive capacity expansion mode, either through

brownfield or greenfield route. By 2012, the steel production capacity in India is expected to

touch 124 million tonnes and 275 million tonnes by 2020. While greenfield projects are

slated to add 28.7 million tonnes,brownfield expansions are estimated to add 40.5 million

tonnes to the existing capacity of 55 million tonnes. Steel is manufactured as a globallytradable product with no major trade barriers across national boundaries to be seen currently.

There is also no inherent resource related constraints which may significantly affect

production of the same or its capacity creation to respond to demand increases in the global

market. Even the government policy restrictions have been negligible worldwide and even if

there are any the same to respond to specific conditions in the market and have always been

temporary. Therefore, the industry in general and at a global level is unlikely to throw up

substantive competition issues in any national policy framework. Further, there are no

natural monopoly characteristics in steel. Therefore, one may not expect complex

competition issues as those witnessed in industries like telecom, electricity, natural gas, oil,

etc.This, however, does not mean that there is no relevant or serious competition issue in the

steel industry. The growing consolidation in the steel industry worldwide through mergers

and acquisitions has already thrown up several significant concerns. The fact that

internationally steel has always been an oligopolistic industry, sometimes has raised concerns

about the anticompetitive behaviour of large firms that dominate this industry. On the other

hand the set of large firms that characterize the industry has been changing over time.


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Trade and other government policies have significant bearing on competition issues. Matters

of

subsidies, non-tariff barriers to trade, discriminatory customs duty (on exports and imports)

etc. may bring in significant distortions in the domestic market and in the process alter the

competitive positioning of individual players in the market. The specific role of the state in

creating market distortion and thereby the competitive condition in the market is a well-

known issue in this country.

OVERVIEW , PERFOMANCE AND STRUCTURE

Key Events1907: Tata Iron and Steel Company set up.

1913: Production of steel begins in India.1918: The Indian Iron & Steel Co. set up by Burn & Co. to compete with Tata Iron and SteelCo.1923: Mysore Iron and Steel Company set up1939: Steel Corporation of Bengal set up1948: A new Industrial Policy Statement states that new ventures in the iron and steelindustry are to be undertaken only by the central government.1954: Hindustan Steel is created to oversee the Rourkela plant.1959: Hindustan Steel is responsible for two more plants in Bhilai and Durgapur.1964: Bokaro Steel Ltd. is created.1973: The Steel Authority of India Ltd. (SAIL) is created as a holding company to oversee

most of India's iron and steel production.1989: SAIL acquired Vivesvata Iron and Steel Ltd.1993: India sets plans in motion to partially privatize SAIL.Source: * Government of India, Joint Plant Committee Report 2007, rest of the dates from:http://www.fundinguniverse.com/company-histories/Steel-Authority-of-India-Ltd-Company-History.html

STEEL PRODUCTION PROCESSES42

Blast furnace/basic oxygen furnace (BF/BOF): BF basically converts iron ore into liquidform of iron. Iron produced by BF contains high amount of carbon and other impurities, this
http://www.fundinguniverse.com/company-histories/Steel-Authority-of-India-Ltd-Company-History.htmlhttp://www.fundinguniverse.com/company-histories/Steel-Authority-of-India-Ltd-Company-History.html


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iron is called pig iron. Pig iron due to its high carbon content has limited end use applicationsuch as covers of manholes. To make steel products out of pig iron it is further processed intoBOF where its carbon content and other impurities are burnt or removed through slagseparation. Main inputs to BF are iron ore and coal/coke. BOF is also called oxygen furnace

because oxygen is the only fuel used in the process. Generally, integrated milling use

BF/BOF routes to produce finished steel. Producers that use this technology include SAIL,RINL, TSL and JSWL.

Electric Arc Furnace (EAF): Basic purpose of the EAF is remelting sponge iron, meltingscrap,its main inputs, to produce finished steel. It uses electricity as much as 400-500kWh/ton. ISPAT,ESSAR, and the Jindal group are examples of producers, which use thistechnology.

COREX or Cipcor Process: COREX is an advance process of making steel. Though fewuse this process, it is possible to use non-coking coal directly in smelting work and it alsomakes it possible to use lump ore and pellets as inputs. These two advantages allow steel

producers to eliminated coking plants and sinter plants. Purpose of coking plant is to convertnon-coking coal into more efficient fuel and purpose of sinter plant is purify lump ore orpellets for furtherprocessing. Basic inputs to COREX are iron-ore and coal. Jindal Iron &Steel Company (JISCO) uses COREX technology to produce finished steel.

Induction Arc Furnace (IAF): is one of the most advance processes of making steel. LikeEAF it uses electricity as its main fuel. IAF is most environment friendly and efficient way of

producing steel. However, its lack of refining capacity requires clean products as its inputs.Large numbers of small steel companies use this technology. The high weight of the productsignificantly pushes up transport and movement costs. Therefore large integrated plants arethe norm for cost efficient production. For specialized steel and alloys efficient production bysmaller plants is possible.

Types of steel


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Production

During the last five years finished steel production (alloy and non-alloy) grew at the rate of 8

percent (CAGR) to reach at 57.66 mt in 2006-07 from 39.22 mt in 2002-03 (Table 2.2). In

2006-07, the secondary producers alone contributed about 76 percent and the rest came from

the main producers.

After liberalization, on the account of active participation of private sector in the steel

industry, public sector share in the total production started dwindling. In 2003-04, share of

public sector in the finished steel production (alloy & non-alloy) was 28 percent, which was

reduced to 23 percentin 2006-07.

According to estimates of Ministry of Steel6, Government of Indiaproduction capacity of

the steel industry will be 124 mt at the end of the year 2011-12. It is mainly attributed to

positive trends in the consumption. Main producers such as TISCO, SAIL and JSW are

aggressively investing in expanding their plant capacities. TISCO has an installed production

capacity of 7.5 to8 mt with another 2.4 mt would be added by 2009. The TISCO is the front

runner with an expansion plan of about 30 mtpa by 2020. JSW and SAIL have expansion

plans of about 27 mtpa and 24 mtpa, respectively.

Consumption


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During last five years (2002-03 to 2006-07) the steel consumption has grown by about 11

percent, which was higher than the estimation of National Steel Policy 2005. Especially in

last two years (2005-06 and 2006-07) consumption growth has been quite impressive, 13.90

percent and 12.91 percent, respectively. The consumption has reached its ever highest level

of 46.78 mt in 2006-07 (see figure 2.2). Some estimations state that this upturn trend in

consumption will continue in the future mainly owing to healthy economic growth and

promising demand from growth driving sectors such as infrastructure, construction, housing,

consumer durables, etc.

Indias per capita consumption of steel stood at 46 kg, whereas world average is 150 kg.

Average for developed world is 450 kg. Thus, it is clear that there is much scope for the

growth of consumption in India.

Trade

In last five years (2002-03 to 2006-07) imports are growing at much faster rate than exports.

As a result net trade in steel is getting narrower (see Table 2.1). While imports have grown by

CAGR of 24.49 percent, exports have grown just by a CAGR of 2.16 percent in last five

years. Overall net trade in steel has managed to be in surplus till 2006-07.

