Does the use of Monetary and Non Monetary Rewards Leads to Satisfaction of Employees in Retail in London

(Case Study of Asda in Dagenham)

By

ACKNOWLEDGEMENT

My thanks go out to all who have helped me complete this study and with whom this project may have not been possible. In particular, my gratitude goes out to friends, facilitator and family for extensive and helpful comments on early drafts. I am also deeply indebted to the authors who have shared my interest and preceded me. Their works provided me with a host of information to learn from and build upon, also served as examples to emulate.

DECLARATION

I, [type your full first names and surname here], declare that the contents of this dissertation/thesis represent my own unaided work, and that the dissertation/thesis has not previously been submitted for academic examination towards any qualification. Furthermore, it represents my own opinions and not necessarily those of the University.

Signed __________________ Date _________________

ABSTRACT

The purpose of this qualitative research is to study the impact of a monetary and nonmonetary reward program on employee job satisfaction at Asda in Dagenham. Although there are numerous studies on the impact of monetary and nonmonetary rewards, there is a lack of abundant information as it relates to London retail. To remain competitive in this global economy, this organization has implemented a nonmonetary reward program to retain its human capital, improve productivity, and increase shareholder value. "Retaining good people is among the highest priorities of Europe business today".

TABLE OF CONTENTS

ACKNOWLEDGEMENTII

DECLARATIONIII

ABSTRACTIV

LIST OF TABLESVIII

DEFINITION OF TERMS1

CHAPTER # 01: INTRODUCTION3

Introduction3

Background of the Study3

Problem Statement5

Purpose5

Rationale of the Study6

Research Questions6

Significance of the Study7

Structure of the thesis8

CHAPTER # 02: LITERATURE REVIEW10

Introduction10

Monetary Rewards and Theory of Incentives in Economics10

Job Satisfaction12

Reward System15

Monetary-Based Reward Program18

Nonmonetary-Based Reward Program21

Summary26

CHAPTER # 03: METHODOLOGY27

Introduction27

Chapter Structure27

Nature and Design of the Study27

Phenomenology28

Purpose and Research Question31

Sources of Data32

Population32

Participant Description32

Purposeful Sampling33

Data Collection33

Semi- structured Interviews34

Confidentiality34

Validity and Reliability35

Data Analysis36

Summary37

CHAPTER # 04: FINDINGS38

Participants38

Data Analysis39

Data Display40

Interview Question 141

Interview Question 241

Interview Question 342

Interview Question 443

Interview Question 544

Additional Analysis45

Summary49

CHAPTER # 05: DISCUSSION & CONCLUSION50

Discussion50

Research Question 151

Research Question 255

Research Question 357

Conclusions57

Implications Based on Findings59

Recommendations for Future Research61

REFERENCES63

APPENDIX70

LIST OF TABLES

TABLE 1: PARTICIPANTS, GENDER, TITLE AND EDUCATION39

TABLE 2: NUMBER OF YEARS WITH COMPANY39

TABLE 3: PARTICIPANTS' YEARS OF SERVICE49

TABLE 4: PARTICIPANTS WITH BOTH FORMS OF PREFERENCE54

TABLE 5: PARTICIPANTS' COMMENTS ON TIME OFF55

TABLE 6: PARTICIPANTS' PREFERENCE FOR NON-MONETARY REWARDS56

TABLE 7: PARTICIPANTS' GENDER56

TABLE 8: PARTICIPANTS' TITLE56

DEFINITION OF TERMS

The following are operational definitions pertinent to this study:

Blue nonmonetary reward program (BNRP) is the nonmonetary reward program at the Blue Region of the financial institution where this study was conducted.

Employee Recognition Programs are "critical retention and motivational tools" (Messmer, 2004, p. 13).

EOQ is the Employee of the Quarter.

Human Capital: "The stock of knowledge or skills an individual brings to a job" (Lazear, 2008, p. 531).

Job Satisfaction: Sweeney, Hohensil, and Fortune (2005) describe job satisfaction as a "positive evaluation of a particular job situation" (Sweeney, 2005, p. 113p. 53).

Motivation "refers to employees' drive to get the work done" (Carlaw, 2009, p.3).

Nonmonetary Incentives: "Motivators, such as recognition and achievement, make workers more productive, creative ...