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Chapter 1: Introduction ...................................................................................... 1 1.1 Research Background.......................................................................................................... 3 1.2 Research Question ............................................................................................................. 4 1.3 Research Objective ………………………………………………………………………4 1.4 Research Scope and Purpose ………………………………...……………………………4 1.5 Research Significant ……….……………………………………………………………4 1.6 Organization of the Research ……………………………………………………………..5 Chapter 2: Literature Review ............................................................................. 6 Type chapter level (level 2) ....................................................................................................... 6 Type chapter title (level 3).................................................................................................... 6 Chapter 3: Methodology ...................................................................................... 6 Chapter 4: Analyses .............................................................................................. 6 Chapter 5: Conclusions ........................................................................................ 6 Chapter 1: Introduction 1.1 Research Background: Human Capital is an essential asset to the Organization, and without them, the organization cannot achieve its objective. Employee retention is now a primary consideration of the human resource debate instead of the focus on the traditional human resource role. HR professionals should engage more in addressing retention issues. Retaining a quality employee is more efficient compared to recruiting and training a replacement bearing similar qualities (Cloutier et al., 2015). Employees focus on short-term benefits rather than organizational commitment. Compensation and benefits are some of the leading factors in job satisfaction. Job satisfaction is a key ingredient of employee retention efforts in any organization. Addressing job satisfaction leads to clear benefits. Thus, focusing on employee retention contributes significantly in terms of morale, productivity, performance, reduction in turnover, and quality work. Factors like compensation and benefits significantly impact job satisfaction which ultimately affects employee retention. Job satisfaction is an element that is crucial for employee performance. Job satisfaction refers to the "agreeable emotional condition that results from the assessment of one's job as attaining or facilitating the accomplishment of one's job values" (Latifa et al., 2013). The element can also depend on several factors like pay practices, increased productivity and low turnover. Employee's attitudes towards their jobs can be positive if they realize that their jobs assist them in achieving their needs directly or indirectly. Job satisfaction represents the difference between their expectations and the experience derived from the job. Job satisfaction constitutes an individual's feelings concerning the work environment, job, payment, security, and so forth. It also contains other vital aspects such as job content and job context. Job content facet includes compensation and work characteristics while job context includes the work conditions, growth opportunities, policies. Thus, if an employee is not happy with the compensation and benefits package, he/she will unlikely be happy. A critical issue facing organizations is on the retention of employees. The bottom line is that compensation and benefits management for employee retention will make companies retain the talented and experienced employees who will want to contribute to an organization's overall success. Compensation may not be the core factor in the determination of whether an employee may stay, but it tips the balance. Besides, salary and benefits make the compensation package, and it is possible to improve what a company may offer to employees without committing more money. A better compensation package is likely to retain more employees. Employees want better pay for the job they do which may improve their self-esteem and also as a practical way of living. Compensation also in terms of employee retention depends on the industry and job. Some employees are motivated by rewards that a firm offers and may continue working for a company in the long-term. Rewards are vital in retaining employees and for job satisfaction. Rewards get offered according to the unique contributions that employees make to a company. Compensation and benefit packages like stock options, bonuses, and salaries are tools that help organizations retain employees. Failure to offer such packages to employees may result in decreased job satisfaction and ultimately Page 2 of 7 affect job retention (Terera and Ngirande, 2014). Bonuses and related programs encourage employees to be goal oriented. It will be possible to achieve objectives if sensible incentives get offered to employees. The benefits programs benefit employees since they go beyond normal retirement and health programs. The non-monetary benefits also play a part in job satisfaction. The rewards systems that are people-based prove successful in increasing job satisfaction since they relate to personal needs. The aspects considered here include time off, career development, discounts on company products, and so forth. Business theories also support such factors in job satisfaction. 1.2 Research Question: 1: Do Benefit and Compensation have a positive and significant effect on Job Satisfaction? 2: Does Job Satisfaction have a Positive and Significant impact on employee Retention in the Manufacturing Sector in the eastern region, Saudi Arabia? 1.3 Research objective: The primary Objective of This study is to measure the effect of Benefit and Compensation in employee satisfaction. Also, to find the effect of job satisfaction on Employee Retention. It will result in identifying the type of benefit and compensation that make the employee more satisfied, also the outcome of employee retention such as reduce the employee turnover rate, more motived employee, increase the productivity and drive the organization to achieve it is goals. 