MAJOR KEY PLAYERS IN INDIAN STEEL INDUSTRY42

Tata Steel

Tata Steel (earlier known as Tata Iron & Steel Company or Tisco) represents the country's


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single largest, integrated steel plant in the private sector. The company has a wide productportfolio, which includes flat and long steel, tubes, bearings, ferro-alloys and minerals as wellas cargo handling services. While in terms of size, Tata Steel ranks 34th in the world; it wasranked first (for the second time) among 23 world class steel companies by World SteelDynamics in June 2005. Recent overseas acquisitions are Tata Steel buying Anglo-Dutch

firm Corus for over 12 billion dollars

Steel Authority of India Limited (SAIL)Steel Authority of India Limited (SAIL) is a leading Public Sector Undertaking (PSU) inwhich the Government of India owns about 86 per cent of equity. It is a fully integrated ironand steel maker, producing both basic and special steels for domestic construction,engineering, power, railway, automotive and defence industries and for sale in exportmarkets. It is ranked amongst the top ten public sector companies in India in terms ofturnover. They manufactures and sells a broad range of steel products, including hot and coldrolled sheets and coils, galvanised sheets, electrical sheets, structurals, railway products,

plates, bars and rods, stainless steel and other alloy steels.

Bhushan Power & Steel LtdBhushan Power & Steel Ltd., an ISO 9002 certified company, is a merged entity of BhushanIndustries Ltd., Bhushan Metallics Ltd. and Decor Steel Ltd. Bhushan Steel has a turnover ofmore than USD 540 Million and is a leading manufacturer of Flat, Round and value added

products in Steel. Bhushan have 7 World class and state of art plants at Chandigarh,Derabassi, Kolkata and Orissa in India. A completely integrated plant is commissioned underPhase I in Orissa andPhase II is all set for take off. In Orissa plant, technology andequipments are procured fromworld-renowned Companies like Luirgi from Germany, ABBLtd., SMS Demag, Siemensetc. It is selling its Value added range of products in SecondarySteel through a largedistribution network in India (comprising more than 25 sales offices) andAbroad.

Jindal Steel & Power Limited (JSPL)Jindal Steel and Power (JSPL), part of the US$4 billion Jindal Organisation, has businessinterests in steel production, power generation, mining iron ore, coal and diamondexploration/mining. The current turnover of the company is over Rs. 30 billion and on a

path of catalyzing economic development of the country through its contribution to theinfrastructure sector. JSPL with its obsession for excellence, is increasing its portfolio ofvalue-added products, bringing the world's best to India and making an international mark.Production Capabilities expanded to serve the infrastructure sector, catalysing economic,development and growth.

ESSAR SteelEssar Steel Limited (the "Company") is the flagship Company of the Essar Group and looksafter the Groups interest in the steel business. The Company was incorporated in June 1976under the name of Essar Construction Limited and was engaged primarily in core sectoractivities, including marine construction, pipeline laying, dredging and other port-relatedActivities. In 1984, the Company ventured further into other core sectors mainly the field ofExploration and development, drilling onshore and offshore oil and gas wells for IndianPublic Sector oil Exploration companies. In view of this the Companys name was thenChanged to Essar Offshore and Exploration Limited in May 1987.


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BHUSHAN POWER &STEELS, INDIA41


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Growing from strength to strength

1970 - Started with very small initial outlay for manufacturingDoor Hinges & later on, Rail Track Fasteners.

1973 -

Manufacturing facilities set up for Tor Steel and Wire Rod inChandigarh.

1981 - Rolling Mill Project commissioned at Chandigarh forRound and Narrow Strips.

1985 - Backward Integration Project for Steel Melting facilities.

1986 - Upgrading of Mini Steel Plant with continuous casting andladle furnace facilities.

1997 - Commissioning of Narrow Width Cold Rolling Project atChandigarh.

1998 - Commissioning of Precision Pipe Project at Chandigarh.

2001 - Commissioning of Cold Rolling & Galvanizing Complexat Kolkata.

2002 - Addition of narrow width Cold Rolling facilities atKolkata.

2003 - Expansion of wide width Cold Rolling facilities, ERWWater Pipes & Tubes down stream facilities at Kolkata.

2004 - Further expansion of Cold Rolling facilities at Kolkata.

2005 - Commissioning of Orissa Project Phase-I consisting of 4

DRI Kilns, Steel Making Facilities, Coal Washery and 100 MWPower Plant.


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2007 - Commissioning of further expansion of Orissa ProjectPhase-II consisting of HR Coil Mill, Steel making, BlastFurnance, Sinter plant, Coke oven plant, Oxygen plant and Lime& Calcining Plant.

2009 - Commissioning of 3.5 million tpa Coal Washery, 146 MWPower Plant and 0.3 million tpa Sponge Iron under Phase III ofOrissa Project.

2010 - Commissioning of 130 MW Power Plant and Electric ArcFurnace under Phase III of Orissa Project and further expansion ofOrissa Project under Phase IV consisting of 6 DRI Kilns, 130MW Power Plant, Steel Making Facilities,2nd CSP Caster & 6thstrand along with Tunnel Furnace, Oxygen Plant, Lime Calciningwith downstream facilities - Cold Rolling, Galvanizing,Galvalume, Colour Coating, Precision Tube & Black Pipe/GIPipe.

2011 - Commissioning of two DRI Kilns, Electric Arc Furnace,2nd CSP Caster & 6th Strand along with Tunnel Furnace, ColdRolling Mill Complex and Galvanising under Phase-IV of OrissaProject.

Our Mission is to achieve clear identity and leadership globally inSteel production and distribution by integration of complete chainof production starting from captive iron ore to end user Steel

products.

Our revolution in Steel production has helped us to carve a nicheunique only to a market leader. Every year passes by with newvalue additions and more accolades from our customers - Locallyand Globally. Our rising chart in respect of all-important

parameters of production and finance is a testimony to our claim.

In pursuing ourmission, we at Bhushan Power & Steel Ltd. areguided by the following values -

Quality - To be the best in quality. We aim and achieveexcellence.

Technology - State of the art technology and product enrichment

by continuous Research and Development.

Customer Friendly - Our products are world class and more andmore clients are appreciating and using our products. We alsoundertake customized products with values addition andenhancement.

Corporate Governance - We comply with all applicable lawsand regulations. We believe in maintaining clean environment andconservation of natural resources. We contribute towards

betterment of our staff and provide them with best of facilities.

Environment Protection and Practice - We are adopting and

implementing pollution control measures as a matter of policy.


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Our Commitments

To improve the quality of our products and completeintegration of various stages of production.

To be conscious towards quality and pricing of our

products. We strive by continuous research anddevelopment to make our products world class, havingdistinct identity and uniqueness. Our customers get bestvalue for their money.

To run the company profitably year after year.

A workforce motivated, skilled and well looked after.

A workplace safe, secure and hygienic.

To make our Environment Clean, Healthy and Hospitable.

Bhushan Power & Steel Ltd., produces a number of steel products fordomestic users, Industrial concerns etc. for infrastructure developmentat its manufacturing bases at Chandigarh, Derabassi (Punjab),Kolkata and Orissa.

