An analysis of the area of reward and recognition and the impact it has on employee retention

The aim of this study is to analyse the area of reward and the impact it has on employee retention. Previous research into the use of reward strategies to improve employee retention showed a lack of critical appreciation for the employee’s perception of this management technique. This study endeavoured to understand how employees view the variety of incentives offered and to ascertain whether financial incentives are generally more favoured than non-financial alternatives. This study adopted a qualitative method in the form of six in-depth interviews to allow for a deeper understanding of the topic. Six participants of various ages were chosen from a range of employment sectors in order provide an unbiased overview of employee perception of reward. Upon analysis of the data gathered, it was found that remuneration packages and defined career paths were the most influential elements of a reward strategy in terms of employee retention