Kanika Batra

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: Mrs. Vandana Madaan Assistant Professor
Submitted by: Kanika Batra D/o Mr. Yash Pal Batra Class Roll No. 1110/10 University Roll No. University regd. No.07-MY-
990
(Affiliated to Kurukshetra University, Kurukshetra & Approved By AICTE) M.L.N. College Educational Complex, Yamuna Nagar- 135001 (Haryana) DECLARATION Ph. 01732-220103, 234010, 234110. Fax: +91-1732-234110 E-mail: info@timt.ac.in, Web Site: www.timt.ac.in
Tilak Raj Chadha Institutute of Management & Technology
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
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 of Mr. 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, HeadDepartment of management TIMT, Yamuna Nagar for her kind co-operation & valuable guidance throughout the training. Finally the researcher would like to thank Bhushan 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
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 at their 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 of non-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 nonmonetary 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.
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.
CONTENTS
1.
Introduction a. b. c. Industry Profile Company Profile Introduction to topic Construct Independent and Dependent Variables
2.
Theoretical Framework a. b.
3. 4. 5. a.
Literature Review Research Objectives Research Methodology 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. 7. 8. 9.
Data Analysis Results and Findings Policy Implications Recommendations
10. 11.
Bibliography Annexure a.
b.
Annexure i Questionnaire Annexure ii- Chi-Square-Test Annexure iii- Factor Analysis Annexure iv- correlation Analysis Annexure v- Reliability Statistics Annexure vi- snapshots
c.
d. e.
f.
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 ground transportation, 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 globally tradable 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.
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 wellknown issue in this country.
OVERVIEW, PERFOMANCE AND STRUCTURE Key Events 1907: 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 Steel Co. 1923: Mysore Iron and Steel Company set up 1939: Steel Corporation of Bengal set up 1948: A new Industrial Policy Statement states that new ventures in the iron and steel industry 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 liquid form of iron. Iron produced by BF contains high amount of carbon and other impurities, this
iron is called pig iron. Pig iron due to its high carbon content has limited end use application such as covers of manholes. To make steel products out of pig iron it is further processed into BOF where its carbon content and other impurities are burnt or removed through slag separation. 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, melting scrap,its main inputs, to produce finished steel. It uses electricity as much as 400-500 kWh/ton. ISPAT,ESSAR, and the Jindal group are examples of producers, which use this technology. COREX or Cipcor Process: COREX is an advance process of making steel. Though few use this process, it is possible to use non-coking coal directly in smelting work and it also makes 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 convert non-coking coal into more efficient fuel and purpose of sinter plant is purify lump ore or pellets 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. Like EAF 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 product significantly pushes up transport and movement costs. Therefore large integrated plants are the norm for cost efficient production. For specialized steel and alloys efficient production by smaller plants is possible.
Types of steel
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
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
single largest, integrated steel plant in the private sector. The company has a wide product portfolio, which includes flat and long steel, tubes, bearings, ferro-alloys and minerals as well as cargo handling services. While in terms of size, Tata Steel ranks 34th in the world; it was ranked first (for the second time) among 23 world class steel companies by World Steel Dynamics 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) in which the Government of India owns about 86 per cent of equity. It is a fully integrated iron and steel maker, producing both basic and special steels for domestic construction, engineering, power, railway, automotive and defence industries and for sale in export markets. It is ranked amongst the top ten public sector companies in India in terms of turnover. They manufactures and sells a broad range of steel products, including hot and cold rolled sheets and coils, galvanised sheets, electrical sheets, structurals, railway products, plates, bars and rods, stainless steel and other alloy steels. Bhushan Power & Steel Ltd Bhushan Power & Steel Ltd., an ISO 9002 certified company, is a merged entity of Bhushan Industries Ltd., Bhushan Metallics Ltd. and Decor Steel Ltd. Bhushan Steel has a turnover of more 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 under Phase