Compensation and Benefits For Empolyees

International Research Journal of Human Resources and Social Sciences
Vol. 3, Issue 11, November 2016 Impact Factor- 5.414

ISSN(O): (2349-4085) ISSN(P): (2394-4218)
© Associated Asia Research Foundation (AARF)
Website: www.aarf.asia Email : [email protected] , [email protected]
COMPENSATION AND BENEFITS FOR EMPOLYEES IN BANKING

SECTOR
(With Reference To SBI & Axis Banks at Guntur, A.P.)
Dr. Vijaya Lakshmi Pothuraju

Associate Professor, MBA
Sagar Group of Institution, Hyderabad -501503, Telangana, India.
ABSTRACT
Introduction: Indian Banking industry had experienced tremendous growth, technological
improvement and stiff competition among the banks. Banks used telecommunication and
information technology to improve their services with automated teller machine, internet
banking, mobile banking, debit and credit cards and other form of services. Recent trends in
banking industry have led to the changes of bank management style resulting in more
qualified professionals to enter the banking industry. Nevertheless, bank employees need to
maintain their excellent performance standard in such competitive working environment via
career satisfaction.
Objective of the Study: The aim of study is to analyze the effect of Compensation and
benefits on employee’s performance in Banking industry with reference to State Bank of India
and AXIS banks at Guntur District, Andhra Pradesh.
To understand various Compensation and benefits factors play crucial role for bringing
employee performance among the employees of private and public banks.
This study provides a guideline for necessary Compensation structure requires improving
employee performance in banking sector.
Method of the Study: As people are the most important resource and greatest expense of any
service organizations. In terms of Indian context, the concern over compensation & benefits
is gradually becoming a common talk. However, about 85% of performance problems reside
in the work environment of the organizations. It is an empirical method based on both
A Monthly Double-Blind Peer Reviewed Refereed Open Access International e-Journal - Included in the International Serial Directories.
International Research Journal of Human Resources and Social Sciences (IRJHRSS)
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primary and secondary data. A random sampling technique was adopted to select the sample
respondents. Respondents for the study are selected from State Bank of India and Axis Bank
companies. Among 700 employees nearly 30% of the employees working in the Banking
companies are selected as per random method. Accordingly 200 employees were selected
from both the banking companies.
This research work will help the public and private sectors for better understand the
expectations of employees for their survival and success in providing better compensation &
benefits. This research work also helps in different industries at managing and improving
their functioning by providing good compensation scale in the work place.
Conclusion: The aim of the present study is to investigate the Standardization of
compensation and benefits among employees of banking sector. It is not a single factor which
determines the job performance in banking employees’. Factors like work overload, benefits,
ambiguity, pressure, confliction etc. are responsible for job performance. Compensation &
benefits has become leading feature of modern life. It has wide-ranging effects on employees’
behavior and adjustments as well as off the job. A substantial portion of organization
research involves the study of Compensation & benefits among employees.
Keywords: Compensation, Job Performance, Benefits, Banking, Employees and Rewards.
INTRODUCTION
Indian Banking industry had experienced tremendous growth, technological
improvement and stiff competition among the banks. Banks used telecommunication and
information technology to improve their services with automated teller machine, internet
banking, mobile banking, debit and credit cards and other form of services. Recent trends in
banking industry have led to the changes of bank management style resulting in more
qualified professionals to enter the banking industry. Nevertheless, bank employees need to
maintain their excellent performance standard in such competitive working environment via
In relation to employee performance, Compensation and benefits practices were
perceived as influencing factor. Compensation and other benefits is a component of putting
people and organization together to ensure the individual and organizational goals and targets
are met. One of the main objectives of Compensation is to enhance the performance
contribution of individuals towards the organization in a more ethical and responsible
manner. There are several other practices in an organization which commonly used to
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improve the employee performance. They are training and development, performance
management, job analysis, employee and employer relations, recruitment or selection. In the
present study compensation and benefit were selected as the predictors of Employee
Performance owing to the fact that they were perceived as innovative practices (Blazovich,
2013).
This research attempts to study the Compensation and benefits of Bank employees
where he/she can get job satisfaction and sustain in their career as Banking Professional by
accepting the factors associated with it. The co- existence of Public Sector and Private Sector
Banking Institutions has become demand of the time and the role of Bank employees is
inevitable in shaping of the future of the Institution and the Country being service Industry.
Hence, the study is carried out with the Bank employees belonging to Public Sector and
Private Sector Banking Companies of Guntur District. Accordingly the Banking Industry
which is one Industry that determines the country’s economy should develop the desired
environment for the Bank employees to enhance their job satisfaction.
COMPENSATION & BENEFITS CONCEPTUAL BACKGROUND

