Mini Case About Myself

“Incentives are the cornerstone of modern life”(Levitt and Dubner 12). Levitt and Dubner once mentioned in their book “Freakonomics”. According to Oxford dictionary, incentives are something tends to incite to action or greater effort, as a reward offered for increased productivity (“incentives”). In business field, incentives are something given by bosses to encourage their employees to endeavour in bringing benefits to their business. For a simple example, the employee who hits the monthly or year sales target will get cash or prizes as incentives. Apparently, these incentives are something that motivates employees maintains their great performance and also to motivate other employee, whoever wants to get the incentives, work harder.

Reward, whether it is financial (in terms of a monetary bonus) or simply praise and the recognition of success, will positively impact levels of motivation within a team. For example, a sales team working towards a target, that if achieved will mean a financial bonus will be more motivated than a team without this incentive, especially if a high percentage of that team have money as a primary motivating factor. The effect of praise and recognition on staff will be a team that feels valued and appreciated by its organisation. This will help promote harmony and make for a stronger, healthier and a more motivated team. A team that is not praised and recognised will soon start to feel that their hard work is not appreciated.

After providing incentives to employees that are part of a group within a company, there are strategies and tactics needed to build that group into a teamwork where all the individual goals align toward the organization objectives.

Every organization should have some type of incentive plan for staff. As previously mentioned, it is important to keep staff motivated to edify the success of an organization. Motivation and incentive concepts are closely linked because they both encourage staff to perform in a better way. The difference is that motivation can be words, but incentives are typically tangible and specific. According to the Houston Chronicle, incentive plans offer recognition and rewards to employees for meeting pre-established goals or objectives. This can include cash bonuses, profit sharing, additional paid vacation time or any range of prizes such as gift cards, corporate merchandise or other products or services (McQuerrey n.d.). Again, the objective is to motivate and to ensure its effectiveness the goal of the incentive program being offered must be clearly defined, viable and valuable for whatever the staff is being asked to do.

Group Incentive Plan: It is set in place to promote helpful, combined behavior among employees. Through this company a group incentive plan assists in nurturing relationships among their staff member, inspiring them to discover ways to collaborate in a shared environment in order to be successful. The method is able to create a stronger team, brainstorming and building a entrusted sense of project ownership for everyone.

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.

Although teamwork is discussed in greater detail elsewhere in this text, it is important to note that any individual who works as a part of a greater team should be an effective

Have a one-on one meeting with the employees and leaders of the departments that are not meeting expectations to provide additional training, corrective actions, or otherwise work together with that particular team to develop a plan to improve, which would further empower the teams (Newstrom, 2015). For the teams who are meeting production goals in their department develop a rewards and recognition program so that the department or specific employees who have gone above and beyond could be recognized. This monthly awards and recognition program could replace the monthly financial bonus by providing another type of motivational and reward factor, which could be understood through the Equity Model, in which the employees would still see reward outcomes from their monthly inputs, in addition to the potential of a financial bonus (Newstrom,

Performance, pay and reward: employers should set clear and transparent targets in order to make it easier for employees to know what is expected of them. If these targets are followed employees can be rewarded and this should improve the relationship between employer and employee.

By identifying behaviours exhibited by each of the team members we can use this information to assist with the selection of team members to perform roles and undertake tasks, the output of the team is likely to be at its maximum efficiency as each person fulfils a role complimentary to other skills and roles within the team.

Imagine that you couldn’t talk to anyone. Imagine that you would be afraid to work in a team. Imagine that you’re at work and your boss assigns you an assignment with partners, and you don’t know how to work with them. This is why everybody be compelled to join a team sport. People should undergo a team sport because it strengthens communication skills.

Having buy-in from key stakeholders is crucial for the success of an incentive pay system. For example, if top management does not support such a program, lower-level managers will place little importance on effectively administering the program. Hence, a lack of top management support often leads to a lack of accountability. (Gordon, Kaswin)

A high-performance team should have greater productivity, superior quality, small response time, and less costly. The team should work as a one to control his/her day-to-day production, quality, and administrative duties. A high-performance team should have performance characteristics that include: Quality leadership, quick reaction, purpose, fabulous

The team-based incentive pay plan financially compensates employees for the goals they meet as a collective group, rather than as individuals (). Employers who use the team-based incentive pay plan find that the approach brings a sense of urgency to the group effort. The team-based incentive results in greater performance and goal reaching than when individuals work on their own. Individuals who work under the pay plan are also able to gain a greater sense of cohesiveness. In the team-based incentive pay plan if you do not perform well, you would not receive a pay check. The people in the team-based incentive plan all recognize that the greater performance they have together the greater the payday would be for each member of the team.

Today, competition between the businesses is extremely high thus companies need to find ways to be competitive. Organizations prepare the best market strategy to increase the company performance and the ways to keep their employee motivation on the highest level to perform well within the competition. At that time, several incentive pay programs play an important role for every organization to perform well within the competition.