I in Orissa andPhase II is all set for take off. In Orissa plant, technology and equipments are procured fromworld-renowned Companies like Luirgi from Germany, ABB Ltd., SMS Demag, Siemensetc. It is selling its Value added range of products in Secondary Steel through a largedistribution network in India (comprising more than 25 sales offices) and Abroad. Jindal Steel & Power Limited (JSPL) Jindal Steel and Power (JSPL), part of the US$4 billion Jindal Organisation, has business interests in steel production, power generation, mining iron ore, coal and diamond exploration/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 the infrastructure sector. JSPL with its obsession for excellence, is increasing its portfolio of value-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 Steel Essar Steel Limited (the "Company") is the flagship Company of the Essar Group and looks after the Groups interest in the steel business. The Company was incorporated in June 1976 under the name of Essar Construction Limited and was engaged primarily in core sector activities, including marine construction, pipeline laying, dredging and other port-related Activities. In 1984, the Company ventured further into other core sectors mainly the field of Exploration and development, drilling onshore and offshore oil and gas wells for Indian Public Sector oil Exploration companies. In view of this the Companys name was then Changed to Essar Offshore and Exploration Limited in May 1987.
BHUSHAN POWER &STEELS, INDIA41
Growing from strength to strength 1970 - Started with very small initial outlay for manufacturing Door Hinges & later on, Rail Track Fasteners. 1973 -
Manufacturing facilities set up for Tor Steel and Wire Rod in Chandigarh. 1981 - Rolling Mill Project commissioned at Chandigarh for Round and Narrow Strips. 1985 - Backward Integration Project for Steel Melting facilities. 1986 - Upgrading of Mini Steel Plant with continuous casting and ladle furnace facilities. 1997 - Commissioning of Narrow Width Cold Rolling Project at Chandigarh. 1998 - Commissioning of Precision Pipe Project at Chandigarh. 2001 - Commissioning of Cold Rolling & Galvanizing Complex at Kolkata. 2002 - Addition of narrow width Cold Rolling facilities at Kolkata. 2003 - Expansion of wide width Cold Rolling facilities, ERW Water 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 MW Power Plant.
2007 - Commissioning of further expansion of Orissa Project Phase-II consisting of HR Coil Mill, Steel making, Blast Furnance, Sinter plant, Coke oven plant, Oxygen plant and Lime & Calcining Plant. 2009 - Commissioning of 3.5 million tpa Coal Washery, 146 MW Power Plant and 0.3 million tpa Sponge Iron under Phase III of Orissa Project. 2010 - Commissioning of 130 MW Power Plant and Electric Arc Furnace under Phase III of Orissa Project and further expansion of Orissa Project under Phase IV consisting of 6 DRI Kilns, 130 MW Power Plant, Steel Making Facilities,2nd CSP Caster & 6th strand along with Tunnel Furnace, Oxygen Plant, Lime Calcining with downstream facilities - Cold Rolling, Galvanizing, Galvalume, Colour Coating, Precision Tube & Black Pipe/GI Pipe. 2011 - Commissioning of two DRI Kilns, Electric Arc Furnace, 2nd CSP Caster & 6th Strand along with Tunnel Furnace, Cold Rolling Mill Complex and Galvanising under Phase-IV of Orissa Project.
Our Mission is to achieve clear identity and leadership globally in Steel production and distribution by integration of complete chain of production starting from captive iron ore to end user Steel products. Our revolution in Steel production has helped us to carve a niche unique only to a market leader. Every year passes by with new value additions and more accolades from our customers - Locally and Globally. Our rising chart in respect of all-important parameters of production and finance is a testimony to our claim. In pursuing our mission, we at Bhushan Power & Steel Ltd. are guided by the following values Quality - To be the best in quality. We aim and achieve excellence. Technology - State of the art technology and product enrichment by continuous Research and Development. Customer Friendly - Our products are world class and more and more clients are appreciating and using our products. We also undertake customized products with values addition and enhancement. Corporate Governance - We comply with all applicable laws and regulations. We believe in maintaining clean environment and conservation 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.
Our Commitments To improve the quality of our products and complete integration of various stages of production. To be conscious towards quality and pricing of our products. We strive by continuous research and development to make our products world class, having distinct identity and uniqueness. Our customers get best value 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 for domestic users, Industrial concerns etc. for infrastructure development at its manufacturing bases at Chandigarh, Derabassi (Punjab), Kolkata and Orissa. ALL PRODUCTS CONFORM TO INDIAN AND INTERNATIONAL SPECIFICATION.
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)
Products manufactured at Chandigarh plant Tor steel