Employee compensation plays such a key role because it is at the heart of the
employment relationship, being of critical importance to both employees and employers.
Employees typically depend on wages, salaries, and so forth to provide a large share of their
income and on benefits to provide income and health security. For employers, compensation
decisions influence their cost of doing business and thus, their ability to sell at a competitive
price in the product market. In addition, compensation decisions influence the employer's
ability to compete for employees in the labor market (attract and retain), as well as their
attitudes and behaviors while with the employer.
Employee compensation practices differ across employment units (e.g., organizations,
business units, and facilities) on several dimensions (Gerhart & Milkovich, 1990, 1992;
Gerhart, Milkovich, & Murray, 19921). The focus of the employee compensation literature
has been on defining these dimensions, understanding why organizations differ on them
(determinants), and assessing whether such differences have consequences for employee
attitudes and behaviors, and for organizational effectiveness.
1
Gerhart, B., Milkovich, G.T., & Murray, B. (1992). Pay, performance, and participation. In D. Lewin, O. Mitchell, & P. Sherer (Eds.),
Research Frontiers in Industrial Relations, pp. 193-238. Madison, WI: Industrial Relations Research Association.
85 | P a g e
Compensation & Benefits
The compensation and benefits processes belong to most important HR Processes,
which are critical for the organization and modern HR organization. The compensation and
benefits is about managing the personnel expenses budget, setting the performance standards,
setting the transparent compensation policies and introducing the competitive benefits for
employees. The organization with effective compensation and benefits drives its personnel
costs, manages the performance of employees and rewards the extraordinary performance.
SIGNIFICANCE OF THE STUDY

Banking Industry was chosen as the study because that this would support for
typicality. More importantly this selection was the concern for purposive attributes, as this
study concerns itself with the particulars of Compensation & benefits of the employees. The
findings in this study are significant that they provide insight into the complexity of employee
Satisfaction in banking companies and their employees’ work life. Furthermore, they show
that there are many factors that can potentially impact on the Job Performance of the
employees. The study also supports the idea that the well-being of the employees serious
consideration by the decision makers of banking companies’ managements.
REVIEW OF LITERATURE
Syed and Yah (20122) defined compensation and benefits as a package that includes
pay, rewards, bonuses, commissions, annual leaves, recognitions, flexible working hours,
medical coverage and etc.
Blazovich (20133) found that the absences of recognition and compensation system
are potential causes for low career satisfaction.
Riska et al. (20154) studied the relationship between compensation and organization
performance in a certain industry and discovered that there is a positive relationship between
the two variables. They further went on to suggest that, in the talent force-dependant
industries, compensations and benefits are significant to attract and retain skillful talents.
Companies should offer compensation plans with appropriate appraisals and training and
2
Syed, N., Yah, L. (2012), Impact of high performance human resource management practices on employee career satisfaction: Empirical
analysis. Interdisciplinary Journal of Contemporary Research in Business, 4(2), 318-342
3
Blazovich, J.L. (2013), Team identity and performance – Based compensation effects on performance. Team Performance Management:
An International Journal, 19(3), 153-184.
4
Riska, E., Aaltonen, L., Kentala, E. (2015), Young Specialists’ Career Choices and Work Expectations. International Perspectives on
Equality, Diversity and Inclusion Gender, Careers and Inequalities in Medicine and Medical Education: International Perspectives. P127-
150.
86 | P a g e
development as a combination package for high performance employees to increase their
Tu et al. (20165) found that increment in salary had a great impact on employee
turnover rate and that the impact is greater on high performers. High-performing workers
who are offered tremendous increment in their salary have lower tendency to leave the
organization. Coupled with equitable promotion opportunities and adequate compensation, it
is viewed as a strong predictor of career satisfaction and able to curb turnover rate in one
industry.
STATEMENT OF THE PROBLEM

