Abstract
Background: Educational institutions set up a reward management system with the hope that it makes the employees perform their activities to the satisfaction of all concerned stakeholders. However, there are many contradictions and complaints about the performance of employees in colleges, compelling the undertaking the studies. Objectives: This study aims to examine the impact of reward management strategies on employee satisfaction in colleges of Kathmandu valley. Methods: This paper uses a questionnaire survey method of 300 respondents of different 30 colleges/campuses of Kathmandu valley and descriptive statistics and multiple regression models are used to analyze the data. Results: The beta coefficients are positive and significant for promotion, compensation, recognition, learning opportunities, and career development opportunity with employee satisfaction which indicates these variables have a positive impact on employee satisfaction. Conclusion: It is found that reward management is positively related to employee satisfaction and it is a powerful motivational factor that leads to job satisfaction. Implications: College management including universities may focus on identifying better reward management strategies to motivate the employees to enhance better productivity.
Highlights
Employee satisfaction, a major asset, is animportant factor to achieve strategic goalsby increasing productivity and performance level of employees in the modern competitive business world for an organization, it is a researchable issue for practitioners and academicians for the last few decades
The mean value of promotion ranges from a minimum value of 2.22 to a maximum value of 2.51 and the weighted average is 2.39 that states promotion is better to reward management strategies for employee satisfaction in colleges
The mean value of compensation ranges from a minimum value of 1.73 to a maximum value of 2.49 and,the weighted average is 2.14 that indicates compensation isa better reward management strategy for employee satisfaction
Summary
A major asset, is animportant factor to achieve strategic goalsby increasing productivity and performance level of employees in the modern competitive business world for an organization, it is a researchable issue for practitioners and academicians for the last few decades. Reward management strategy is an important factor that affects employee satisfaction.Jiang, Xiao, and Xiao (2009) focused that rewards management strategies that are used to manage transformation in organizations. Management needs to receive the reward policies to enhance employee performance because inadequate reward policies have significant relation with employee performance (Danish et al, 2019). Effective reward management is concerned with pay and employee benefits but it is concerned with non-financial rewards such as promotion, compensation, recognition, learning opportunity and training, job responsibility, and career development opportunity.
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