Applications - The product finds its uses in various types of Construction activities like Buildings, Roads, Bridges etc where it is used for Concrete Reinforcements. Other names for Tor Steel are twisted steel bar, CWD bar, CTD Bar, deformed steel bar etc. Our TOR Steel bars confirm to IS:1786 in dimensional tolerances but in actual exceeds the specifications.
Wire rods
Applications: Wire Rod is used as raw material by Wire Drawing Units, Electrodes, Wire Mesh, Fasteners, Hardware and Automobile components manufacturers. We meet stringent quality parameters. We manufacturer Wire Rod from superior quality Billets produced by our own Integrated Steel Plant situated at Jharsuguda (Orissa) to ensure high strength and long life. The sizes of Wire Rod being manufactured by us are from 7.5mm to 13mm.
INTRODUCTION TO NON-MONETARY REWARDS16 Definitionany 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.
Employees understand they need to grow, learn and develop new skills in order to advance. The ability to be to 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 employees. flexible schedule or the occasional afternoon off can help employees meet some of these obligations. By allow some flexibility in an employees schedule you can increase their desire and motivation.
3Recognition In today's high paced work environment it is reported that employees consider recognition of their work and effo rare and infrequent. Think about it - What better way to have an employee continue their good work and success to 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 them questioning their every move. They like to receive their assignments -preferable with the time frame required completion and then have the independence to complete the work given the guidelines and framework you ha set on their own merits.
These benefits can go a long way in creating Employee/Employer loyalty and respect. This clearly demonstrates ther many 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 co Developers tend to be less happy adhering to certain rules of professionalism, such as hair and beard length, dress co office decoration standards, and so on, than other employees in the firm. Giving them a bit of leeway (within reason, course) will cost you nothing and help keep them content. This also applies to things like personal calls, the timing o breaks, and so on. I have yet to meet a developer who likes to work in a factory environment, with scheduled breaks, calls 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 a personal project with new technologies to letting them try their hand at a different job. Would you rather see your ca minded employees trying on a new job title or learning new skills while on your payroll or on someone elses? The I industry is fairly fluid, and many developers want a true career path, not just the road from developer to senior devel Give 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 them was free food. Many developers work through lunch. It is a well established fact that even a momentary distraction severely hurts productivity. I am not suggesting that you chain your coders to their desks and stuff their faces with gr
But making a healthy, free meal available to those folks heads down and in the zone will keep their efficiency and morale 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, o some other job title, as their career goal. Regardless, an employer that helps its developers meet their career goals, an makes it clear that progress is being made, is much more likely to retain its employees. A lot of companies talk a gre game in the interview about how they help their team achieve their dreams. But looking at how some companies tr their people, its easy to see why folks get cynical about that promise. When putting your people on the career track o their choice is something you actively work to do, your people see it and are much less likely to leave. After all, why leave 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 interv have probably been in a few offices (or currently work in one) that look really nice: Aeron chairs, polished conferenc tables, frosted glass, and brushed nickel. If your office features industrial remainders carpeting, mismatched chairs le over from the 1970s, and a cubical farm of 6 x 6 workspaces, theyre not likely to be impressed. And its not just ab looks. Many upgrades truly improve ergonomics and productivity through encouraging better posture, reducing eye strain, and so on.
There are so many reasons to welcome candidates into a pleasant office. For one thing, first impressions really do ma For another, candidates who see that you refuse to pay more than $20 for a chair will wonder what their bonus will lo like. Once someone gets onto your team, a nicer and more ergonomic work environment helps retain them. After all, someone gets blinding headaches from cheap fluorescent lighting every time he comes into the office, he will eventu stop 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 generally searching for the very best projects to be on. In sports, when great athletes go to a team that is doing badly, they were 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 team o you 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 pic have alternatives. If your project is struggling or if the team is floundering, dont hide it. It takes only a week (or less the job for an outsider to smell the rot anyway. Make the situation part of your sales pitch. Saying something like, O project is having problems because the team is a bit inexperienced. We would like someone like you to provide that senior level quality and help make this a world class team can attract and keep the developers that the salary you are offering 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. Morgan Freeman does not act in B-films, and superstar developers dont spend their time writing Hello World. After all, th didnt become great by staying within their limits, did they? When you show your candidate (or give your employees job that challenges them, within reason, and gives them a chance to learn new things and grow, they are likely to overlook the alternatives. Tell the prospective candidates why the job will be a challenge, and they will leave that interview already savoring the thrill of victory when they meet it. Show them a job that any entry-level person can handle, and they will wonder how long they will be there until they are replaced with an entry-level person