ALL PRODUCTS CONFORM TO INDIAN AND INTERNATIONALSPECIFICATION.

HR COIL STEEL BILLETS ALLOY STEEL ROUNDS TOR STEEL

WIRE RODS PIG IRON SPONGE IRON POWER

CR COILS NARROW CR COILS CR SHEETS PRECISION TUBES(ERW and CEW)
http://www.bhushanltd.com/hrcoil.htmhttp://www.bhushanltd.com/steelbillets.htmhttp://www.bhushanltd.com/steelrounds.htmhttp://www.bhushanltd.com/torsteel.htmhttp://www.bhushanltd.com/wirerods.htmhttp://www.bhushanltd.com/pigiron.htmhttp://www.bhushanltd.com/spongeiron.htmhttp://www.bhushanltd.com/power.htmhttp://www.bhushanltd.com/crcoils.htmhttp://www.bhushanltd.com/crcoils_narrow.htmhttp://www.bhushanltd.com/crcoils_sheets.htmhttp://www.bhushanltd.com/precisiontubes.htmhttp://www.bhushanltd.com/precisiontubes.htmhttp://www.bhushanltd.com/precisiontubes.htmhttp://www.bhushanltd.com/crcoils_sheets.htmhttp://www.bhushanltd.com/crcoils_narrow.htmhttp://www.bhushanltd.com/crcoils.htmhttp://www.bhushanltd.com/power.htmhttp://www.bhushanltd.com/spongeiron.htmhttp://www.bhushanltd.com/pigiron.htmhttp://www.bhushanltd.com/wirerods.htmhttp://www.bhushanltd.com/torsteel.htmhttp://www.bhushanltd.com/steelrounds.htmhttp://www.bhushanltd.com/steelbillets.htmhttp://www.bhushanltd.com/hrcoil.htmhttp://www.bhushanltd.com/hrcoil.htmhttp://www.bhushanltd.com/hrcoil.htmhttp://www.bhushanltd.com/steelbillets.htmhttp://www.bhushanltd.com/steelbillets.htmhttp://www.bhushanltd.com/steelrounds.htmhttp://www.bhushanltd.com/steelrounds.htmhttp://www.bhushanltd.com/torsteel.htmhttp://www.bhushanltd.com/torsteel.htmhttp://www.bhushanltd.com/wirerods.htmhttp://www.bhushanltd.com/wirerods.htmhttp://www.bhushanltd.com/pigiron.htmhttp://www.bhushanltd.com/pigiron.htmhttp://www.bhushanltd.com/spongeiron.htmhttp://www.bhushanltd.com/spongeiron.htmhttp://www.bhushanltd.com/power.htmhttp://www.bhushanltd.com/power.htmhttp://www.bhushanltd.com/crcoils.htmhttp://www.bhushanltd.com/crcoils.htmhttp://www.bhushanltd.com/crcoils_narrow.htmhttp://www.bhushanltd.com/crcoils_narrow.htmhttp://www.bhushanltd.com/crcoils_sheets.htmhttp://www.bhushanltd.com/crcoils_sheets.htmhttp://www.bhushanltd.com/precisiontubes.htmhttp://www.bhushanltd.com/precisiontubes.htmhttp://www.bhushanltd.com/precisiontubes.htm


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Products manufactured at Chandigarh plant

Tor steel

Applications - The product finds its uses in various types ofConstruction activities like Buildings, Roads, Bridges etc where itis used for Concrete Reinforcements. Other names for Tor Steelare twisted steel bar, CWD bar, CTD Bar, deformed steel bar etc.

Our TOR Steel bars confirm to IS:1786 in dimensional tolerancesbut in actual exceeds the specifications.

Wire rods

Applications: Wire Rod is used as raw material by Wire DrawingUnits, Electrodes, Wire Mesh, Fasteners, Hardware and

Automobile components manufacturers. We meet stringentquality parameters.

We manufacturer Wire Rod from superior quality Billetsproduced by our own Integrated Steel Plant situated at Jharsuguda(Orissa) to ensure high strength and long life. The sizes of WireRod being manufactured by us are from 7.5mm to 13mm.


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INTRODUCTION TO NON-MONETARY REWARDS16Definition-

any benefit an employee receives from an employer or job that is above and beyond the compensation

package (salary, insurance, etc) for the specific purpose of attracting to the company as well as retaining

and motivating the employees .

1 .These rewards helps in giving positive rewards for both workers and organization

2. By giving these rewards the employee and employer relation can be improved

3. Helps in recruiting and retaining employees.

4. Helps in increasing employees satisfaction which further improves employees performance.

5. These rewards helps in creating employees loyalty towards job.

Types of Non-Monetary Rewards17

1. Opportunity to Learn, Develop and Advance as an Employee.


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Employees understand they need to grow, learn and develop new skills in order to advance. The ability to beto choose their assignments and rise to new challenges offered by new responsibilities.

2. Flexible Hours.

Family, children, friends, church, sports, hobbies and other activities all have demands on today's employeesflexible schedule or the occasional afternoon off can help employees meet some of these obligations. By allosome flexibility in an employees schedule you can increase their desire and motivation.

3RecognitionIn today's high paced work environment it is reported that employees consider recognition of their work and effrare and infrequent. Think about it - What better way to have an employee continue their good work and successto offer them praise-verbal, written or ideally a public announcement.

3. The Opportunity to Contribute.

- The opportunity to be part of the team.- To work closely with managers and management.- To be involved in key decisions.- To be listened to and heard.

4. Independence and Autonomy.

Employees want to be able to work independently. They do not want someone constantly watching over thequestioning their every move. They like to receive their assignments -preferable with the time frame requirecompletion and then have the independence to complete the work given the guidelines and framework you hset on their own merits.

These benefits can go a long way in creating Employee/Employer loyalty and respect. This clearly demonstrates themany points, besides money, to consider when you establish your management and employee policies.

6. good working atmosphere

How often does your team see customers face to face? Probably not too often. So why are you enforcing the dress cDevelopers tend to be less happy adhering to certain rules of professionalism, such as hair and beard length, dress coffice decoration standards, and so on, than other employees in the firm. Giving them a bit of leeway (within reasoncourse) will cost you nothing and help keep them content. This also applies to things like personal calls, the timing

breaks, and so on. I have yet to meet a developer who likes to work in a factory environment, with scheduled breakscalls allowed, etc.

7. career development

career development is more than education. It can range from allowing developers to spend a few hours a week on apersonal project with new technologies to letting them try their hand at a different job. Would you rather see your cminded employees trying on a new job title or learning new skills while on your payroll or on someone elses? Theindustry is fairly fluid, and many developers want a true career path, not just the road from developer to senior deveGive them that path and you can recruit and keep them.

8. Free food

I know that this sounds very 1990s dot-com bubble. But some good ideas came out during that era, and one of the

was free food. Many developers work through lunch. It is a well established fact that even a momentary distractionseverely hurts productivity. I am not suggesting that you chain your coders to their desks and stuff their faces with g


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But making a healthy, free meal available to those folks heads down and in the zone will keep their efficiency andmorale up. And lets be honest, for what it costs to keep a good developer on staff, how much can it really hurt your

budget to throw a pizza or hoagie in there once in a while?

