Reward Abd Recognition in Tata Steel Essay Example

and mutual cooperation with colleagues, customers, and partners worldwide. Responsibility is vital as they remain accountable to the countries, communities, and environments where they operate to ensure benefits for all stakeholders. The Shari Division plays a significant role in meeting Data Steel's coal requirements by producing 15.6 lash tone of raw coal in 2008-09 across two locations: Issue and Jambalaya. This division comprises six collieries including the Blatant Colliery which was acquired by Data Steel in 1910 and celebrates its centenary this year.

In addition, in 1918, Data Steel also obtained Malaria in Issue and Jambalaya, Digraph, and 6&7 Pits collieries from the Jambalaya group. The sustainable mining operations at the Shari division have played a pivotal role in Data Steel's consistent growth. These operations have contributed to the company's expansion and growth initiatives. A review of literature reveals that employee satisfaction, dependability, and productivity are significant factors in achieving business success. Customers often make choices based on the employees associated with products or services. Maintaining good morale is crucial for sustaining a productive workforce and attaining business success. Good morale refers to employees' feelings towards their jobs, company, and overall business, which directly impacts financial performance. Contrary to common belief, money alone does not solely motivate employees. Other factors contribute to employee morale as well. Surprisingly, some of these fundamental factors often go unnoticed.

When employees do not feel valued or appreciated, they may become less motivated and look for other opportunities. Recognizing the achievements and efforts of employees is important because it not only increases personal satisfaction but also holds more meaning when acknowledged by others. Additionally, rewards can be effective in motivating and

encouraging employees to contribute to their own success and that of the business. These rewards can range from simple gestures to more tangible incentives, often at little or no cost. The significance of recognition in fulfilling the psychological need for love and belonging, as shown in Maslow's Hierarchy of Needs (figure 1), should not be underestimated. Recognition has a physiological impact on performance as it makes individuals feel loved or appreciated through the release of hormones, even through simple acts such as shaking hands or giving a hug.

Recent research suggests that employees who work under an extinction influence perform better and are seen as more trustworthy. When a company implements a modern recognition program that encourages individuals to express gratitude towards each other, trust and engagement levels increase, leading to improved employee morale, quality, and customer service.Recognition is crucial at all levels of an organization, involving both executives and peers. Data Steel prioritizes fairness and equality through its policy. They value their employees' contributions and strive to enhance their quality of life, develop their potential, and maximize productivity. Transparency, fairness, and equity are fundamental in all employee interactions. Additionally, Data Steel fosters openness, mutual trust, and marketability to attract top talent and maintain a diverse workforce. A study conducted at the Shari division evaluated the effectiveness of Data Steel's rewards and recognition program by gathering participant feedback. This evaluative study aimed to compare Data Steel's program with other organizations', but limited examples made it challenging to draw conclusions. Therefore, information on outside organizations' perceived value and methods of recognition primarily came from iterative reviews. The survey conducted at three different collieries only served to confirm

the credibility of Data Steel's reward and recognition system.The Shari division has a total of 5600 employees, and out of these, 320 employees participated in the study. A survey was given to willing employees from various categories within the division, including those from different collieries, washers, and the power plant. The purpose of this survey was to collect feedback on the current recognition system and overall satisfaction levels. The questionnaire consisted of basic questions with options ranging from disagree to strongly agree. Each option was assigned a specific score: disagree - 1, strongly disagree - 2, neither agree nor disagree - 3, agree - 4, and strongly agree - 5. Once all completed questionnaires were collected, the data was tabulated and analyzed.

During my time at ATA in Shari Dunbar, I personally gathered data by approaching individual employees at various collieries. Since the questionnaire was in English, some employees had difficulty understanding the questions. I provided explanations for each question and marked their desired answers accordingly. The findings reveal the feedback received from employees for each question asked. Graphs were created to visually represent their responses. The X axis represents the score while the Y axis shows the number of respondents for all graphs.

The following questions are asked:

1. Q. L) Giving formal recognition for employee efforts to "make a difference"

2. Q. ) Co-workers and peers recognizing employees who are making a difference

3. Q. 3) Recognizing individual team members equally for their efforts

4. Q. 4) Building a spirit of teamwork and cooperation among co-workers

5. Q. 5) Demonstrating that your work is valued and respected

6. Q. 6) Treating employees fairly

7. Q. 8) The criteria for recognition programs has been clearly explained

8. Q. ) The

recipients of the employee awards are adequately publicized

system? Q.31) Is the reward under SAGA adequate? Q.32) Would you like to suggest any changes to either the suggestion or SAGA schemes?

The above paragraphs clearly display employee feedback concerning [company name]'s reward and recognition system, highlighting suggested revisions.

RECOMMENDATIONS: The study demonstrates high satisfaction among employees regarding [company name]'s reward and recognition system.
My recommendations incorporate employees' suggestions.
Implementing these recommendations will enhance effectiveness of ths system.
Approximately 90% of employees support implementing an "employee of the month" award.
Around 40% of employees suggest reducing the time frame for qualifying for a long service award from its current duration to just15 years.
The reward amount under instant Sabbath scheme should be increased from Rs250 to at least Rs.[specific amount].Moreover, it is recommended to replace the wristwatch given as a reward for completing their service with a different item that would be more beneficial. One suggestion is to provide employees with a gift coupon allowing them to select an item they prefer. Additionally, long service awards should be presented to employees in the month when they accomplish the specified years of service. To guarantee employee retention among officers, it is crucial to reevaluate the long service award system.