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,
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 helps 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 different types of non-monetary rewards by taking into consideration the employee ability, it will definitely increase the 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
productivity of employee. Besides this, there are various other factors which a manager keep into mind while designi
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. When recognition 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.
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
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. Naresh 3, 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.
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 Human
Resources. 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 extracted which were found to be relevant with the employee satisfaction.
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 the utilization 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 in itncreasinf employee satisfaction.
Steven H. Appelbaum 22 (march 1975), Model of Managerial Motivation.Training and 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.
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.htm34 Study the employee satisfaction basics.
http://www.inc.com/guides/201105/7-ways-to-improve-employee-satisfaction.html35 Study the ways to improve employee satisfaction.
http://www.busreslab.com/tips/tipses.htm36 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
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
RESEARCH OBJECTIVES1
The researcher has undertaken the study with the objective of measuring the impact of nonmonetary 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.
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.
PURPOSE OF THE STUDY
Exploratory cum descriptive
TYPE OF INVESTIGATION
Causal
STUDY SETTING
Non contrived
TIME HORIZON MEASUREMENT AND SCALING
Cross-Sectional Likert Scale (Interval Scaling)
In study the researcher has used the following framework of research design.
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 Employee satisfaction.
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
FLOWCHART FOR SELECTION OF STATISTICAL TOOLS5
How to choose statistical tool
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 Chi-Square Df Asymp. Sig. Exact Sig. Point Probability 33.167a 4 .000 .000 .000 company have interesting work 26.167a 4 .000 .000 .000 any kind of security 9.867b 3 .020 .019 .000 any opportunity of advancement 24.933b 3 .000 .000 .000 satisfied with your job 25.167a 4 .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.
Test Statistics satisfaction with relationship you pride in the company Chi-Square Df Asymp. Sig. Exact Sig. Point Probability 33.500a 4 .000 .000 .000 share with your fellow workers 2.500c 2 .287 .310 .024 grievance handling procedure 28.400b 3 .000 .000 .000 satisfaction with provided 38.000b 3 .000 .000 .000 organization work hours 34.667a 4 .000 .000 .000 welfare facilities proviiding flexible
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. c. 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 20.0.
Test Statistics satisfaction with quality of work life Chi-Square Df Asymp. Sig. Exact Sig. Point Probability 26.800b 3 .000 .000 .000 highly appreciated by management 23.833a 4 .000 .000 .000 well treated by management 8.400b 3 .038 .039 .005 provided with good working atmosphere 39.600b 3 .000 .000 .000 autonomous style of leadership 18.533b 3 .000 .000 .000
Test Statistics timely perfomance satisfaction with reward policy Chi-Square Df Asymp. Sig. Exact Sig. Point Probability 37.833a 4 .000 .000 .000 feedback in company 49.833a 4 .000 .000 .000 company provide satisfaction with employees empowerment 43.833a 4 .000 .000 .000 training and education 28.933b 3 .000 .000 .000
Test Statistics opportunity to learn new skills Chi-Square Df Asymp. Sig. Exact Sig. Point Probability 19.867b 3 .000 .000 .000 atmosphere of open communication 20.133b 3 .000 .000 .000
b. 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 15.0.
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.
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 Sampling Area
: :
random bhushan power & steel, Chandigarh
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.
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 statistical method used to describe variability among observed variables in terms of fewer unobserved variables called factors. The observed variables are modeled as linear combinations of 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. Bartlett's Test of Sphericity Approx. Chi-Square Df Sig. .813 882.247 210 .000
