Essay on The Meaning of System Rewards

Give contests to the workers between each other and give points to the workers for whatever good things they have done and also must deduct points when they do not do well suppose for example when a worker keep absenting themselves must deduct points for every absence so the staffs will turn up every day and they will be motivated to turn up for work for everyday and put in such a way that that the staff who earns the most points will get rewarded with the most bonus and that will motivate the staffs to do good

According to Bateman & Snell (2009), Motivators to employee job performance are centered on extrinsic and intrinsic rewards. Extrinsic rewards are characteristics of the workplace that attract and retain people. They revolve around organization and management policies, working conditions, pay, benefits, and other so-called “hygiene” factors. Intrinsic rewards are motivators that provide employees personal satisfaction in the performance of their jobs such as opportunities for personal and career growth, recognition and the feeling of achievement in the successful completion of a task. (p. 486). Herzberg’s two-factor theory suggests

Pay and Rewards – pay and rewards attract, motivate and retain staff. The employment contract which lists rewards, whether it be pay, bonus or benefits, can remove animosity amongst employees and employers. However, recent research reveals that employees are no longer motivated by a financial reward alone, but

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.

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.

According to our assigned MBA 6000 book, extrinsic rewards are financial, materialistic and social. Intrinsic rewards are psychic rewards because they are self-granted. The four building blocks of the intrinsic rewards and motivation are, leading for meaningfulness, leading for choice, leading for competence and leading for progress.

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

The total reward approach emphasize the most important of considering all features of rewards as an integrated whole. Each element of total reward base on the contingent of performance competence or contribution employee benefits and non-financial rewards which involves intrinsic rewards from the employment environment and the work are linked.

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

The rewards offered can be extrinsic such as wages, incentives and bonuses, or intrinsic such as job satisfaction, an internal feeling of worth and a sense of well being on the job.

Extrinsic/External Rewards are rewards given by another person, such as company bonuses, to motivate employees.

A reward system is defined as a structures method of evaluating and compensating employees based on their performance. It also refers to all the monetary, non-monetary and psychological payments that an organization provides for its employees in exchange for the work they perform. Reward systems can help to boost company morale, as well as productivity levels which increase overall revenue for the company. An effective reward system is essential for high satisfaction and motivation of employees at work. It is concerned with the process of employee attraction, motivation and retention.

An incentive pay program can reward employees who continue to produce superior work or encourage employees who already produce good work to best. Sometimes, use an incentive system when employees are lack of enthusiasm of getting down to work and improving things. If everyone in the same job classification gets the same pay, there is no real incentive to do an outstanding job (French, 1990). Various incentive plans used to motivate all employees such as production staff, sales staff, administrative staff and managerial and professional staff on an individual basis. To be improved employee work performance, the incentive pay programs need to be fairly matched with the employees’ expectation. Properly designed and maintained incentive pay program has the potential to increase employees’ productivity and work performance.

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

With a larger staff network spread over wider geographical area, it will be important to implement a reward structure that communicates the overall strategy of the organizational goal. An example is to focus on team productivity, profit sharing and skills based pay to enhance ability and motivation of employees to increase efficiency (Fisher, Schoenfeldt, Shaw 68).