A Study on Compensation and Benefits Offered to Service Sector Employees in Chennai
DOI:
https://doi.org/10.48047/zytf8375Keywords:
Compensation and Benefits, Service Sector, Employees, Productivity, Satisfaction.Abstract
The study investigates the impact of compensation and benefits on job productivity and satisfaction among employees in the service sector in Chennai. The study targeted to analyze the socio-economic profile, effect of compensation and benefits on job productivity, and the different components of compensation offered. Data is collected from 400 employees using a structured questionnaire and analyzed using statistical methods such as simple percentage analysis, factor analysis, and the Friedman test. The findings reveal a varied socio-economic profile of employees, with the majority being male, married, and earning lesser salary every month. Factor analysis identified seven key components of compensation and benefits, such as remuneration benefits, incentives and allowances, employee development and support, recognition and work-life balance, financial security, flexible work and stock ownership, and wellness initiatives. The results showed that compensation and benefits significantly influence job productivity, with the base salary package, merit-based rewards, and medical insurance plans having the highest impact on job satisfaction.
Downloads
References
Agarwal, N., Pandey, P.K, and Pandey, P.K. (2019). Trend related to compensation among different industries. International Journal of Recent Technology and Engineering, 8(4), 1441-1448.
Aliku, I.H., Morka, T.O. and Igemohia, F. (2020). Compensation management and employee performance: Manufacturing industry in focus. PalArch’s Journal of Archaeology of Egypt/Egyptology, 17(7), 8792-8810.
Bhavani Shree, a., Bharathi, T. and Manjunath, S. (2016). A study on compensation and benefits its influence on employee’s performance in milk industry. International Journal of Engineering Science and Computing, 7327-7334.
Jamaludin, A., Said, R., Panchadcharam, S., Kulal, S.M., Zainal, S.Z. and Bakar, Z.A. (2024). The relationship between compensation and benefits and work environment on employee loyalty in government-link property companies. Pakistan Journal of Life and Social Sciences, 22(2), 5941-5951.
Kadir, A.A., AlHosani, A.H., Ismail, F. and Sehan, N. (2019). The effect of compensation and benefits towards employee performance. Surabaya, 23-45.
Kaur, G. and Kumar, P. (2019). Compensation and innovative employee benefits ways: A study on select private organizations in service sector. International Journal of Management, Technology and Engineering, 9(3), 1072-1090.
Kimani, N.J., Ngui, K.T. and Arasa, R. (2017). Effect of compensation strategies on employee performance: A case study of Mombasa Cement Limited. International Journal of Innovative Social Sciences & Humanities Research, 5(3), 25-42.
Omar, C.Z. (2019). Compensation and benefit key reason employees retain in the organization. International Journal of Economics, Business and Management Research, 3(4), 110-117.
Shashikala, K. (2016). Compensation and benefits strategies and their role in employee motivation and performance. International Journal of Business and Management Invention, 5(3), 88-97.
Sorn, M.K., Fienena, A.R.L., Ali, Y., Rafay, M. and Fu, G.H. (2023) The effectiveness of compensation in maintaining employee retention. Open Access Library Journal, 10, 1-14.
Downloads
Published
Issue
Section
License
This work is licensed under a Creative Commons Attribution 4.0 International License.
You are free to:
- Share — copy and redistribute the material in any medium or format for any purpose, even commercially.
- Adapt — remix, transform, and build upon the material for any purpose, even commercially.
- The licensor cannot revoke these freedoms as long as you follow the license terms.
Under the following terms:
- Attribution — You must give appropriate credit , provide a link to the license, and indicate if changes were made . You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use.
- No additional restrictions — You may not apply legal terms or technological measures that legally restrict others from doing anything the license permits.
Notices:
You do not have to comply with the license for elements of the material in the public domain or where your use is permitted by an applicable exception or limitation .
No warranties are given. The license may not give you all of the permissions necessary for your intended use. For example, other rights such as publicity, privacy, or moral rights may limit how you use the material.