Rotated Component Matrixa Component 1 satisfaction with the recognition company have interesting work any kind of security any opportunity of advancement satisfied with your job 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 satisfaction with quality of work life highly appreciated by management well treated by management provided with good working atmosphere autonomous style of leadership satisfaction with reward policy timely perfomance feedback in company company provide employees empowerment satisfaction with training and education opportunity to learn new skills atmosphere of open communication .290 .380 .273 .666 .812 .205 .028 -.228 -.120 .322 .177 .231 -.075 .634 .199 .300 .093 .499 .604 .462 .222 .296 .213 .069 .429 .106 .070 .162 .070 .720 .709 .341 .128 .208 -.109 -.362 -.205 .002 -.100 -.010 -.187 -.869 .437 .276 .740 .109 .119 .715 .173 .051 -.050 .306 -.011 .288 .220 .760 -.031 .330 .251 .120 .017 .191 .080 .062 .791 .152 .161 .738 .299 -.073 .111 -.257 .692 .198 .202 .041 .292 .329 .271 .693 .142 .395 .087 -.030 .766 .418 .091 .303 .071 .260 .019 .086 .105 .131 .090 .813 .284 .798 -.021 -.067 .033 .204 .657 .687 .330 .044 .237 .332 .241 .309 -.059 .181 -.081 .292 .617 .359 .391 .153 .004 .173 .426 2 .167 3 .278 4 .532 5 .337 6 -.377
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 of KMO and Bartlett's Test has been found to be .813 which is greater than .5 which states
that factors extracted are significant.
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 Excludeda Total 60 0 60 % 100.0 .0 100.0
a. Listwise deletion based on all variables in the procedure.
Reliability Statistics Cronbach's Alpha Based on Cronbach's Alpha .920 Standardized Items .920 N of Items 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.
CORRELATION
Correlation coefficients measure the strength of association between two variables. The most common correlation coefficient, called the Pearson product-moment correlation coefficient, 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 the magnitude 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 linear relationship. The strongest linear relationship is indicated by a correlation coefficient of -1 or 1. The weakest linear relationship is indicated by a correlation coefficient equal to 0. A positive correlation means that if one variable gets bigger, the other variable tends to get bigger. A negative correlation means that if one variable gets bigger, the other variable tends to get smaller.
Sig. (1tailed )
satisfaction with the recognition company have interesting work any kind of security any opportunity of advancement satisfied with your job 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 satisfaction with quality of work life highly appreciated by management well treated by management provided with good working
.233
.000
.000
.000
.145
.014
.052
.008
.001
.001
.000
.000
.000
.000
.163 .000
.000 .000
.001 .007
.000 .000
.038 .009
.001 .000
.000 .000
.177
.000
.011
.000
.034
.009
.000
.023
.011
.002
.000
.026
.218
.000
.104
.000
.005
.000
.000
.050
.145
.224
.000
.000
.000
.000
.002
.000
.000
.002
.014
.000
.005
.000
.000
.329
.103
.000
.000
.002
.001
.000
.013
.040
.142
.007
.065
.246
.001
.087
.001
.052
.000
.000
.012
.000
.231
.002
.010
.000
.000
.000
.000
.001
.105
.000
.000
.008
.000
.000
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:
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 Strongly agree Agree Neutral Disagree
Respondents (In Number) 8 2 5 20
Respondents (In Percentage) 13 3 8 34
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?
Responses Strongly agree Agree Neutral Disagree Strongly disagree
Respondents (In Number) 7 18 24 9 2
Respondents (In Percentage) 12 30 40 15 3
3.are you getting any kind of security in your job?
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?
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 ?
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 ?
Responses
Respondents (In Number)
Respondents (In Percentage)
Strongly agree Agree Neutral Disagree Strongly disagree
12 26 17 3 2
20 44 28 5 3
Interpretation: 20% employees are strongly agree while, 44% employees agree,28% employees show neutral response while 5% employees disagree and 3% employees strongly disagree.
7.Are you satisfied with the relationship you share with your fellow workers ?
Interpretation:
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 ?
Interpretation: 8% employees are strongly agree while, 23% employees agree,54% employees show neutral responses and 15% employees are dissagree.
9. Are your satisfied with the welfare facilities provided in your organization?
Responses Strongly agree Agree Neutral
Respondents (In Number) 3 17 27
Respondents (In Percentage) 5 28 45
Disagree Strongly disagree
10 3
17 5
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.
10. is your organization providing flexible work hours ?
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.
11 . Are you satisfied with the quality of work life in your organization?
Interpretation: 8% employees are strongly agree while,40% employees agree,44% employees show neutral responsesn and 8% employees are dissagree.
12. Does your management highly appreciate your work?
Interpretation: 13% employees are strongly agree while,35% employees agree,33% employees show neutral responses,17% employees show disagree responses and 2% employees are strongly disagree.
13. Are you well treated by your management?
Interpretation: 12% employees are strongly agree while,30% employees agree,37% employees show neutral responses and 21%employees are disagree.
14. Is your organization providing you good working atmosphere?
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?
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?
17. Is there is timely performance feedback in your company?
Responses Strongly agree Agree Neutral Disagree
Respondents (In Number) 2 29 21 4
Respondents (In Percentage) 3 48 35 7
Strongly disagree
18. Does your company provide empowerment to employees?
19. Are you satisfied with the training and education program in your company?
Interpretation: 10% employees are strongly agree,25% employees are agree,53% employees show neutral responses and 12 %employees are disagree.
20. Does your company give opportunity to learn new skills to employees?
21. Is there is an atmosphere of open communication in your company?
FINDINGS OF THE STUDY
The major findings of the study have been found to be:
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