9. A career path

Some developers have no desire to ever go past senior developer. Others look toward architect or project manager,some other job title, as their career goal. Regardless, an employer that helps its developers meet their career goals, amakes it clear that progress is being made, is much more likely to retain its employees. A lot of companies talk a grgame in the interview about how they help their team achieve their dreams. But looking at how some companies ttheir people, its easy to see why folks get cynical about that promise. When putting your people on the career tracktheir choice is something you actively work to do, your people see it and are much less likely to leave. After all, whleave for a promise, when the current reality looks pretty rosy?

10.Physical work environment

No one likes to work in a place that looks like a dump and has all the charm of a dungeon. The candidates you interhave probably been in a few offices (or currently work in one) that look really nice: Aeron chairs, polished conferentables, frosted glass, and brushed nickel. If your office features industrial remainders carpeting, mismatched chairs lover from the 1970s, and a cubical farm of 6 x 6 workspaces, theyre not likely to be impressed. And its not just alooks. Many upgrades truly improve ergonomics and productivity through encouraging better posture, reducing eyestrain, and so on.

There are so many reasons to welcome candidates into a pleasant office. For one thing, first impressions really do mFor another, candidates who see that you refuse to pay more than $20 for a chair will wonder what their bonus will llike. Once someone gets onto your team, a nicer and more ergonomic work environment helps retain them. After allsomeone gets blinding headaches from cheap fluorescent lighting every time he comes into the office, he will eventstop coming to the office.

11.A great project and a winning team

Just as a top athlete will demand to be traded to a championship-level team, the very best developers are generallysearching for the very best projects to be on. In sports, when great athletes go to a team that is doing badly, they wer

probably either offered a huge pile of money or lured in with the promise of heading up a new era for that team.

For you, this means that to get the very best developers, you either need to have a great project and a winning teamyou need to pony up the big bucks. No one likes to play for a loser or with a bunch of losers, and those top draft pihave alternatives. If your project is struggling or if the team is floundering, dont hide it. It takes only a week (or lesthe job for an outsider to smell the rot anyway. Make the situation part of your sales pitch. Saying something like,

project is having problems because the team is a bit inexperienced. We would like someone like you to provide thatsenior level quality and help make this a world class team can attract and keep the developers that the salary you aroffering would not bring in.

12. interesting work

It may sound really crazy, but few top-tier people in any profession like working in an unchallenging job. MorganFreeman does not act in B-films, and superstar developers dont spend their time writing Hello World. After all, tdidnt become great by staying within their limits, did they? When you show your candidate (or give your employee

job that challenges them, within reason, and gives them a chance to learn new things and grow, they are likely tooverlook the alternatives. Tell the prospective candidates why the job will be a challenge, and they will leave thatinterview already savoring the thrill of victory when they meet it. Show them a job that any entry-level person canhandle, and they will wonder how long they will be there until they are replaced with an entry-level person


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Factors effecting non-monetary rewards19

NON MONETARY REWARDS -EMPLOYEE SATISFACTION18 ,20:

In this environment for employee satisfaction, it is vitally important to know which factors most affect employee

satisfaction. Non-monetary rewards has is highly related to employee satisfaction. The study found that employees

identified these five most important factors:

Job security

High appreciation by management

Welfare opportunities

Opportunities to use skills and abilities, and

Feeling safe in the work environment.

The next five most important satisfaction factors for employees were:

Relationship with immediate supervisor,

Management recognition of employee job performance,


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Communication between employees and senior management,

The work itself, and

Autonomy and independence.

NON MONETARY REWARDS -EMPLOYEE MOTIVATION30,31:

Non-monetary rewards are highly related with motivation of employees. Good system of non-monetary rewards help

increasing motivation of employees where as organization which do not provide any kind of non-monetary rewards

ddemotivates the employees to perform better.

The various important motivational factors for employees are:

Top Management support

Interest in job

Performance based reward

Participation in management decisions

Task significance

Superior-Subordinate relation

Open Communication

NON MONETARY REWARDS -EMPLOYEE PERFORMANCE30:

Both non-monetary rewards and employee performance on the job are interrelated. If the manager provides differen

types of non-monetary rewards by taking into consideration the employee ability, it will definitely increase the

productivity of employee. Besides this, there are various other factors which a manager keep into mind while design

reward system so that employees performance on the job can e increased.

These factors are:

Skill match

Resource availability

Training

Up-to-date technology

Authority to delegate work


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MAJOR BENEFITS OF NON MONETARY REWARDS16 ,22,23

The employees claim that the usage of non monteray rewards was in adequate

in their organizationand they look forward to such I nitiatives. It was claime that

employees prefer job related non monetary rewards more than social or any

other tangible non monetary incentive.

A theoretical attempt to establish the significance of nonmonetary rewards was

made by crifo and diaya to develop a principal agent model using both monetary

and non monetary incentives and showed how non monetary incentives could

compete with monetary incentives and could perform better in increasing the

intrinsic satisfaction of the employee.

The study also indicated that the employees who were satisfied with their

organizations recognition programmes were also more satisfied with the jobs

and were more likely to remain with their company then those who were not

satisfied with their organizations reward policy.

RESEARCH REVEALED THAT SATISFIED EMPLOYEES WERE MORE LIKELY TO

INVEST IN THEIR OWN COMPANY AND FELT MORE VALUED AS EMPLOYEES.

Employees also agree that the quality of organizations reward

policy significantly influences their job performance

Meta analysis of all the studies conducted over a period of 20 years found an

average of 15% performance improvement in service application. Whenrecognition was combined with performance feedback an average increase of

41% was reported in manufacturing industry. The use of non-monetary

incentives also had a same impact as recognition in service organizations. When

employees were asked the reasons that were very important in deciding to take

a job with the current employer, the top variable was listed by 65% of

respondents was open communication followed by welfare facilities, flexible work

hours and good working atmosphere. More that 34% of executive reported that

lack of praise and recognition was the first reason why people left their jobs.


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The findings indicated that in the case of interpersonal supervision

there was a positive influence of monitoring while in cases where therer was

strict regulation there was a negative influence on work performance

THEORETICAL FRAMEWORK1 ,2

CONSTRUCT:

To study the impact of non-monetary rewards on employee satisfaction.

DEPENDENT VARIABLES:

Employee satisfaction

INDEPENDENT VARIABLES:

Recognition

interesting work

job security

opportunity of advancement

job satisfaction

pride

relationship with fellow workers

grievance handling procedure

welfare facilities

flexible work hours

quality of work life

high appreciation

well treated

good working atmosphere

autonomy

reward policy

performance feedback


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employee empowerment

training and education program

opportunity to learn new skills

open communication

LITERATURE REVIEW

BOOKS

Sekaran Uma1, Research Methods for Business.

Elements of RD, Methods of Data Collection, Sampling, Data Analysis &

Interpretation. The information regarding the statistical tools and their limitations in

different fields the research is given.

Kothari C.R.2,Research Methodology Methods and Techniques.