Employees working in service industry around the country face a host of problems
commonly cited include a lack of adequate differentiation between good and poor
performers, employee and supervisor resistance, and the fact that merit increases sometimes
seem to have become viewed as an entitlement by employees that is costly, and does not vary
with business performance. Individualistic programs such as merit pay could be a problem in
cultures where collectivism is a stronger norm than individualism. Some service sector
organizations seek to avoid this "problem" by setting base pay at a higher level, and then
sharing profits or stock with employees on top of their base salary during good years.
Topping out of employees near the maximum would be very expensive under a banding
system. Some organizations have implemented sub-bands or zones within bands to avoid this
problem.
OBJECTIVES OF THE STUDY
 The aim of study is to analyze the effect of Compensation and benefits on employee’s
performance in Banking industry with reference to State Bank of India and AXIS
banks at Guntur District, Andhra Pradesh.
 To understand various Compensation and benefits factors play crucial role for
bringing employee performance among the employees of private and public banks.
 This study provides a guideline for necessary Compensation structure requires
improving employee performance in banking sector.
5
Tu, Y., Lu, X., Yu, Y. (2016), Supervisors’ ethical leadership and employee job satisfaction: Asocial cognitive perspective. Journal of
Happiness Studies J Happiness Studies, 1-17
87 | P a g e
HYPOTHESIS OF PRESENT STUDY
In line with the objectives stated above, the following hypotheses were formulated
and tested for the purpose of the study.
H1: There is no significant difference between the performance of employees regarding
Compensation and benefits provided by the management
H2: There is no significant difference between the influencing factors of employees in their
Compensation and benefits
METHODOLOGY OF STUDY
Research Design
In pursuance of the above mentioned objectives and hypotheses, the following
methodology was adopted for the study. It is an empirical method based on both primary and
secondary data. The first objective of the study was pursued by the collection and analysis of
data from secondary sources whereas all the other objectives have been achieved by
collection and analysis of primary data.
Sample Design
A random sampling technique was adopted to select the sample respondents.
Respondents for the study are selected from State Bank of India and Axis Bank companies.
Among 700 employees 30% of the employees are working in the Banking companies are
selected as per random method. Accordingly 200 employees were selected from both banking
companies.
Data Collection
The primary data was collected by conducting interviews with the selected employees
in the various branches in Guntur district by using a structured interview schedule. The
schedule consisted of few variables under the factors pertaining to Compensation and
benefits. The researcher had developed a five point rating scale namely ‘Strongly Disagree’ -
1, ‘Disagree’ - 2, ‘Neutral’ - 3, ‘Agree’ - 4 and ‘Strongly Agree’ - 5 for rating the answers to
the questions. The respondents were asked to give information on the five point rating scale.
Before the commencement of interview, a sample schedule was given to each
respondent and a brief explanation (in English or Telugu) regarding the study was given to
them. Each question/item in the schedule was asked by the interviewer to the respondent
88 | P a g e
employees. Care was taken to give sufficient time to the employees to think over and answer
the questions. The respondents were encouraged to express their opinions and suggestions
freely and frankly. Before the interview, the respondents were given an assurance that it was
an independent and unbiased study and that their responses and opinions would not be
disclosed to anyone so as to enable them to be frank, lucid and fearless in expressing
opinions. The respondents were interviewed taking into account their time and availability
and after obtaining permission from their employers.
LIMITATIONS OF STUDY
Despite the fact that very reliable results that may also be generalized have been arrived
at, the researcher would like to point out some unavoidable limitations that have entered into
the study. They are stated below:
1. For measuring compensation & benefits five point factors have been considered.
There may be other factors having impact on job performance which are not
considered for this study.
2. More variables could have been included in the tentatively selected independent
variable to make it more conclusive.
3. A comparison of the compensation & benefits among selected banking companies
have not been made since any standard index of compensation & benefits have not
been available
4. In some branch offices limited number of non-managerial employees was present
comparatively to managerial employees.
RESULTS AND DISCUSSION