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 Organization should focus on developing a career path for their employees
Company should use motivational methods to increase the level of commitment. 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 nonmonetary rewards which increase employee satisfaction with their work:
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.
BIBLIOGRAPHY
1. Sekaran Uma (Fourth Edition) Research Methods for Business, John Wiley India Ltd., New Delhi, pp 117-130, 196-207,263-298,300-336. 2.Kothari C.R. (Second Revised Edition), Research Methodology Methods and Techniques, New Age International (P) Limited, New Delhi, pp 45- 49, 301-306, 236-243
3.Gupta S.P., Statistical Methods, Sultan chand & Sons, New Delhi, pp1.1 11. 18 4.Sharma D.D, Marketing Research, South Asia Books, New Delhi, pp 115-135. 5.Ashwathappa K( Fifth Edition),Human Resource Management, Tata McGraw Hill Publishing Companies Ltd., New Delhi, pp 112-117, 265-298. 6.T.N. Chhabra ( V Edition Revised), Human Resource Management, Dhanpat Rai and Co.(P) Ltd, New Delhi, pp 295-307. 7.C.S. Venkata Ratnam & B.K. Srivastava, Personnel Management and Human Resources, Oxford Publications, New Delhi, pp 28-44. 8.Dr. S.S.Khanka, Human Resource Management S. Chand & Company Ltd., New Delhi, pp 39-52. 9.Jit S. Chandan , Organizational Behaviour, Vikas Publishing House Pvt. Ltd, Noida, pp 72-85. 10. P. Subba Rao ( Third Edition), Essentials of Human Resource Management and Indusrial Relations, Himalaya Publishing House, New Delhi, pp 60-87. 11. R.S.Diwedi , Managing Human Resources-Industrial Relations in Indian Enterprise, Galgotia Publishing Company, New Delhi, pp 461-519. 12.Dipak Kumar Bhattacharya ( Second Edition ), Human Resource Management, Excel Books, New Delhi, pp 85-114. 13.Pearson, Cecil, Ananthram, Subramaniam ( July 2008), Career Development, Job Satisfaction, and Career Commitment: evidence from the Singaporean hospitality industry, Paradigm,Vol.12, No.2, pp 168-195. 14.Dr. S.F. Chandra Sekhar ( July Issue 2000), Organizational Commitment: A study of employees responses from select NGOs, Management and Labour studies, Vol. 27, pp 205213.
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(February 2011), The relationship between Strategic Compensation pratices and Organizational Commitment, Interdisciplinary Journal of Research in Business, Vol. 1, No.2, pp 44-55. 17. Dr. Chi Mohd Zulkifli Che Omar (December 2009), Organizational commitment
and Climamate Training Objectives and Implementation on Organizational Training, The journal of Human Resource and Adult Learning, Vol.5, No.2, pp 58-65. 18. J.W. Rojewski, Paul Asunda, Soo Jung Kim (January 2008), Trends in career and
technical education research, Journal of Career and Technical Education, Vol.24, No.2, pp 57-68. 19. Mohan Prem Kumar (2002), Job Satisfaction among permanent and contractual information technology workers, IACIS 2002, pp 362-366. 20. Lise M. Saari & Timothy A. Judge (January 2004), Employee attitudes and Job
Satisfaction, Human Resource management, Vol.43, No.4, pp 395-407.
21. Rai shikha (November 2006),Employee WelfareHRM review, ICFAI University Press,. Pp 36-42. 22. Kashyap kirt(August 2006),Welfare Programmes as an important Employee Retention tool, 23. HRM review, ICFAI University Press, ,vol.51,pp 21-28. Malhotra ramesh(june 2006),Satisfying the Workforce, HRM review, ICFAI
University Press, vol.23, pp 12-19 . 24. Sinha R.S.( December 2005),Organisational Welfare Need, Human Capital ,vol. 15, pp 31- 38. 25.Martin Seligman(January 2007), Designing Happyness, HRM review, Vol.11, pp 3436.
26.Shawn Anchor(March 2006), Career Planning and Development in IT companies, HRM review, Vol. 13, pp 45-47. 27.Shashank Shah(June 2006), Social and Environmental Responsibility, Paradigm, vol. 10, no.2, pp 147-159. 28.M.S. Srinivasan(July 2011), Values for excellence in professional work, Paradigm, Vol.11, No.3, pp 98-110. 29 . Shashank Shah( September 2007), Corporate Social Responsibility in Indian public sector organization, Paradigm, Vol. 13, No.4, pp 123-145.
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42. www.jcb.in
43. www.jcb.com
ANNEXURES
ANNEXURE I QUESTIONNAIRE
NON-MONETARY REWARDS QUESTIONNAIRE Name: Age: Sex: Education: Other:
QUESTION/STATEMENT
Strongl y agree (5)
Agree (4)
Neutral (3)
Disagr ee (2)
Strong ly disagr ee (1)
1. Are you satisfied with the recognition provided in your organization? 2. Does your company have interesting work for employees? 3. Are you getting any kind of security in your job? 4. Is there any opportunity of advancement in your company? 5. Are you satisfied with your job? 6. Do you get any pride in your company? 7. Are you satisfied with the relationship you share with your fellow workers? 8. Are you satisfied with the grievance handling procedure in your company? 9. Are you satisfied with the welfare facilities provided in your company? 10. Is your organization providing flexible work hours? 11. Are you satisfied with the quality of work life in your organization? 12. Does your management highly appreciate your work? 13. Are you well treated by your management? 14. Is your organization providing you good working atmosphere?
15. Does management of your company follows autonomous style of leadership?
16. Are you satisfied with your organizational reward policy? 17. Is there is timely performance feedback in your company? 18. Does your company provide empowerment to employees? 19. Are you satisfied with the training and education program in your company? 20. Does your company give opportunity to learn new skills to employees? 21. Is there is an atmosphere of open communication in your company?
ANNEXURE II
CHI-SQUARE TEST
Test Statistics satisfaction with the recognition Chi-Square Df Asymp. Sig. Exact Sig. Point Probability 33.167a 4 .000 .000 .000 company have interesting work 26.167a 4 .000 .000 .000 any kind of security 9.867b 3 .020 .019 .000 any opportunity of advancement 24.933b 3 .000 .000 .000 satisfied with your job 25.167a 4 .000 .000 .000
