Submitted To

Sadman Rana Rakin

Lecturer

Department of Management Studies

Bangladesh University of Professionals

Submitted By
Md Fariyal Zoha Ashraf

ID – 19241090

Section – B

Session: 2018-19

Department of Management Studies

Bangladesh University of Professionals

Assignment 1

Impact of Recognition and Reward System on

Employee Motivation
Introduction
The workforce is the foundation of any company and the primary focus of human resource
management. It is critical for businesses to constantly evaluate their recognition and incentive
system. Employee recognition is a determination of a worker's contribution to the work process
and dedication and drive. It also entails assessing and acknowledging the outcomes of this work.
A reward system is a set of monetary, non-monetary, and psychological incentives provided by
an organization to its employees in exchange for the work they do.

Reasoning
Every day, there is an opportunity to thank someone for their service without having to spend a
lot of money. Informal awards are the cherry on top that keep employees motivated, engaged,
and returning for more. When employees believe that the organization's incentive structure is
unfair or that they do not feel valued, they are less committed to their work and continue to do
only what is required until they find better chances elsewhere.

Employees become more engaged when a culture of recognition is established. Engaged

employees are content, loyal, and productive. Rewarding and acknowledging staff increases
retention and contributes to a more positive overall workplace and atmosphere. They also speak
highly about the organization outside of the organization, in their daily lives. Employees who are
acknowledged have stronger self-esteem, more confidence, are more willing to take on new
challenges, and are more motivated to innovate.

Examples
If an employee does not receive enough or any credit for their efforts after putting in a lot of
effort, or if they believe that their coworkers are highly overpaid for doing the same job or even
less, they will not voluntarily or excitedly put in the same efforts the following time. They will
continue to do the bare minimum while looking for greater possibilities elsewhere. They could
be sitting in the office seeking other employment.
Conclusion
Employees' motivation and satisfaction at work are strongly affected by the rewards and
recognition they receive. A culture of honor and a fair reward system is a tools that management
can use to maximize employee motivation in a variety of ways. Reward systems strive to
encourage people to join the organization to keep them going to work and motivate them to
perform well.
Assignment 2

High employee retention has a significant impact on

customer retention and customer retention has an
impact on customer satisfaction.
Introduction
Employee retention refers to a company's capacity to keep its employees (people leaving their
job in a certain period, voluntarily or involuntarily). The ability of a corporation to turn
customers into repeat buyers and keep them from switching to a competitor is referred to as
customer retention. Customer satisfaction is a measure of how well a company's products and
services meet or exceed customer expectations and how satisfied customers are.

Reasoning
People are continuously entering and leaving because of low staff retention. New employees
must be trained about the corporate culture, performance levels, quality requirements, and so on.
A high incidence of voluntary turnover in the employment industry means more time and money
spent sourcing, qualifying, recruiting, and even training talented people. The fact that they are
still learning will be shown in their performance or service quality, which may be subpar. And
this will irritate the customer. The customer may then switch to a competitor. Effective frontline
teams have operational routines that are interrupted when someone leaves.

Reasoning
People are continuously entering and leaving because of low staff retention. New employees
must be trained about the corporate culture, performance levels, quality requirements, and so on.
A high incidence of voluntary turnover in the employment industry means more time and money
spent sourcing, qualifying, recruiting, and even training talented people. The fact that they are
still learning will be shown in their performance or service quality, which may be subpar. And
this will irritate the customer. The customer may then switch to a competitor. Effective frontline
teams have operational routines that are interrupted when someone leaves.
Importance
The primary goal of any firm should be to serve its clients. When employees are disengaged, it
affects their productivity, enjoyment at work, and, as a result, the quality of their products and
how they connect with customers. When client retention is prioritized, it can increase ROI, build
loyalty, and bring in new consumers through word of mouth. Customer retention reflects if the
product or service is satisfactory to current customers. It is the lifeblood of the majority of
subscription-based businesses and service providers. Customer satisfaction assists a business in
determining how to improve or adjust its products and services. Customer retention is critical,
and one of the most essential ways to increase this is through employee happiness.

Examples
Customer retention is critical for every company. It is the lifeblood of any service or a
subscription-based business. For example, in customer service, new personnel must be trained on
how the product or service works and how to engage with customers. If a new employee is
allowed to deal with a customer, he may not be able to speak properly, listen intently, or ask the
right questions. And this will have an impact on the type of service he gives to customers, who
will be dissatisfied and move on to a competitor.
When employee retention is strong, it suggests that the number of inexperienced members is
minimal, and everyone is familiar with the company culture, standards, and consumer base. They
will provide their most exemplary service or product to customers with the highest quality,
increasing customer retention, and satisfaction. And it becomes worse over time.

Conclusion
Higher retention leads to success and improved performance. Employees with greater experience
are more technically adept and have a better understanding of client needs. Employees who deal
with delighted clients daily tend to find their job more fulfilling - and consequently stay for a
longer period. There's also satisfaction in knowing that you played a part in making that bliss a
reality.