Gives information regarding the basics of research and research methodology, what

are the different types of research designs, what is problem statement, what are the

sources of data collection and what are the methods of data collection is given in this

section.

Malhotra K. Naresh3,Marketing Research: An Applied Orientation,

The book helped in understanding correlation tool and its application.

Coakes J Sheridan, Steed Lyndall & Dzidic Peta4, SPSS Version 13.0 for

Windows.

Gives information regarding the importants tool used in the study and defines where

it is applied and why.

Gupta S.P.5, Statistical Methods.

This book reveals information regarding the statistical tools and their limitations in

different fields the research is given in this section. This section explains the use of

regression analysis techniques.

Sharma D.D6, Marketing Research.

The various research designs are descriptive, exploratory and Experimental research

design. The research design being used by researcher in the study is descriptive and

exploratory.

Ashwathappa K7,Human Resource Management.

The various aspects of the topic were explored by the help of the book.

T.N. Chhabra8,Human Resource Management.


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Various HR practices were undertaken to study and were explored and searched upon

by the help of the book and various factors relevant to the topic were extracted.

C.S. Venkata Ratnam & B.K. Srivastava9

, Personnel Management and HumanResources.

The book was helpful in exploring the relevant HRM practices.

Dr. S.S.Khanka10,Human Resource Management.

Comprehensive study of career planning and development was done through various

case studies and theories of the book.

Jit S. Chandan11,Organizational Behaviour.

Various aspects of motivation and psychological aspects related to career were

explored.

P. Subba Rao12, Essentials of Human Resource Management and Indusrial

Relations.

Various factors influencing the Industrial relations and employee satisfaction were

extracted and thoroughly studied through the book.

R.S.Diwedi13, Managing Human Resources-Industrial Relations in Indian

Enterprise.

Various factors influencing the satisfaction and environmental factors were studied

using the literature.

Milkovich George.T, Boundrace John.W14 ," Personnel Human Resource

Management- A diagnostic approach".

All the important practices related to employee satisfaction were undertaken for study

.

Dipak Kumar Bhattacharya15,Human Resource Management.

All the important aspects of career development and the related factors were extractedwhich were found to be relevant with the employee satisfaction.


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JOURNALS:

Pragya sonawane16 ( october 2008), non-monetary rewards:employee choices &

organizational practices,Indian journal of industrial relations(IJIR).

Results of the study of non-monetary rewards in terms of the employee choices and

organizational practices.

Steven H. Appelbaum, Rammie Kamal17 ( July 2000), An analysis of the

utilization and effectiveness of non- financial incentives in small business, journal of

management development.

It demonstrates that by increasing job satisfaction via employee recognition, internal

pay equity, firms can increase productivity and attractiveness to existing and potential

employees.

Zoya Hasan18 ( 2009), Equal Opportunity Commission and the Possibilities of

Equality, Indian Journal of Human Development.

It deals with the various aspects of equality with regard to employees rewards.

Sunita Singh Sengupta19 (july 2011), Growth in Human Motivation: Beyond

Maslow, Indian journal of industrial relations(IJIR)..

The study deals with the realization of ones state of being in order to reach theutilization state.

Gary W. Fisher, Norman P.Nunn20 (1992), Non Monetary Incentives : It can

be Done,Journal of Management in Engineering.

The study reveals that recognition is excellent non-monetary rewards that motivate

employees to higher levels of performance.

Steven H. Appelbaum, Frederic Lefrancois, Roberto Tonna21( 2007 ), Training

Managers for culture , stress and change challenges, Journal of Career and

Technical Education.

The study deals with the importance of training programme ias an incentive initncreasinf employee satisfaction.


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Steven H. Appelbaum 22(march 1975), Model of Managerial Motivation.Trainingand Development journal.

The study deals with the employee motivation after receiving training.

Lise M. Saari & Timothy A. Judge23(January 2004), Employee attitudes and Job

Satisfaction,Human Resource management.

The study explores the various aspects of the attitudes of employees and the

satisfaction derived thereof.

Jurgensen Clifford E24(1978), Job preferences ( What makes a Job Good or Bad?

),Journal of Applied Psychology.

The study deals with the various preferences of employees in their jobs which give

them satisfaction.

.

MAGAZINES

Rai shikha25,Employee welfare, HRM Review.

Various aspects of employee welfare and employee satisfaction were studied.

kashyap kirti26,welfare programmes as an important employee retention tool,

HRM Review.

Various aspects of retentiona and satisfaction were studied.

Malhotra ramesh27,satisfying the workforce, HRM Review. All the aspects

important to the satisfaction were studied.

Sinha R.S.28,organisational welfare need,Human Capital.

All the aspects of the of the HR relevant to the employee satisfaction were studied.

Martin Seligman29, Designing Happyness,HRM Review.

Study relates the HR practices with the employee satisfaction.

Fakir Mohan Sahoo , Kalpana Sahoo , Nivedita Das30, Need saliency and

Management of Employee Motivation : Test of an Indigenous Model,HRM Review.


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It is posited that job involvement is positively related to salient need satisfaction and

unrelated to non-salient need satisfaction.

Dibyojyoti Bhattacharjee , Maumita Bhattacharjee31, Measuring happiness at

workplace, HRM review.

Studies various practices for employees happiness at workplace.

M.S. Srinivasan32, Values for excellence in professional work,Paradigm.

Studies various value related factors relevant to employee satisfaction.

Shashank Shah33, Corporate social responsibility in Indian public sector

organization, Paradigm

Studies various responsibility related factors relevant to satisfaction.

INTERNET

http://humanresources.about.com/od/employeesurvey1/g/employee_satisfy.htm 34

Study the employee satisfaction basics.

http://www.inc.com/guides/201105/7-ways-to-improve-employee-satisfaction.html 35

Study the ways to improve employee satisfaction.

http://www.busreslab.com/tips/tipses.htm 36

Study the practical implications of employee satisfaction.

http://www.businessweek.com/managing/content/jun2010/ca20100623_711375.htm37

Study ways to measure employee satisfaction.

http://www.nbrii.com/products/employee-surveys/employee-satisfaction-surveys/ 38

Study the ways to conduct surveys.

http://etd.lib.metu.edu.tr/upload/12605141/index.pdf39

Study the use of non-monetary incentives as a motivational tool.

http://www.nelsonmotivation.com/40
http://humanresources.about.com/od/employeesurvey1/g/employee_satisfy.htmhttp://www.inc.com/guides/201105/7-ways-to-improve-employee-satisfaction.htmlhttp://www.busreslab.com/tips/tipses.htmhttp://www.businessweek.com/managing/content/jun2010/ca20100623_711375.htmhttp://www.nbrii.com/products/employee-surveys/employee-satisfaction-surveys/http://www.nelsonmotivation.com/http://humanresources.about.com/od/employeesurvey1/g/employee_satisfy.htmhttp://www.inc.com/guides/201105/7-ways-to-improve-employee-satisfaction.htmlhttp://www.busreslab.com/tips/tipses.htmhttp://www.businessweek.com/managing/content/jun2010/ca20100623_711375.htmhttp://www.nbrii.com/products/employee-surveys/employee-satisfaction-surveys/http://www.nelsonmotivation.com/