Test Statistics satisfaction with relationship you pride in the company Chi-Square Df Asymp. Sig. Exact Sig. Point Probability 33.500a 4 .000 .000 .000 share with your fellow workers 2.500c 2 .287 .310 .024 grievance handling procedure 28.400b 3 .000 .000 .000 satisfaction with provided 38.000b 3 .000 .000 .000 organization work hours 34.667a 4 .000 .000 .000 welfare facilities proviiding flexible
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. c. 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 20.0.
Test Statistics satisfaction with quality of work life Chi-Square Df Asymp. Sig. Exact Sig. Point Probability 26.800b 3 .000 .000 .000 highly appreciated by management 23.833a 4 .000 .000 .000 well treated by management 8.400b 3 .038 .039 .005 provided with good working atmosphere 39.600b 3 .000 .000 .000 autonomous style of leadership 18.533b 3 .000 .000 .000
Test Statistics timely perfomance satisfaction with reward policy Chi-Square Df Asymp. Sig. Exact Sig. Point Probability 37.833a 4 .000 .000 .000 feedback in company 49.833a 4 .000 .000 .000 company provide satisfaction with employees empowerment 43.833a 4 .000 .000 .000 training and education 28.933b 3 .000 .000 .000
Test Statistics atmosphere of opportunity to learn new skills Chi-Square Df Asymp. Sig. Exact Sig. Point Probability 19.867b 3 .000 .000 .000 open communication 20.133b 3 .000 .000 .000
b. 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 15.0.
ANNEXURE III FACTOR ANALYSIS
Rotated Component Matrixa Component 1 satisfaction with the recognition company have interesting work any kind of security any opportunity of advancement satisfied with your job 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 satisfaction with quality of work life highly appreciated by management well treated by management provided with good working atmosphere autonomous style of leadership satisfaction with reward policy timely perfomance feedback in company company provide employees empowerment satisfaction with training and education opportunity to learn new skills atmosphere of open communication .290 .380 .273 .666 .812 .205 .028 -.228 -.120 .322 .177 .231 -.075 .634 .199 .300 .093 .499 .604 .462 .222 .296 .213 .069 .429 .106 .070 .162 .070 .720 .709 .341 .128 .208 -.109 -.362 -.205 .002 -.100 -.010 -.187 -.869 .437 .276 .740 .109 .119 .715 .173 .051 -.050 .306 -.011 .288 .220 .760 -.031 .330 .251 .120 .017 .191 .080 .062 .791 .152 .161 .738 .299 -.073 .111 -.257 .692 .198 .202 .041 .292 .329 .271 .693 .142 .395 .087 -.030 .766 .418 .091 .303 .071 .260 .019 .086 .105 .131 .090 .813 .284 .798 -.021 -.067 .033 .204 .657 .687 .330 .044 .237 .332 .241 .309 -.059 .181 -.081 .292 .617 .359 .391 .153 .004 .173 .426 2 .167 3 .278 4 .532 5 .337 6 -.377
ANNEXURE IV
CORRELATION ANALYSIS
any company satisfaction with the recognition Correlatio satisfaction with n the recognition company have interesting work any kind of security any opportunity of advancement satisfied with your job 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 satisfaction with quality of work life highly appreciated by management .469 .442 .441 .351 .443 .363 .268 .242 .155 .307 .219 .487 .374 .407 .421 .242 .357 .230 .340 .532 .505 .634 .635 .607 .461 .555 .537 .380 .549 .244 .436 .283 .349 .396 .288 .175 .505 .349 .249 .463 .633 1.000 .518 .568 .528 .581 1.000 .633 .557 .514 .629 .696 1.000 .546 .546 1.000 .528 .581 .249 .463 .435 1.000 .629 .696 .568 .349 1.000 have work .435 security .557 opportunity of ent .514 satisfied job .518 company .505
relationshi p you share with workers .436 with your pride in the your fellow
interesting any kind of advancem
.283
.349 .396
.288
.175
1.000
.468
.287
.158
.069
.454
Correlation Matrix satisfaction satisfaction organizatio with grievance handling procedure Correlatio satisfaction with n the recognition company have interesting work any kind of security any opportunity of advancement satisfied with your job 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 satisfaction with quality of work life .290 .266 .206 1.000 .358 .158 .357 .569 .323 1.000 .206 .489 .578 .214 .389 1.000 .323 .266 .399 .423 .478 1.000 .389 .569 .290 .653 .641 .285 .468 .287 .158 .069 .454 .411 .271 .244 .607 .230 .487 .363 .194 .410 .549 .635 .357 .219 .443 .571 .371 .537 .380 .505 .634 .421 .242 .155 .307 .441 .351 .536 .405 .368 .549 .555 .532 .407 .242 .442 .582 .472 .461 with welfare facilities provided .340 n proviiding satisfaction flexible work hours of work life .374 .268 highly appreciate d by nt .469 well treated by nt .451 provided with good working e .387
with quality manageme manageme atmospher
Correlation Matrix timely satisfaction perfomanc autonomou s style of leadership Correlatio satisfaction with n the recognition company have interesting work any kind of security any opportunity of advancement satisfied with your job 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 satisfaction with quality of work life -.289 .227 .140 .314 .198 .090 .392 .059 .166 .432 .421 .375 .404 .549 -.503 .358 .282 .662 .329 .455 .588 -.100 .503 .425 .585 .534 .377 .493 -.165 .496 .332 .436 .479 .214 .139 -.260 .295 .365 .475 .253 .103 .468 -.122 .472 .297 .628 .237 .305 .548 -.129 -.433 .428 .535 .394 .316 .631 .628 .231 .302 .401 .508 .415 .422 -.308 .401 .401 .669 .437 .592 .502 .096 with reward policy .591 in company .601 company satisfaction provide empowerm ent .640 with training and education .139 to learn new skills .285 atmospher opportunity e of open communic ation .212
e feedback employees
ANNEXURE V
RELIABILITY TEST
Case Processing Summary N Cases Valid Excludeda Total 60 0 60 % 100.0 .0 100.0
a. Listwise deletion based on all variables in the procedure.
Reliability Statistics Cronbach's Alpha Based on Cronbach's Alpha .920 Standardized Items .920 N of Items 21
ANNEXURE VI Snapshots

