Anonymous September 28th 2014 HSM/220 Designing a Reward System The success of a company is solely determined by the work of its employees. Employee productivity is the number one contributing factor to the success of a business. It is important for companies, and agencies to make sure their employees are performing to the best of their abilities. With that said employers must find effective ways to motivate and engage their employees. The company must keep their goals in mind. The must make sure that quality is still a priority and not second to productivity. There are steps to be considered when designing and implementing a reward system. The …show more content…
My ideal reward system would offer both recognition and compensation. All employees would be able to participate. The reward would be given based on performance and would be given once a month. I would hold a gathering or make a public acknowledgement of top performs. In this meeting will would discuss the goals met and the employee’s that met them. I would allow employees to share with their peers what strategies they used to meet the goal. I would give them a certificate acknowledging their performance. I would set up a way for them to draw mystery prize different goal levels. The prices given would need to resemble needs gathered from employees. Prizes would range from a day at a spa to a day with paid time off, cash prices, ranging from small to larger amounts and concert tickets or other goods. I would also make it known that consistent performances would be considered during performance evolutions and raises. It is important for a reward performance. In order to track performance I would use a point system. Points would be given for accuracy, productivity and processing time. I would set a standard number of points per day. For instance you should be achieving 24 points a day. I would set margins for excellence; if you exceed goals by 10 points more a day. You would qualify for prizes in certain range. If you exceeded by more than 10 this would bring you to another prize range. “Benefits of a point system; Rewarding employees
productivity in individuals and teams. Motivation describes the level of desire employees feel to perform, and is an
Employees are the most important asset of an organization and organization has the responsibility to keep happy, motivated and satisfied so that their interest does not diminish in work. Moreover, when employees are kept happy and satisfied then their productivity rises as they feel that the company has given them the importance.
Clearly defined goals as they relate to the organization can motivate employees through goal setting. Goals challenge to employees to make them want to explore new technology, ideas, and gain insight from a diverse workplace. Additionally, giving employees more responsibility will make them believe they have contributed with a sense of higher importance. Without motivation in the workplace, a business will suffer from the lack of efficiency from employees. Perhaps the most significant of increased employee motivation is that of increased productivity (staff@incentives.com, 2010). Therefore, it is important that employers give their employees an opportunity to work hard for their reward to obtain a high level of performance, which is an essential to the success of any business.
This document will outline the new Performance Management System. This briefing note will explain what a performance management system is, the main components of a good performance management system, the link between motivation and performance as well as other information regarding performance management.
The key components to developing effective Reward Strategy is to ensure that there are clearly defined goals to meet business objectives, that the reward programme meets the needs of both the organisation and its employees, and to ensure that this is then supported by effective HR policies. In order to ensure these criteria are met there are a number of factors which influence how reward strategy is developed which include both internal factors within the organisation itself, as well as external factors outside the organisation.
It’s essential that managers understand their employees’ perceptions of the importance and fairness of the reward system and then clearly communicate what needs to be done
A motivated workforce can be a significant success when employees are motivated to work at a higher levels of productivity. Also this means the whole organization is more effective at reaching it’s goals. Rewards can be a positive outcome when it comes to boosting your organizations self-confidence and higher employee satisfaction. Having a reward system can always be a good outcomes because this shows how much your workers are willing to work to achieving a goal in order to receive something in return. This not only gets things done but brings out another side of your organizations as a whole.
The productivity of any organization depends on the satisfaction of the employees, as happier employees also make more profit as they work faster and harder.
A reward system program should be linked to a complex performance management system to help the employee stay on track for their individual goals.
Reward Management (RM) has been defined as the distribution of monetary and non-monetary rewards to employees in an effort to align the interests of the employees, the organisation, and its shareholders (O’Neil, 1998). In addition O’Neil (1998) also suggests that a RM system can serve the purpose of attracting prospective job applicants, retaining valuable employees, motivating employees, ensuring legal requirements relating to direct and indirect rewards are not violated, assisting the company in achieving human resource and business objectives, and ultimately assisting the organisation in obtaining a competitive advantage.
Rosonia, great post this week and you added some beneficial information for all the class. I have never really worked in a big company until recently so I can not give my insight on a reward system or their way of setting goals. I currently started doing some counseling services at Camelot Care Centers and they are a big organization. I have owned and operated my own business for fourteen years and I have set goals for my employees. We set down every month and discuss what has been accomplished, what needs to be accomplished, and how can we achieve these things within a decent time frame. To me and my business, it is important to have goals and reach them. This gives me and the employee's things to look forward to and how we can make the children’s
of the company encourages the same. The research will align the reward system and ultimate goals
Total Rewards reflects what employees’ value from its employer. It focuses on five elements that attract, motivate, and retain the talent to achieve business goals. These elements are: Compensation, Benefits, Work- Life, Performance and Recognition and Development and Career Opportunities (WorldatWork, 2007, p. 4). This paper describes the five advantages of a total rewards approach, five ways a total rewards strategy can go astray, six steps involved in the design of a total rewards program and eight steps involved in the communication process of a total reward program (WorldatWork, 2007, p. 15-64). Finally, the paper
Reward and recognition programs must connect the needs and expectations of the workforce with the company’s overall goals and strategies. A program that reinforces important company values and goals will encourage employees to act in line with such goals and emphasize the importance of achieving these goals. Alternatively, rewards which do not connect with organizational goals may convey a misleading message and encourage employees to act in a manner that does not facilitate the
Being rewarded and recognised for their work or contribution is what keeps an employee motivated to work towards achieving the organisational as well as personal goals. When the employees is motivated by rewards, they will have job satisfaction consequently increasing the productivity of the organisation. It necessitates the need of managers to pay more attention in understanding their employees and come up with suitable types of reward systems for the organisation so that the employees are intrinsically and extrinsically motivated all the time. The hypotheses that I put forward here is to support this statement that effective reward management is critical to