REWARD SYSTEM AND ITS IMPACT ON EMPLOYEES' PERFORMANCE IN LAURUS LABS – HYDERABAD

Abstract

A reward system in an organization refers to the structures and processes used to recognize and compensate employees for their performance and contributions. It encompasses both monetary and non-monetary rewards designed to motivate employees, improve job satisfaction, and enhance organizational performance. This study examines the impact of reward systems on employee performance at Laurus Labs Limited in Hyderabad. By analysing both primary and secondary data, the research explores how different types of rewards, including monetary incentives, recognition, and career development opportunities, influence employee motivation, job satisfaction, and productivity. Measurement methods for evaluating the effectiveness of reward systems are discussed, along with limitations of the study, such as sample size and potential biases. The research provides valuable insights for HR professionals and organizational leaders on designing and implementing effective reward systems that align with organizational goals and employee expectations, ultimately contributing to improved performance and organizational success. Keywords: Reward Systems, Employee Performance, Motivation, Monetary Incentive