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A Summer Training Project Report On

Under the guidance of: Mrs. Vandana Madaan Assistant Professor

Tilak Raj Chadha Institutute of Management & Technology

Data Analysis Results and Findings Policy Implications Recommendations

MAJOR KEY PLAYERS IN INDIAN STEEL INDUSTRY42

BHUSHAN POWER &STEELS, INDIA41

ALLOY STEEL ROUNDS

PRECISION TUBES (ERW and CEW)

Products manufactured at Chandigarh plant Tor steel

Types of Non-Monetary Rewards17

Factors effecting non-monetary rewards19

NON MONETARY REWARDS-EMPLOYEE MOTIVATION30,31:

NON MONETARY REWARDS-EMPLOYEE PERFORMANCE30:

MAJOR BENEFITS OF NON MONETARY REWARDS16,22,23

Ashwathappa K7, Human Resource Management.

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

Jit S. Chandan11 , Organizational Behaviour.

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

Dipak Kumar Bhattacharya15 , Human Resource Management.

http://humanresources.about.com/od/employeesurvey1/g/employee_satisfy.htm34 Study the employee satisfaction basics.

http://www.inc.com/guides/201105/7-ways-to-improve-employee-satisfaction.html35 Study the ways to improve employee satisfaction.

http://www.busreslab.com/tips/tipses.htm36 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.

study the steel industry

PURPOSE OF THE STUDY

Exploratory cum descriptive

TIME HORIZON MEASUREMENT AND SCALING

Cross-Sectional Likert Scale (Interval Scaling)

FLOWCHART FOR SELECTION OF STATISTICAL TOOLS5

How to choose statistical tool

HYPOTHESIS DEVELOPING AND TESTING3

SAMPLE AND SAMPLING DESIGN3,6

150 employees at bhushan power & steel Limited, Chandigarh

60 Employees which comprises 40% of total Population

Sampling Technique Sampling Area

random bhushan power & steel, Chandigarh

Case Processing Summary N Cases Valid Excludeda Total 60 0 60 % 100.0 .0 100.0

a. Listwise deletion based on all variables in the procedure.

How to Interpret a Correlation Coefficient

LIMITATIONS OF THE STUDY

result of which many facts have been left unexplored.

to represent whole of the population

fear of loosing their positions.

data and selecting the sample.

Responses Strongly agree Agree Neutral Disagree

Respondents (In Number) 8 2 5 20

Respondents (In Percentage) 13 3 8 34

Source: Primary Data

2. Does your company have interesting work for employees?

Responses Strongly agree Agree Neutral Disagree Strongly disagree

Respondents (In Number) 7 18 24 9 2

Respondents (In Percentage) 12 30 40 15 3

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

Responses Strongly agree Agree Neutral Disagree Strongly disagree

Respondents (In Number) 10 20 22 8 0

Respondents (In Percentage) 17 33 37 13 0

Source: Primary Data