DEMOGRAPHICAL IMPACT OF PAY FOR PERFORMANCE ON ACCOUNTABILITY REINFORCEMENT : A TOOL FOR EMPLOYEE RETENTION
This study is not only significant in the banking sector but also matter of focal point in other industries. To battle in current environment private sector banks, are making changes in their work systems. They are changing their organization structure in order to turn into more prompt in response to the shifting
environment which includes competitors also. Employees become a very imperative source of competitive advantage for an association. To attract and to keep hold of employees, an organization needs to have resonance compensation strategy supported by other HR functions. This study observed the impact of demographical factors on PBP as an accountability reinforcement means for attaining organisational concert for employee retention using the condition in selected private sector banks of Haryana. The major rationale of the study was to determine the force of PRP on the accountability reinforcement of workforce and consequently, on the accomplishment of organisational goals. Here also employee’s aspiration regarding Performance Related Pay has been measured. In each and every one, 475 respondents got part in the assessment. The sample included 100 executive staff and 375 operational level staff. The key research mechanism was the survey for which questionnaire has been used. Further one-way ANOVA table was exercised to test the core hypotheses. The consequence of the research given away that the outcome of performance-based pay on employee performance is nominal and the motivational cause of merit pay is regularly rounded by influenced performance appraisal. The main inadequacy of the study is that it could not cover up all banks, due to time and economic
constraints. In this high opinion, the explanation of the results of the research should not be over- simplified.