Answer To: Develop an INTRODUCTION TO THE RESEARCH PROPOSAL (Section 1) and be clear about how to articulate...
Abhishek answered on Dec 29 2021
TOPIC: IMPACT OF MONETARY COMPENSATION AND INCENTIVES ON EMPLOYEE PERFORMANCE: A CASE STUDY OF WALMART
Chapter 1: Introduction
1.1 Background of the Research
Different companies have different strategies for managing their business perspectives while operating in a competitive market. It is evident that different forms of compensation strategies and incentive strategies are implemented by the different organizations for the development of motivation of their employees. As a result of these monetary compensation and incentives, the overall intellect of the employees towards creativity and production increases. In this case, it becomes important for the organizations to ensure that different strategies are implemented that are more oriented towards the development of the personal intellect of the employees, so that they are capable of improving the organizational productivity and their individual performance as well (Landry et al. 2017). This research is therefore based on the analysis of different factors including monetary compensation and incentive schemes that are provided by the organizations and their eventual impact on the organizational performance of the employees.
The evaluation of these employee motivational factors is directly managed and implemented by the human resource management of the organizations. In this research, Walmart has been the chosen organization where the analysis of these factors will be made. Consequently, the current position of Walmart in the competitive market of the US will also be understood and at the same time the recommendations for improving the current strategies and to improve the better results may also be standardized through this research (Lazear, 2018).
1.2 Significance of the Research
Different researches have been made in the recent years that focused on the development of different incentive schemes and monetary compensation that are provided to the employees by the organizations. The different strategies of improving employee intellect and monetary compensation are also elaborated in these researches. However, this research is significant as it underlines and analyzes the direct relationship that exists between the employee motivations provided through the provision of monetary benefits and compensation incentives (Cassar & Meier, 2018). This research also idealizes the impacts of these parameters on the employee performance and their eventual impact on the organizational performance as a whole. The parameters of this research have been implemented in order to analyze the current perspectives on the basis of a big organization like Walmart and their business performance in the context of the US.
1.3 Research Aims
The aim of this research will be to analyze the impact of monetary compensation, rewards and incentives on the employee intellect within Walmart. This research will further aim to analyze the different impacts that the monetary compensation, rewards and incentives have on the performance of the employees within the organization.
1.4 Research Objectives
The objectives of this research will be:
· To identify the strategies of improving employee performance within the context of the business organizations like Walmart
· To analyze the different impacts that the monetary compensation, rewards and incentives have on the employee intellect in a big organization like Walmart
· To evaluate the advantages and disadvantages that Walmart faces as a result of the improvisation of monetary compensation, rewards and incentives on the employees within the organization
· To recommend suitable strategies that may be implemented within Walmart in order to improve the overall organizational performance of the employees through the provision of monetary compensation, rewards and incentives
1.5 Research Questions
· What are the strategies of improving employee performance within the context of business organizations like Walmart?
· What are the different impacts that the monetary compensation, rewards and incentives have on the employee intellect in a big organization like Walmart?
· What are the advantages and disadvantages that Walmart faces as a result of the improvisation of monetary compensation, rewards and incentives on the employees within the organization?
· What suitable strategies may be recommended that may be implemented within Walmart in order to improve the overall organizational performance of the employees through the provision of monetary compensation, rewards and incentives?
1.6 Research Rationale
It is important to ensure that the different organizations implement different strategies so that the business performance of the organization is sustainable. In many cases it is evident that Walmart has been sustaining their business through the provision of employee retention and employee attraction strategies. It is important for the employees to ensure that their intellect is aimed at the development of innovation and creativity or fostered (Osborne & Hammoud, 2017). It is therefore important to ensure that the development of organizational management strategies are required to be improved and more oriented towards employee performance and betterment. In this case, the development of employee monetary compensation and benefits provide the ability to the employees to not only boost their intellect, but also at the same time it allows them to improve their economic status in the society (Pang & Lu, 2018). This motivates the employees which ultimately forces them to develop their attributes in terms of creativity and innovation. Therefore, in the competitive business environment this is the major issue in this case.
This is an issue now, as the competitive business environment has been intensively high in the context of the US. It is evident that the different digital as well as advanced methods are implemented by the different organizations to improve their overall sales and performance in the competitive business environment (Groen, Wouters & Wilderom, 2017). In this case the only alternative to improve the overall business competitiveness is through the implementation of creativity and innovation that are fostered through employee intellect. This research will therefore shed light on different perspectives of employee compensation and motivation that are provided by the human resource management within the context of Walmart. It is evident that the business organizations are found to dominate the competitive market and the different factors underlying the cause have been researched previously....