For this study selected Companies were State Bank of India (SBI) and Axis Bank
Private Limited (AXIS). SBI Company belongs to public sector and Axis Bank Company is
private owned organizations. The selection intension behind this is to draw comparisons
between public limited and private limited systems fallowed by management to bring
availability of better compensation & benefits structure which results to Better Job
Performance among employees in their respective organizations.
89 | P a g e
Table 2.1: DATA ANALYSIS DEPICTS PERCENTAGE RESULTS BASED ON
EMPOLYEES OPINIONS:
Disagree
Disagree
Strongly
Strongly
Neutral
Agree
Agree
S.NO Compensation & Benefits Attributes
1 Adequate and fair compensation for work I do 28.5 40.5 19 7.5 4.5
2 Satisfied with health plan option 17 36.5 39 3.5 4
3 Satisfied with life insurance benefit 58 32 10 0 0
4 Satisfied with retirement plan benefit 11 30.5 45.5 10.5 2.5
Satisfied with number of days of vacations, sick
5 41 40 15 4 0
& personal leaves
6 Overall, satisfaction with my paid time off 34.5 39.5 18.5 7.5 0
Satisfied with my expenses reimbursement
7 31 32 20 11 6
option
Organization does a good job of linking rewards
8 28 26 32 8 6
to job performance
Sources: Primary Data
Table 2.1 explains the result values using ‘simple percentage technique’ considering
frequency of opinions of respondents regarding various considerable attributes of
Compensation & benefits in the selected units of banking industry. The results exhibits that
‘Adequate and fair compensation for work they do’ is only 40.5% of them agreed is opinion
by employees in the selected units, 39% of respondents opined as Agree towards ‘Satisfied
with health plan option, whereas life insurance benefit is provided at 58% of they strongly
agree. 45.5% of respondent’s share that retirement plan benefit is neutrally agreed, 41% of
respondents strongly agree that they are Satisfied with number of days of vacations, sick &
personal leaves, 39.5% of respondents agree that they have Overall, satisfaction with their
paid time off is provided in their respective organizations, 32% of respondents said that they
are agree with satisfaction on expenses reimbursement option. 32% of respondents said that
they have Neutral satisfaction on with satisfaction on Organization linking rewards to job
performance.
TABLE: 2.2 DATA ANALYSIS DEPICTS MEAN AND STANDARD DEVIATION

CALCULATIONS OF COMPENSATION AND BENEFITS
Compensation & Benefits with reference to Banking Sector
Standard Variance Population Variance P
Mean
Deviation(SD) (SD) (SD)σ value(σ2)
3.79 0.317 0.100 0.296 0.088
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Table 2.2 shows the result of Mean, standard deviation, variance standard deviation,
population standard deviation, p-value. This standard deviation statistical tool is used to
analyze overall respondents of selected units for the study and to analyze the significant
relationship among respondents about different attributes. The result shown here is 0.317 and
it says as per standards there was significant relation on compensation benefits & satisfaction
of employees followed by management of both selected banking units for the study.
Compensation and benefits of the sectors under study shows that most of the employees
expressed their satisfaction for the benefits provided by the management from their respective
organizations. Majority of respondents said that their compensation structure is motivating at
Agreeable level. Regarding basic pay and additional benefits most of the respondents
expressed their considerable satisfaction only. Compensation benefits like basic pay is fairly
compensating for work they do, Satisfied with health plan option, life insurance benefit,
retirement plan benefit, number of days of vacations, sick & personal leaves, Overall
satisfaction with my paid time off, expenses reimbursement option and Organization does a
good job of linking rewards to job performance and so on are provided by selected units for
the study is satisfied to Agreeable level is shared by respondents.
TABLE: 2.3 – DATA ANALYSIS DEPICTS CO-RELATION COEFFICIENT &