1.4 Research Scope and Purpose: The importance of this study is associated with the importance of the topic. Job satisfaction and Employee retention have become a critical concern in the mind of Human Resources Management for an organization. For that, we focus our study on this topic to help them identify the relationship between Benefits and compensation and job satisfaction in their organization. The study will measure the relationship between these variables based on the response of employees in the manufacturing sector, through Questioner. 1.5 Research Significant: The findings of this study will help the Human Resource Management in the manufacturing sector to explore the level of their employee job Satisfaction, evaluate and develop the Benefits and compensation they offer. Page 3 of 7 1.6 Organization of the Research: The research consists of five chapters, as follows: Chapter 1. This chapter includes the introduction, research question, objectives, scope and purpose and the research significant. Chapter 2. This chapter is a review of all literature used in this study books, journals, articles and information collated from various websites. Chapter 3. This chapter is composed of research methodology. Chapter 4. This chapter explains the analysis and finding from data collected in Chapter 3 Chapter 5. This chapter answers the research questions of this study, Recommendation, Limitation, and further research. Page 4 of 7 Chapter 2: Literature Review 2.1 Job Satisfaction and dissatisfaction 2.2 Benefit and compensation 2.2.1 Monetary 2.2.2 Non- Monetary 2.3 Important to Job Satisfaction 2.3.1Impact on Company or Organization 2.3.2 Impact on Individual (employees) Page 5 of 7 Relation to Theories Maslow’s hierarchy of needs theory examined crucial contributors to job satisfaction. The theory posits that human needs are in a five-level hierarchy. The theory also postulates that essential needs should be met first, which are, the safety and physiological needs before moving to more complex needs like esteem, and belonging (Stoyanov, 2017). Besides, the lower level needs are the most basic while the complex ones are at the top. The theory has a relationship with job satisfaction in workplaces when employees get satisfied through the accomplishment of each step of the theory. Such employees will likely get retained in an organization. Further, the levels of this theory deal with the fulfillment of employee needs. Impacts on Company Job dissatisfaction has far-reaching effects, and it is an issue of concern for companies. Unhappy employees may have low work performance in addition to the negative influence they may spread around other coworkers A company’s competitive advantage may get affected if they fail to retain top talent. A company having low job satisfaction levels among its employees experiences high turnover rates. Turnover is costly and affects an organization's performance (Alshammari et al., 2016). Low job satisfaction equals low productivity. Unhappy employees may not focus on their duties and pay less attention to tasks. Other employees' performance will also be affected if a member feels dissatisfied thereby reducing productivity. Low morale spreads through a workplace fast further affecting others when they feel the compensation and benefits packages are not matching with their output. Desirable benefits and compensation packages satisfy employees increasing employee loyalty and increased retention rates. Page 6 of 7 References Alshammari MA, Aqied BA, Mawali H AI, and Matalqa M (2016) What drives employee's involvement and turnover intentions: Empirical investigation of factors influencing employee involvement and turnover intentions. Int J Manage Market 6: 298-306. Cloutier, O., Felusiak, L., Hill, C. and Pemberton-Jones, E.J., 2015. The Importance of Developing Strategies for Employee Retention. Journal of Leadership, Accountability & Ethics, 12(2). Latif, M.S., Ahmad, M., Qasim, M., Mushtaq, M., Ferdoos, A. and Naeem, H., 2013. Impact of employee’s job satisfaction on organizational performance. European journal of business and management, 5(5), pp.166-171.Stoyanov, S. (2017). A theory of human motivation. Macat Library. Stoyanov, S., 2017. A theory of human motivation. Macat Library. Terera, S.R. and Ngirande, H., 2014. The impact of rewards on job satisfaction and employee retention. Mediterranean Journal of Social Sciences, 5(1), p.481. Page 7 of 7 See discussions, stats, and author profiles for this publication at: https://www.researchgate.net/publication/273758824 Exploratory Analysis of Compensation and Employee Job Satisfaction Article · January 2014 CITATIONS READS 2 2,846 1 author: Emmanuel Erastus Yamoah University of Education, Winneba 16 PUBLICATIONS 39 CITATIONS SEE PROFILE All content following this page was uploaded by Emmanuel Erastus Yamoah on 19 March 2015. The user has requested enhancement of the downloaded file. Developing Country Studies ISSN 2224-607X (Paper) ISSN 2225-0565 (Online) Vol.4, No.12, 2014 www.iiste.org Exploratory Analysis of Compensation and Employee Job Satisfaction Emmanuel Erastus Yamoah, PhD (Can.) Senior Lecturer, School of Business, Valley View University, Accra, Ghana yamoahemmle@yahool.com Abstract Organizations are made up of people, and the success or failure of these organizations are dependent on the people in the organization. It has been proven time and again that one of the ways to get the best performance out of employees is to make them comfortable and happy. Workers of all ages and income brackets continue to grow increasingly unhappy at work - a long-term trend that should seriously concern employers. How then do managers create satisfied employees? Since compensation has been a major factor of motivating employees in an organization. This study examined the issue compensation and employee job satisfaction. Data was collected and analyzed in terms of descriptive statistics and Pearson chi square was used to test the significance of relationship between compensation and employee job satisfaction. The result indicated that there is no significant relationship between compensation and employee job satisfaction among the respondents. However components of compensation such as career development and job security were major contributing factors to employee job satisfaction. The study recommended that better carrier development opportunities should be given to the employees to increase job satisfaction. Keywords: Compensation, employee job satisfaction 1. Introduction 1.1 Background of the study Compensation is all employer provided tangible and intangible rewards an employee receives as part of the employment relationship. The Society for Human Resource Management (SHRM, 2012) has defined compensation as systematic approach to providing monetary value to employees in exchange for work