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Study the use of non-monetary recognition.

http://www.bhushanltd.com/41

study the company profile.

http://www.fundinguniverse.com/company-histories/Steel-Authority-of-India-Ltd-Company-History.html42

study the steel industry
http://www.bhushanltd.com/41http://www.bhushanltd.com/41http://www.bhushanltd.com/41http://www.fundinguniverse.com/company-histories/Steel-Authority-of-India-Ltd-Company-History.html42http://www.fundinguniverse.com/company-histories/Steel-Authority-of-India-Ltd-Company-History.html42http://www.fundinguniverse.com/company-histories/Steel-Authority-of-India-Ltd-Company-History.html42http://www.fundinguniverse.com/company-histories/Steel-Authority-of-India-Ltd-Company-History.html42http://www.bhushanltd.com/41http://www.fundinguniverse.com/company-histories/Steel-Authority-of-India-Ltd-Company-History.html42


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RESEARCH OBJECTIVES1

The researcher has undertaken the study with the objective of measuring the impact of non-

monetary rewards on Employee satisfaction.

Research Questions

To explore the meaning of non-monetary rewards and identify factors that

influence reward philosophy and practices.

To identify the factors that shapes an individuals perception and choices towards

a particular reward.


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To explore differences between the choices of the employees and the practices of

the organization.

To explore how can the gap between the employee choices and organization

practices be judiciously reduced.

RESEARCH METHODOLOGY

To carry out the research, the researcher has used the following research methodology.

RESEARCH DESIGN1

Decisions regarding what, where, when, how much, by what means concerning an enquiry or

a research study constitute a research design. Research Design is advance planning of

research. A good research design should be flexible, appropriate and efficient and so on. A

good design ensures that the required data is gathered accurately, timely and economically.

In study the researcher has used the following framework of research design.

PURPOSE OF THE STUDY Exploratory cum descriptive

TYPE OF INVESTIGATION Causal

STUDY SETTING

Non contrived

TIME HORIZON Cross-Sectional

MEASUREMENT AND SCALING Likert Scale (Interval Scaling)


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Type of Research Design:-

The present study has been Exploratory cum Descriptive in nature, as it seeks to discover

ideas and insight to bring out new relationship based on previous findings in other

organizations2.

Type of Investigation:-

The present study has been Causal relationship because the researcher has attempted to find

out the cause & effect relationship between non-monetary rewards and Employeesatisfaction.

Time Horizon:-

The study has been found to be Cross-sectional as data has been collected at particular time

duration.

Study Setting:-

The study setting is Non Contrived as the study has been carried out in natural environment

and no researcher interference has been there in data collection

Measurement & Scaling:-

Five point Likert (interval) scaling has been used for conducting the survey to analyze the

impact of job design on employee satisfaction which has been given as follows:

5 Strongly agree, 4 - agree, 3 Neutral, 2 - Disagree, 1 Strongly

disagree


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FLOWCHART FOR SELECTION OF STATISTICAL TOOLS5

How to choose statistical tool


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HYPOTHESIS DEVELOPING AND TESTING3

1. Null Hypothesis (H0): There has been no significant impact of non - monetary rewards on

employee satisfaction.

Alternate Hypothesis (H1): There has been significant impact of non-monetary rewards on

employee satisfaction.

CHI-SQUARE TEST

Test Statistics4

satisfaction with

the recognition

company have

interesting work

any kind of

security

any opportunity

of advancement

satisfied with

your job

Chi-Square 33.167a 26.167a 9.867b 24.933b 25.167a

Df 4 4 3 3 4

Asymp. Sig. .000 .000 .020 .000 .000

Exact Sig. .000 .000 .019 .000 .000

Point Probability .000 .000 .000 .000 .000

a. 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 12.0.

b. 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 15.0.


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Test Statistics

pride in the

company

relationship you

share with your

fellow workers

satisfaction with

grievance

handling

procedure

satisfaction with

welfare facilities

provided

organization

proviiding flexible

work hours

Chi-Square 33.500a 2.500c 28.400b 38.000b 34.667a

Df 4 2 3 3 4

Asymp. Sig. .000 .287 .000 .000 .000

Exact Sig. .000 .310 .000 .000 .000




c. 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 20.0.


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Test Statistics

satisfaction with

quality of work

life

highly

appreciated by

management

well treated by

management

provided with

good working

atmosphere

autonomous

style of

leadership

Chi-Square 26.800b 23.833a 8.400b 39.600b 18.533b

Df 3 4 3 3 3

Asymp. Sig. .000 .000 .038 .000 .000

Exact Sig. .000 .000 .039 .000 .000





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Test Statistics

satisfaction with

reward policy

timely

perfomance

feedback in

company

company provide

employees

empowerment

satisfaction with

training and

education

Chi-Square 37.833a 49.833a 43.833a 28.933b

Df 4 4 4 3

Asymp. Sig. .000 .000 .000 .000

Exact Sig. .000 .000 .000 .000

Point Probability .000 .000 .000 .000

a. 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency

is 12.0.

b. 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency

is 15.0.


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Test Statistics

opportunity to

learn new skills atmosphere of open communication

Chi-Square 19.867b 20.133b

Df 3 3

Asymp. Sig. .000 .000

Exact Sig. .000 .000

Point Probability .000 .000


INTERPRETATION:

The calculated value was greater than the table value hence alternate hypothesis was accepted and

it was concluded that non-monetary rewards have a significant effect on employee satisfaction.


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SAMPLE AND SAMPLING DESIGN3,6

Target Population : 150 employees at bhushan power & steel

Limited, Chandigarh

Sample Unit :

Employees working in bhushan power &steels

Limited, Chandigarh from past 2 years

Sampling Size : 60 Employees which comprises 40% of total

Population

Sampling Technique : random

Sampling Area : bhushan power & steel, Chandigarh


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DATA COLLECTION38

After the research problem has been identified and selected, the next step is to gather the

requisite data. While deciding about the method of data collection to be used for, the

researcher should keep in mind two types of data: primary and secondary.

In the present study researcher has made use of the primary data which has been collected

through Questionnaire, Observation, Personal Interview along with the secondary data which

has been collected from companys website and from their records Books, magazines,

newspapers and journals.


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STATISTICAL TOOLS

Statistical tools helped the researcher to correctly analyze the data .The researcher has used the SPSS

16.0 (Statistical Package for Social Sciences) software for analysis of the data.

The following tools have been used by the researcher:-

Factor Analysis Reliability Statistics

correlation Analysis

FACTOR ANALYSIS:

Factor analysis is a statisticalmethod used to describe variabilityamong observedvariables in terms

of fewer unobserved variables called factors. The observed variables are modeled as linear

combinationsof the factors, plus "error" terms. The information gained about the interdependencies

can be used later to reduce the set of variables in a dataset. The researcher has used factor analysis to

find out the most significant factors in the study out of many variables.