VARIANCE RESULTS BASED ON EMPOLYEES OPINIONS
VARIANCES
CO-RELATION
AMONG
COEFFICIENT OF
COMPENSATION & BENEFITS RESPONDENTS
S.NO AMONG
DETERMINANTS WITH IN
SELECTED
SELECTED
BANKS
BANKS
Adequate and fair compensation for
1 0.76 207.6
work I do
2 Satisfied with health plan option 0.78 262.2
3 Satisfied with life insurance benefit 0.91 537.6
Satisfied with retirement plan
4 0.77 293.7
benefit
Satisfied with number of days of
5 0.94 323.3
vacations, sick & personal leaves
Overall, satisfaction with my paid
6 0.91 239.6
time off
Satisfied with my expenses
7 0.88 117.6
reimbursement option
Organization does a good job of
8 0.26 186.2
linking rewards to job performance
Sources: Primary Data
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From the table 2.2 it is inferred that data has been analyzed using techniques like co-
relation coefficient and variances among respondents in banking companies. The result shows
regarding Compensation and benefits provided by the companies selected of the study in
banking sector. Most of the respondent’s views are positives for determinants like fairly
compensating for work they do, Satisfied with health plan option, life insurance benefit,
retirement plan benefit, number of days of vacations, sick & personal leaves, Overall
satisfaction with my paid time off, expenses reimbursement option. But from the result table
it inferred that job of linking rewards to job performance is not at all provided by
management in their branches. It is also understood that variance opinions among employees
in both companies are less significant difference only.
TESTING OF HYPOTHESIS
Having made a sagacious effort to study the role of Compensation & benefits with
special reference to ‘‘SBI & AXIS Banks”, the hypothesis formulated have been tested and
proved.
H1: There is no significant difference between the performance of employees regarding

Compensation and benefits provided by the management
There is significant relationship between the performance of employees of SBI &
AXIS bank branches in selected areas under study and factors of compensation & benefits
like fairly compensating for work they do, Satisfied with health plan option, life insurance
benefit, retirement plan benefit, number of days of vacations, sick & personal leaves, Overall
satisfaction with my paid time off, expenses reimbursement option in banking industry. Using
95% significance level, the result of T-calculated was 3.82 and T-Tabulated at 60 degrees of
freedom is 2.00. Since T- calculated is greater than T-tabulated, we accept the null hypothesis
and reject the alternative hypothesis.
H2: There is no significant difference between the influencing factors of employees in their
Compensation and benefits
Regarding Performance of employees, it is found that the influencing performance
factors of compensation & benefits are affected and is proved to be true of SBI & AXIS bank
branches in selected areas under study and factors of performance linking rewards to job
performance. Using 95% significance level, the result of T-calculated was 3.23 and T-
92 | P a g e
Tabulated at 60 degrees of freedom is 2.00. Since T- calculated is greater than T-tabulated,
we accept the null hypothesis and reject the alternative hypothesis.
RECOMMENDATIONS OF THE STUDY