performed. Compensation may achieve several purposes, assisting in recruitment, job performance, and job satisfaction. It can be said that compensation is the “glue” that binds the employee and the employer together in the organized sector, this is further codified in the form of a contract or a mutually binding legal document that spells out exactly how much should be paid to the employee and the components of the compensation package (www.managementstudyguide.com, 22/03/14). Appropriate rewards and benefits are also type of compensation program that are important for employees. Financially, the salaries must be fair according to employees' contribution. This gives a great sense of ownership and an interesting financial advantage for the employees. Non-financial reward should also be provided to employees for their contributions. Armstrong (2006) defined job satisfaction as the attitudes and feelings people have about their work. Positive and favourable attitudes towards the job indicate job satisfaction. Negative and unfavourable attitudes towards the job indicate job dissatisfaction. Morale is often defined as being equivalent to job satisfaction. Thus Guion (1958) defined morale as the extent to which an individual’s needs are satisfied and the extent to which the individual perceives that satisfaction as stemming from his total work situation. Morale and job satisfaction are affected by compensation. Often there is a balance (equity) that must be reached between the monetary values, the employer is willing to pay and the sentiments of worth felt be the employee. In an attempt to save money, employers may opt to freeze salaries or salary levels at the expense of satisfaction and morale. Conversely, an employer wishing to reduce employee turnover may seek to increase salaries and salary levels. Though Maslow’s Need Hierarchy Theory talks about compensation being at the middle to lower rank of the pyramid and the other factors like job satisfaction and fulfillment being at the top, for a majority of employees, getting the right compensation is by itself a motivating factor. Hence, employers need to quantify the employee’s contribution in a proper manner if they are to get the best out of the employee (www.managementstudyguide.com, 22/03/14). And it has been proven time and again that one of the best ways to get someone’s best work is to make them comfortable and happy. A happy employee is a good employee. Employees are the main assets of the company and it is the human capital and without human capital there is no value of the financial capital. So it is most important to keep your employees happy and contented to run a successful organization. 27 Developing Country Studies ISSN 2224-607X (Paper) ISSN 2225-0565 (Online) Vol.4, No.12, 2014 www.iiste.org 1.2 Objective of the study The main objective of this study is to examine the relationship between employee compensation and their job satisfaction at Expresson Telecom Group, Ghana. 1.3 Research Hypothesis Ho: there is no significant relationship between compensation and employee job satisfaction. 2. Literature Review 2.1 Overview of Compensation According to a research report by the Society of Human Resource Management (2012), 6 out of 10 employees indicated that compensation was very important to their overall job satisfaction, putting it only three percentage points below opportunities to use skills and abilities and only one percentage point below job security in 2012. Compensation, along with job security, has consistently remained on the list of the top five job satisfaction factors most important to employees. As the economic climate continues to warm up and hiring rates increase, attractive compensation packages will be one of the strategies organizations competing for talent will use to recruit and retain the best employees. Compensation as it were is a complex topic that has significant impact on organizational success (Dessler, 2005), and for any organization to succeed, it must not look up to capital investment but to its employees as the fundamental source of improvement with the understanding that the human element and the organization are synonymous (Tella et al., 2007). In this research compensation is all employer provided tangible and intangible rewards an employee receives as part of the employment relationship. Thompson (2002) suggests that: Definitions of total reward(Compensation) typically encompass not only traditional, quantifiable elements like salary, variable pay and benefits, but also more intangible non-cash elements such as scope to achieve and exercise responsibility, career opportunities, learning and development, the intrinsic motivation provided by the work itself and the quality of working life provided by the organization. 2.2 Job Evaluation Job evaluation falls in the broader process of reward system, which is very important. Reward system will be incomplete, if there is no job evaluation. Job evaluation provides the basis for achieving equitable pay. It is essential as a means of dealing with equal pay for work. According to Bowen (2000), job evaluation is the process of determining the relative worth of a job in an organization. Job evaluation is important in ensuring that a fair payment system is in place, which is transparent and can be communicated to all employees in organization. Milkovich (2002) also described job evaluation as providing a systematic basis for determining the relative worth of jobs within an organization. It flows from the job analysis process and is based on job description and job specification. Every job in the organization is examined and ultimately priced according to the following features: • Relative importance of the job • Knowledge, skills and abilities needed to perform the job • Difficulty of the job. Furthermore job evaluation is a formal and systematic comparison of jobs to determine the worth of one job relative to another, and eventually results in a wage or salary structure. This involves weighing the advantages and disadvantage of a job and comparing it to another job. The difference in the comparison will amount to the difference in salary of one job to another job (Perry et al., 2006; Yamoah, 2013). 2.3 Components of Compensation According to Cascio (2003), the objective of the design of compensation program is divided into two, which are, direct and indirect forms of compensation. Direct compensation has to do with wage and / or salary aspect while indirect compensation is the fringe benef ...
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LITERATURE REVIEW

