Essay Types of Rewards in the Workplace

The challenges of an organization can influence the performance of an organization from a satisfaction with pay (Gomez-Mejia, Balkin, & Cardy, 2016, p. 296). The employee salary within an organization is a huge cause for turnover of employees (p. 296). First, the topic of employee salary is of great importance for the current and potential workforce (Lee & Lin, 2014, p. 1577). In addition, employees that have the perception on receiving lower compensation that others within their market will lack in performance and have a desire to leave the organization (p. 1577). In retrospect, the regular evaluation of compensation within the organization is vital to the reduction of employee turnover (p. 1577).

Rewards for the purpose of reinforcement are essential in my management plan. While it is acceptable to give external rewards some of the time, a majority of the rewards should be internal. Internal rewards foster intrinsic motivation, which I believe will serve to

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.

With the constant change in today’s business world, to have a competitive advantage makes it difficult for employers to attract and retain the most talented employees. Identifying the company’s compensation strategy ensures the organization offers the right pay and manages the pay increases to retain top talents. When we hear the word compensation we think about compensating an employee for their work performed, but there

Chapter 12 of our textbook is titled “Motivating Employees,” and it encompasses much of what was in Drive. An extrinsic reward is defined as the “payoff, such as money, a person receives from others for performing a particular task.” Extrinsic rewards are what drive the old economy and still influence management techniques within organizations today. These rewards have many benefits but are becoming more and more obsolete in the twenty-first century workforce. The textbook defines intrinsic rewards as the “satisfaction, such as a feeling of accomplishment, a person receives from performing the particular task itself.” Offering only extrinsic rewards is what Pink refers to as “carrots and sticks.” These rewards work well for routine tasks. However, these rewards often stifle creativity (as seen in the candlestick experiment). Modern jobs are increasingly relying on creativity and innovation. Managers can use this knowledge by acknowledging the importance of intrinsic rewards when dealing with employees engaged in more complex

Job Design is one of the structural variables in organization management and a rich source of intrinsic rewards, which is the reward that comes from job content as opposed to job context. Intrinsic rewards from Job content motivates and produces behaviours that

Intrinsic motivation is gaining more recognition in the workplace. Books like Driven by Daniel Pink talk about the scientific data that supports the notion that humans are not wired to be rewarded with more money, but instead a sense of purpose. The connection between intrinsic motivation and working independently is that by working in a team there is less individual contribution, therefore limiting the sense of ownership in a project. When a person works independently they set their own goals and deadlines (Halvorson) while forced to comprehend the task at hand clearer. The quality of the work is higher in part because the success of the work is left entirely on one person, but also because individuals find reasons to remain motivated and

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

This type of motivation, intrinsic involves being appealing in your behavior only because it’s personal when you are achieving your reward. Normally this person is motivated by ones self-gain knowing that they are reward with knowledge rather than money. For instance, lets use a sport if someone who’s motivated in the intrinsic way they are only playing because they actually enjoy playing the sport. Solving a mystery because you enjoy the rush of adrenaline and the challenge of solving that mystery. Those are all examples of an intrinsic

Although intrinsic motivation has numerous benefits, few drawbacks of intrinsic motivation should also be considered as well. An intense form of intrinsic motivation can reach to the point that employees can completely lose track of time and space, completely ignore authority and other important tasks, as well as not having enough time to learn or perform other essential tasks while learning and enjoying a particular academic activity. When performing an enjoyable task, a person can lose track of space or self-awareness. Individuals motivated by intrinsic gratification seek an experience for itself, rather than for anticipated rewards. The process is considerably more important to them than the resulting product or outcome, which has them working often

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

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.

Intrinsic rewards could be as simple as having a friendly attitude towards all around, doing a job in a diligent manner, doing your job without being told.

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