Performance Rewards At The Workplace

The purpose of this paper is to determine how innovations in employee benefits can improve the overall competitive compensation strategy of the organization. Then, it explains how innovative benefits could be tied to specific jobs. After that, it critiques the effectiveness of equity-based rewards systems versus those with more creative approaches and discusses the key elements of integrating innovation into a traditional total rewards program. And last, it recommends a process that optimizes an employee-based suggestion program to continually refresh the total rewards of the organization.

Good performance is rewarded through timely job promotions, special recognition and in some cases monetary rewards and incentives.

Through these leadership skills a manager can create an environment that encourages staff to behave in a mature way, express creativity and enable participation in decision making processes. This will increase job satisfaction, staff retention and productivity.

Grinnell Regional Medical Center (GRMC) consists of a hospital and some affiliated physician clinics. With the changes in the payment models that are coming, GRMC joined an Accountable Care Organization (ACO) through Mercy Medical Center in Des Moines, Iowa. This particular ACO received a $10 million dollar grant to help rural clinics throughout the state of Iowa figure out how to sustain care while they move from a pay-for-service to a pay-for-performance model. Through this grant, the ACO, and respective affiliated hospitals hired registered nurses (RN) to become health coaches within these rural hospitals and clinics. In this paper, we are going to take a closer look at this particular position

The main purpose of reward within a performance management system are to retain, motivate employees and reduce turnover.

| In an effective organization, rewards are used well. Rewarding means recognizing employees, individually and as members of groups, for their performance and acknowledging their contributions to the agency 's mission. A basic principle of effective management is that all behavior is controlled by its consequences. Those consequences can and should be both formal and informal and both positive and negative.Good performance is recognized without waiting for nominations for formal awards to be solicited. Recognition is an ongoing, natural part of day-to-day experience. A lot of the actions

As a manager, it is important that the employees know what is expected of them and the consequences of not doing the work. A manager should be genuinely interested in

A reward is a high extrinsic motivator. The reward can be monetary, gift certificate, day off with pay, a two hour lunch, or working for two hours on anything but work. All entice performance and competition in the workplace. A gold star, being the teacher’s helper for a day, no daily

In corporate America the term used to describe a person in a position of power is “Manager”. A leader can be a manager, but a manager is not necessarily a leader. Leaders motivate, challenge, and influence others to achieve goals. Great leaders have the necessary skills and attributes which allow them to connect with the team and organization. Being a leader is not the same as managing an organization. Leader’s posses the interpersonal skills needed to influence others to achieve a goal willingly. Leading is a major part of a manager’s job. Leaders do not need to be a manager to lead people, but managers must know how to lead as well as manage.

An employee will follow the directions of a project manager because they have to, but an employee will voluntarily follow the directions of a leader because they believe in who he or she is as a person, what he or she stands for, and for the manner in which they are inspired by the

McShane and Von Glinow, 2010:360 argued that leadership is influencing, motivating, and enabling others to contribute toward the effectiveness and success of the organizations of which they are members. It is the dual focused management approach that works towards what is best for individuals and what is best for the group as a whole simultaneously. According to Kotter he suggested that leaders establish directions develop strategies influence others to follow energize people. Effective leadership builds on important underlying competencies such as the Self Awareness it sees things clearly and strengthen Analysis and problem Evaluation beyond the immediate and short term .Interpersonal Effectiveness based on listening and communication skills to increase understanding , motivation and commitment .Personal Conviction concerning possibilities and objectives with the resilience to overcome setbacks. In addition to setting clear direction, effective leaders develop employee competence by building self-belief and capability; support autonomy encourages employees to take control, build a culture based on positive relationships .The steps are anchored in meaningful activity and a sense of shared purpose, managers need to identify the steps that move employees from satisfied to motivated and then help people become fully engaged. Relationship management is increasingly important in organizations , effective leaders are aware of individual difference , but also work to

Some of the ways that businesses can build loyalty would be by offering loyalty programs, Interacting with customers, surveys, creating institutional ties, and personalized marketing. Another way to build loyalty is to treat your employees so well that they treat your customers well. If you have happy employees they will treat your customers happy. “The link between satisfaction and loyalty however is not proportional” (Kotler, Keller, 2009, p71), so businesses must

I believe you learn about leadership by acting as an example. You should be prepared to do the things you are asking others to do by getting on your hands and knees, if need be, and get your hands dirty. This engraves a picture into the mind of an employee or subordinate to what type of a manager you are. In this paper, I will cover the role a manager plays in an organization describing four functions of management: planning, organizing, leading, and controlling. I will then describe three traits: conceptual, human, and technical, which an individual must possess to become a successful manager within an organization and how they fit in with the four functions.

« Critically evaluate the view that the only essential ingredient of a successful manager is the ability to handle people and relate in a caring and meaningful way to the individuals being managed »

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