1

Human Risk Management: Effects of Benefits and compensation on Job Satisfaction Ultimately
Affecting Employee Retention

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LITERATURE REVIEW

2

Job satisfaction and dissatisfaction
Organizations are comprised of people, meaning that the success or failure of such
organizations depends on these individuals. It is proven that to realize development;
organizations must do their best to make their workers happy and feel valued. It is established
that workers of all ages have continued to face frustrations at the workplace, something that
should be a worrying concern among employers. Job satisfaction comes with the kind of
compensation given to the deserving employees as this has been seen to be the primary source of
motivation among employees. Compensation refers to all the tangible and the intangible rewards
that are given to the employees as a consequence of their hard and dedicated work in their
respective organizations (Osabutey, Obro-Adibo, Agbodohu and Kumi, 2013, p. 29). According
to the society of human resources management, compensation is the systematic approach that
was crafted to offer monetary value to the employees in interchange for their work performance.
According to Armstrong (2006, p. 307), job satisfaction refers to the feelings and
attitudes that people have towards their work. The positive, as well as favorable attitudes
expressed by workers, are an indication of a satisfied worker at the workplace. The unfavorable
and negative attitudes towards work is an indication of job dissatisfaction. Notably, morale has
been described to be synonymous to job satisfaction. Morale refers to the extent to which the
employees need to be satisfied. It is also the extent to which the individual employee views the
satisfaction as stemming from their total work circumstances (de la Torre-Ruiz, Vidal-Salazar
and Cordón-Pozo, 2017, p. 3). That said, both job satisfaction and morale are affected by
workers’ compensation. It is essential to take note of the fact that there must be a balance
between the monetary values attached to work, the much the employers are willing to part with,
together with the sentiments that are felt by the employers concerning their organizational

LITERATURE REVIEW

3

output. While trying to save on money, employers often opt for the freezing of employee salaries
at the expense of the workers’ morale and job satisfaction (de la Torre-Ruiz, Vidal-Salazar, and
Cordón-Pozo, 2017, p. 7).
Conversely, those employers who may wish to reduce the employee turnover may wish to
increase the salary levels of their employees and also increase the salaries themselves. Even
though Maslow’s Need Hierarchy Model states that compensation is right in the middle to the
lower rank in the pyramid, it adds that such factors as job fulfillment and satisfaction are at the
top of the pyramid and that for most employees, getting the best compensation is motivating
factor worth resonating with dedicated production ...

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