Influence of Reward & Recognition on Employee Engagement in Pharma Industry of Bangladesh

Abstract

The Pharmaceutical sector is one of the most technologically developed and knowledge-based sectors in Bangladesh that has been struggling to enrich its contribution to the overall economic development of the country since the early 80s. A number of scientific, social, economic and environmental factors affect the prospect of the pharmaceutical industry in Bangladesh. Since the industry is knowledge driven, the prime focus of all organizations is on the development and engagement of its people which is regarded as one the most important resources. Retaining and engaging efficient and experienced workforce through offering effective reward & recognition package is very crucial to the overall success of the organization. The present study is an attempt to determine the impact of reward & recognition on employee engagement and to make recommendations to the policy makers of the organization regarding the strategies to improve employee engagement based on the research findings. The study utilized a quantitative research design on 100 randomly selected employees as research participants of different levels of the organizations in Bangladesh Pharmaceutical Industry. Self-administered questionnaires were designed to address all necessary components of the constructs for collecting feedback of the respondents. The statistical analysis shows that reward & recognition is significantly correlated with employee engagement of Bangladesh Pharmaceutical Industry. Implications of the study for managers and policy makers in context of human resource practices have also been discussed. Limitations and guidelines for future research are also provided.