The Work For Organisations And With Their Abilities And Skills

Pay and reward systems exist in the form of pay, bonuses and benefits, financial and non-financial and designed to improve performance, increase motivation, staff retention and increase profitability. Appreciation and gratitude is widely received as reward and the opportunity for training and development for career progression.

Employees should always be motivated; this attracts talent, opens up new channels for innovation and creativity and brings in a sense of satisfaction among them which helps the growth and development of the organization.

Employees are motivated by both intrinsic and extrinsic rewards. In order for the reward system to be effective, it must encompass both sources of motivation. Studies have found that among employees surveyed, money was not the most important motivator, and in some instances managers have found money to have a de-motivating or negative effect on employees.  This research paper addresses the definition of rewards in the work environment context, the importance of rewarding employees for their job performance, motivators to employee performance such as extrinsic and intrinsic rewards, Herzberg’s two-factor theory in relation to rewarding employees, Hackman and Oldman model of job enrichment that

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

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.

Monetary rewards usually refer to extrinsic rewards like bonus, promotion, salary adjustment, allowances, cash price, incentives, medical benefits, life insurance, stock grants as so on which provided by organization directly to employees. Non-monetary or intrinsic rewards like recognition, flexibility in working hour, greater autonomy etc are easier to implement and less expensive as compared to extrinsic rewards. In this article, the authors stress on the important of both extrinsic and intrinsic rewards in motivating employees towards excellent work performance and achieving organization objectives. The authors believe employees are not only need monetary rewards but also recognition through non-monetary rewards. By incorporating non-monetary rewards into compensation system will help in maintaining job interest and corporation among employees. Beside individual rewards, the authors also encourage rewards are to be given to cross function team which will result in knowledge sharing among team member, foster commitment and ultimately improve team performance towards achieving organization

In the workforce, employees turns to be more involved in the successful results when they know that they will share in the rewards (Wilkinson, 1992). There have to be a well established incentives for better creation of ideas and efforts which would lead to increased business. Rewards allows employees to see themselves being valued and recognize their involvement in the business. Employees' morale and motivation is boosted and the staff progress on with higher level of creativity and

The implication of financial rewards are fairly debatable and have gained significant attention through numerous publications. The sizeable influence of this subject has generated major controversy over the potential impact of this trend. Over the decade, many scholars have discussed this phenomenon while citing credible sources.Therefore, I consummately accord with this statement that rewarding an individual for his service is both encouraging and motivating for others. Additionally, employees could also include group rewards such as dinners and holidays.

This article examined the necessity of changes required to traditional reward systems in order for employees to remain motivated and productive in the workplace (Lawler & Worley, 2006).The changes that must occur are in response to shifting environmental demands, with reward systems and motivational tactics holding exceptional importance to the ongoing success and longevity to the organization. The article then emphasizes the ineffectiveness of traditional reward systems, such as merit pay. This is largely attributed to how merit pay salary increases are small and become a permanent part of an individual’s pay (Lawler & Worley, 2006). As a result, the relationship between pay and performance is weak and not particularly motivating. As a more effective alternative, companies should look to implement reward systems such as bonuses in the form of short-cycle business periods, as they have shown to be effective motivators as well as flexible enough to compensate for organizational changes. Lawler & Worley (2006) concluded that “traditional reward systems lead to lack lustre performance, and that in order to create a high performance organization, companies must employ different reward systems that motivate performance, reward change, and encourage the development of individual and organizational capabilities” (p.5).

In Harrods case intrinsic reward system is practiced it has many positive effects on the organization.

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.

Total reward is all of the tools available to the employer which may be used to attract, retain, motivate and satisfy employees. Total reward is inclusive of all types of rewards such as direct and intrinsic as well as extrinsic (Armstrong and Murlis, 2007). All aspects of reward including base pay, contingent pay, benefits and non-financial reward are linked together as a coherent and integrated whole. The total reward approach is holistic, and therefore reliance is not based on just a few reward mechanisms functioning in isolation and includes all the ways in which people achieve satisfaction and reward for their work (Armstrong and Brown, 2006). Total reward plays a vital role in communicating the value of the employment package to

A good manager or supervisor will implement a reward system. Employee award systems are used for motivation to ones employees, with the goal being not to just meet expectations but to exceed them performing at their best capabilities. This system includes all benefits monetary and non-monetary that proves to be worth something to the employee. Implementing a reward system for a human services organization will help ensure basic needs are met, competitive benefits are offered, benefits are equally distributed, and empoyees are treated as individuals. I will include intrinsic and extrinsic rewards in my system. “A suitable reward systems is essential to ensuring that an

Gilmore and Williams (2013) suggest that one of the most important Human Resource Management activities in any organisation is reward management such as pays and benefits as well as non-financial rewards which is also referred to as intrinsic rewards since this can have a strong impact on recruiting new people and retaining existing employees. In addition to this, Bartol and Locke (2000) and Caruth and Hand-logten (2001) explains that financial rewards satisfy employees basic needs for survival such as security and recognition at work and intrinsic rewards are the psychological enjoyment

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