Compensation policy should be in line with the business strategy, objectives, values
and long-term interests of the financial undertaking, such as sustainable growth prospects,
and be consistent with the principles relating to the protection of clients and investors in the
course of services provided.
Where compensation includes a variable component or a bonus, remuneration policy
should be structured with an appropriate balance of fixed and variable remuneration
components. The appropriate balance of remuneration components may vary across staff
members, according to market conditions and the specific context in which the financial
undertaking operates. Member States should ensure that remuneration policy of a financial
undertaking sets a maximum limit on the variable component.
The fixed component of the compensation should represent a sufficiently high
proportion of the total remuneration allowing the financial undertaking to operate a fully
flexible bonus policy. In particular, the financial undertaking should be able to withhold
bonuses entirely or partly when performance criteria are not met by the individual concerned,
the business unit concerned or the financial undertaking. The financial undertaking should
also be able to withhold bonuses where its situation deteriorates significantly, in particular
where it can no longer be presumed that it can or will continue to be able to carry out its
business as a going concern.
Where a significant bonus is awarded, the major part of the bonus should be
deferred with a minimum deferment period. The amount of the deferred part of the bonus
should be determined in relation to the total amount of the bonus as compared to the total
amount of the remuneration.
The structure of the compensation & benefits policy should be updated over time to
ensure that it evolves to meet the changing situation of the financial undertaking concerned.
Where compensation is performance related, its total amount should be based on a
combination of the assessment of the performance of the individual and of the business unit
concerned and of the overall results of the financial undertaking. The assessment of
performance should be set in a multi-year framework in order to ensure that the assessment
process is based on longer term performance and that the actual payment of bonuses is spread
over the business cycle of the company. The measurement of performance, as a basis for
93 | P a g e
bonus or bonus pools, should include an adjustment for current and future risks related to the
underlying performance and should take into account the cost of the capital employed and the
liquidity required.
CONCLUSION
The aim of the present study is to investigate the Standardization of compensation and
benefits among employees of banking sector. It is not a single factor which determines the
job performance in banking employees’. Factors like work overload, benefits, ambiguity,
pressure, confliction etc. are responsible for job performance. Compensation & benefits has
become leading feature of modern life. It has wide-ranging effects on employees’ behavior
and adjustments as well as off the job. A substantial portion of organization research involves
the study of Compensation & benefits among employees. A large number of problems related
to employee satisfaction, declining levels of performance and competence is related to lack of
appropriate compensation & benefits0. Maximizing Job Performance in the future would be
part of company policy and be seen as an imperative strategy to target better employee
satisfaction. Job of linking rewards to job performance is not provided by bank management
in selected units which also effects employee’s performance in time management system, as
majority of respondents opined that they have not satisfied for retirement plan benefit which
results to dissatisfaction among employees.
REFERENCE
1. Baeten, X. (2010). Global Compensation and Benefits Management: The Need for
Communication and Coordination // Compensation & Benefits Review. Vol. 42.
2. Bloom, M., Milkovich, G. T., Mitra, A. (2003). International compensation: Learning
from how managers respond to variations in local host contexts // International
Journal of Human Resource Management. Vol. 14.
3. Core, J. E., R. Guay, W. R., Larcker, D. F. (2003). Executive Equity Compensation
and Incentives: A Survey // Economic Policy Review. Vol. 9, No. 1.
4. Glassman, M., Glassman, A., Champagne, P. J., Zugelder, M. T. (2010). Evaluating
Pay-for-Performance Systems: Critical Issues for Implementation // Compensation &
Benefits Review. Vol. 42. – http://www.sagepublications.com [2010 09 12].
5. Hansen, F. (2009). Merit pay produces pay discrimination. – http://www.workforce.
com/section/02/ feature/25/91/53/259165_printer.html [2010 10 10].
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6. Milkovich, G. T. & Newman, J. M. (2008). Compensation. (Ninth edition),
McGrawHill Irwin.
7. Moniz, J. (2010). The Basics for Building and Maintaining Incentive Plans at Smaller
Firms // Compensation & Benefits Review. Vol. 42. –
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8. Pfeffer, J., & Sutton, R. (2006). Evidence based management // Harvard Business
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9. Terpstra, D., & Honoree, A. (2005). Employees’ responses to merit pay inequity //
Compensation & Benefits Review. Vol. 37.
10. Gerhart, B., Milkovich, G.T., & Murray, B. (1992). Pay, performance, and
participation. In D. Lewin, O. Mitchell, & P. Sherer (Eds.), Research Frontiers in
Industrial Relations, pp. 193-238. Madison, WI: Industrial Relations Research
Association.
11. Syed, N., Yah, L. (2012), Impact of high performance human resource management
practices on employee career satisfaction: Empirical analysis. Interdisciplinary
Journal of Contemporary Research in Business, 4(2), 318-342
12. Blazovich, J.L. (2013), Team identity and performance – Based compensation effects
on performance. Team Performance Management: An International Journal, 19(3),
153-184.
13. Riska, E., Aaltonen, L., Kentala, E. (2015), Young Specialists’ Career Choices and
Work Expectations. International Perspectives on Equality, Diversity and Inclusion
Gender, Careers and Inequalities in Medicine and Medical Education: International
Perspectives. P127-150.
14. Tu, Y., Lu, X., Yu, Y. (2016), Supervisors’ ethical leadership and employee job
satisfaction: Asocial cognitive perspective. Journal of Happiness Studies J Happiness
Studies, 1-17
95 | P a g e

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International Research Journal of Human Resources and Social Sciences

Vol. 3, Issue 11, November 2016 Impact Factor- 5.414

COMPENSATION AND BENEFITS FOR EMPOLYEES IN BANKING

Dr. Vijaya Lakshmi Pothuraju

Keywords: Compensation, Job Performance, Benefits, Banking, Employees and Rewards.

COMPENSATION & BENEFITS CONCEPTUAL BACKGROUND

SIGNIFICANCE OF THE STUDY

STATEMENT OF THE PROBLEM

OBJECTIVES OF THE STUDY

RESULTS AND DISCUSSION

TABLE: 2.2 DATA ANALYSIS DEPICTS MEAN AND STANDARD DEVIATION

TABLE: 2.3 – DATA ANALYSIS DEPICTS CO-RELATION COEFFICIENT &

H1: There is no significant difference between the performance of employees regarding

RECOMMENDATIONS OF THE STUDY

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