KMO and Bartlett's Test

Kaiser-Meyer-Olkin Measure of Sampling Adequacy. .813

Bartlett's Test of Sphericity Approx. Chi-Square 882.247

Df 210

Sig. .000
http://en.wikipedia.org/wiki/Statisticshttp://en.wikipedia.org/wiki/Statisticshttp://en.wikipedia.org/wiki/Variancehttp://en.wikipedia.org/wiki/Variancehttp://en.wikipedia.org/wiki/Variablehttp://en.wikipedia.org/wiki/Variablehttp://en.wikipedia.org/wiki/Linear_combinationhttp://en.wikipedia.org/wiki/Linear_combinationhttp://en.wikipedia.org/wiki/Linear_combinationhttp://en.wikipedia.org/wiki/Errors_and_residuals_in_statisticshttp://en.wikipedia.org/wiki/Statisticshttp://en.wikipedia.org/wiki/Variancehttp://en.wikipedia.org/wiki/Variablehttp://en.wikipedia.org/wiki/Linear_combinationhttp://en.wikipedia.org/wiki/Linear_combinationhttp://en.wikipedia.org/wiki/Errors_and_residuals_in_statistics


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Rotated Component Matrixa

Component

1 2 3 4 5 6

satisfaction with the

recognition

.426 .167 .278 .532 .337 -.377

company have interesting

work

.617 .359 .391 .153 .004 .173

any kind of security .657 .330 .237 .241 -.059 -.081

any opportunity of

advancement

.687 .044 .332 .309 .181 .292

satisfied with your job .766 .303 .019 .131 .284 -.067

pride in the company .418 .071 .086 .090 .798 .033

relationship you share with

your fellow workers

.091 .260 .105 .813 -.021 .204

satisfaction with grievance

handling procedure

.271 .693 .142 .395 .087 -.030

satisfaction with welfare

facilities provided

.692 .198 .202 .041 .292 .329

organization proviiding

flexible work hours

.161 .738 .299 -.073 .111 -.257

satisfaction with quality of

work life

.017 .191 .080 .062 .791 .152

highly appreciated by

management

.220 .760 -.031 .330 .251 .120

well treated by management .437 .740 .119 .173 -.050 -.011

provided with good working

atmosphere

.276 .109 .715 .051 .306 .288

autonomous style of

leadership

-.205 .002 -.100 -.010 -.187 -.869

satisfaction with reward policy .429 .070 .070 .709 .128 -.109

timely perfomance feedback

in company

.106 .162 .720 .341 .208 -.362

company provide employees

empowerment

.604 .462 .222 .296 .213 .069

satisfaction with training and

education

-.075 .634 .199 .300 .093 .499

opportunity to learn new skills .290 .273 .812 .028 -.120 .177

atmosphere of open

communication

.380 .666 .205 -.228 .322 .231


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Interpretation:

After applying factor analysis, 6 factors have been extracted. These are:

Factor 1: job satisfaction ,welfare facilities ,opportunity of advancement

Factor 2: high appreciation ,well treated ,flexible work hours

Factor 3: performance feedback , good working atmosphere

Factor 4: relation with fellow workers , reward policy

Factor 5:pride , quality of work life

Factor 6: welfare facilities ,good working atmosphere , opportunity of advanceme

The value ofKMO and Bartlett's Test has been found to be .813 which is greater than .5 which states

that factors extracted are significant.


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RELIABILITY STATISTICS

Researcher has used reliability statistical tool in the study because this tool signifies to what

extent data collected is reliable and truly represents the whole population.

Case Processing Summary

N %

Cases Valid 60 100.0

Excludeda 0 .0

Total 60 100.0

a. Listwise deletion based on all variables in the

procedure.

Reliability Statistics

Cronbach's

Alpha

Cronbach's

Alpha Based on

Standardized

Items N of Items

.920 .920 21

Interpretation:-

By applying reliability statistics, the value of Cronbachs alpha has been found to be .920

which is greater than .5. It means that data under study is reliable and is truly representative

of the population.


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CORRELATION

Correlation coefficients measure the strength of association between two variables. Themost common correlation coefficient, called the Pearson product-moment correlationcoefficient, measures the strength of the linear association between variables.

How to Interpret a Correlation Coefficient

The sign and the absolute value of a correlation coefficient describe the direction and themagnitude of the relationship between two variables.

The value of a correlation coefficient ranges between -1 and 1. The greater the absolute value of a correlation coefficient, the stronger

the linearrelationship.

The strongest linear relationship is indicated by a correlation coefficient of-1 or 1.

The weakest linear relationship is indicated by a correlation coefficientequal to 0.

A positive correlation means that if one variable gets bigger, the othervariable tends to get bigger.

A negative correlation means that if one variable gets bigger, the other

variable tends to get smaller.
http://stattrek.com/Help/Glossary.aspx?Target=Absolute%20valuehttp://stattrek.com/Help/Glossary.aspx?Target=Absolute%20value


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Sig.

(1-

tailed

)

satisfaction with

the recognition

.233 .000 .000 .000 .145 .014 .052

company have

interesting work

.008 .001 .001 .000 .000 .000 .000

any kind of security .163 .000 .001 .000 .038 .001 .000

any opportunity of

advancement

.000 .000 .007 .000 .009 .000 .000

satisfied with your

job

.177 .000 .011 .000 .034 .009 .000

pride in the

company

.023 .011 .002 .000 .026 .218 .000

relationship you

share with your

fellow workers

.104 .000 .005 .000 .000 .050 .145

satisfaction with

grievance handling

procedure

.224 .000 .000 .000 .000 .002 .000

satisfaction with

welfare facilities

provided

.000 .002 .014 .000 .005 .000 .000

organization

proviiding flexible

work hours

.329 .103 .000 .000 .002 .001 .000

satisfaction with

quality of work life

.013 .040 .142 .007 .065 .246 .001

highly appreciated

by management

.087 .001 .052 .000 .000 .012 .000

well treated by

management

.231 .002 .010 .000 .000 .000 .000

provided with good

working

.001 .105 .000 .000 .008 .000 .000


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INTERPRETATION

Correlation is applied on the important factors which are extracted from factor analysis.

There is high degree of correlation between welfare facilities, opportunity of advancement,

high appreciation, pride, reward policy, good working atmosphere, and well treatment by

management with job satisfaction.

There is very less correlation between well treatment by management, pride in the company

, quality of work life, performance feedback and relationship with fellow workers.

LIMITATIONS OF THE STUDY

However the researcher has tried her best in collecting the relevant information for research

report, yet there have been some problems faced by the researcher. The prime difficulties

which researcher has faced in collection of information are discussed below:


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1. Time Constraint: The time period for carrying out the research has been short as a

result of which many facts have been left unexplored.

2. Small sample size: Only 100 respondents have been chosen which is a small number

to represent whole of the population

3. Unwillingness of respondents: While collection of the data many employees were

unwilling to fill the questionnaire. Respondents were having a feeling of wastage of

time for them.

4. Limited area for research: The area for study has been only branch located in

Chandigarh, which is quite a small area to represent job satisfaction level of whole of

the population.

5. Respondent bias: There has been biasness in the responses given by respondents due

to fear of loosing their positions.

6. Researcher bias: There has been biasness on the part of researcher while collecting

data and selecting the sample.

DATA ANALYSIS

1. Are you satisfied with the recognition provided in your organization?

Responses Respondents (In Number) Respondents (In Percentage)

Strongly agree 8 13

Agree 2 3

Neutral 5 8

Disagree 20 34


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Strongly disagree 25 42

Source: Primary Data

Interpretation:

13% employees are strongly agree,3% employees are agree,8% employees show neutral

responses,34 %employees are disagree and 42% employees are strongly disagree.

2. Does your company have interesting work for employees?


Strongly agree 7 12

Agree 18 30

Neutral 24 40

Disagree 9 15


Interpretation:




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3.are you getting any kind of security in your job?


Strongly agree 10 17

Agree 20 33

Neutral 22 37

Disagree 8 13



Interpretation:

17% employees are agree,33% employees show neutral responses,37 %employees are

disagree and 13% employees are strongly disagree.

4. Is there any opportunity of advancement in your company?



Agree 31 52

Neutral 12 20

Disagree 5 8




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Interpretation:

20% employees are agree,52% employees are agree,20% employees show neutral responses

and 8 %employees are disagree.

5. Are you satisfied with the job ?


Strongly agree 8 13

Agree 19 33

Neutral 23 38

Disagree 8 13



Interpretation:

13% employees are strongly agree while, 33% employees agree,38% employees show neutral

response while13% employees disagree and 3% employees strongly disagree.

6. Do you get any pride in your company ?



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Agree 26 44

Neutral 17 28

Disagree 3 5



Interpretation:


response while 5% employees disagree and 3% employees strongly disagree.

7.Are you satisfied with the relationship you share with your fellow workers ?



Agree 25 42

Neutral 20 33

Disagree 0 0



Interpretation:


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25% employees are strongly agree while, 42% employees agree and 33% employees show

neutral responses.

8. Are you satisfied with the grievance handling procedure in your company ?


Strongly agree 5 8

Agree 14 23

Neutral 32 54

Disagree 9 15



Interpretation:


responses and 15% employees are dissagree.

9. Are your satisfied with the welfare facilities provided in your organization?


Strongly agree 3 5

Agree 17 28

Neutral 27 45


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Disagree 10 17



Interpretation:

5% employees are strongly agree while,28% employees agree,45% employees show neutral

responses, 17% employees show dissagree responses and 5% employees are strongly

disagree.


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10. is your organization providing flexible work hours ?


Strongly agree 3 5

Agree 17 28

Neutral 27 45

Disagree 10 17



Interpretation:


responses, 17% employees show dissagree responses and 5% employees are strongly

disagree.


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11 . Are you satisfied with the quality of work life in your organization?


Strongly agree 5 8

Agree 24 40

Neutral 26 44

Disagree 5 8



Interpretation:


responsesn and 8% employees are dissagree.

12. Does your management highly appreciate your work?


Strongly agree 8 13

Agree 21 35

Neutral 20 33

Disagree 10 17



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Interpretation:


responses,17% employees show disagree responses and 2% employees are strongly disagree.

13. Are you well treated by your management?


Strongly agree 7 12

Agree 18 30

Neutral 22 37

Disagree 13 21



Interpretation:


responses and 21%employees are disagree.

14. Is your organization providing you good working atmosphere?


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Strongly agree 3 5

Agree 24 40

Neutral 30 50

Disagree 3 5



Interpretation:

5% employees are strongly agree,while 40% employees agree,50% employees show neutral

responses and 5%employees are disagree.

15. Does management of your company follows autonomous style of leadership?


Strongly agree 0 0

Agree 15 25

Neutral 28 47

Disagree 12 20



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Interpretation:

25% employees are agree,47% employees show neutral responses,20 %employees are

disagree and 8% employees are strongly disagree.

16. Are you satisfied with your organizational reward policy?


Strongly agree 2 3

Agree 24 40Neutral 23 38

Disagree 7 12



Interpretation:



17. Is there is timely performance feedback in your company?


Strongly agree 2 3

Agree 29 48

Neutral 21 35

Disagree 4 7


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Interpretation:



18. Does your company provide empowerment to employees?


Strongly agree 5 8

Agree 24 40Neutral 25 42

Disagree 4 7



Interpretation:




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19. Are you satisfied with the training and education program in your company?


Strongly agree 6 10

Agree 15 25

Neutral 32 53

Disagree 7 12



Interpretation:

10% employees are strongly agree,25% employees are agree,53% employees show neutralresponses and 12 %employees are disagree.

20. Does your company give opportunity to learn new skills to employees?


Strongly agree 5 8

Agree 22 37

Neutral 25 42

Disagree 8 13



69/94


Interpretation:


responses and 13 %employees are disagree.

21. Is there is an atmosphere of open communication in your company?


Strongly agree 9 15

Agree 24 40

Neutral 23 38

Disagree 4 7



Interpretation:


responses and 7 %employees are disagree.

FINDINGS OF THE STUDY

The major findings of the study have been found to be:


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Employees are not completely satisfied with their job although their salary is good

enough.

Employees are not getting value to their work.

There is significant impact of non monetary rewards on employees satisfaction.

Employees need opportunity of advancement in their career for enhancing their

performance

The most important factors that affect the performance of employees are job

satisfaction, security, opportunities of advancement, flexible work hours,

Most of them satisfied to the working location of their work.

Employees need frequent opportunities for periodic changes in their duties.

the company should adopt the policy of performance based non-monetary rewards

Most of the employees are satisfied with the welfare facilities provided in their

organization

Some of the employees think that their knowledge, skills and abilities are not matching

with the rewards they are receiving.

Employees are best satisfied when they are provided with rewards of their policy

POLICY IMPLICATIONS

Steel industry is growing and it is playing major role in economic development of the

country. This growth is mainly arising because of the boom in the automobile and


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infrastructure sector. If employees are happy with the working environment of their work

place then their level of commitment will be high. To increase employee satisfaction and to

increase their motivation level, company should focus on:

It must focus on Organizations healthy environment at workplace.

Non-monetary rewards should be given according to employees choices

Company should use motivational methods to increase the level of commitment.

Organization should focus on developing a career path for their employees

Employer/Manger should make them feel that their employees work with them not

work for them.

Direct communication between the employees and superiors should be there.

RECOMMENDATIONS

After completing the analysis and interpretation the researcher has suggested following

recommendations to the employers so that they would be able to design such a system of non-

monetary rewards which increase employee satisfaction with their work:


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Training and other professional growth opportunities should be provided to

employees

Opportunities to use one's talents and to be creative should be given.

Survey of employees should be taken by giving them proper questionnaires to them.

Employees should be highly appreciated and well treated by the management

There should be a balance between monetary & non-monetary rewards

There should be concentration on employees choices of rewards

The gap between employee choices and organizational practices should be reduced.

An environment in which workers are supported by an accessible supervisor who

provides timely feedback

Competitive salary and opportunities for promotion should be provided.

The company should provide opportunities to workers to be part of the team.- To work closely with managers and management.- To be involved in key decisions.- To be listened to and heard.

Delegation of responsibility and authority to an employee should be implemented. .

Proper feedback should be given to employees on their job performance time-to-time.

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KANIKA BATRA