Reward Management

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.

A Performance-Based Pay system is an increasingly popular compensation method used by organizations to increase productivity. A goal for all companies is to try and remain competitive and control costs, this is a reason for performance-based pay systems becoming more popular. This type of system attempts to link compensation to performance. (Gena Richter, 2002) These systems are directly tied to organization or individual performance and are most effective when based on objective measures of quantity or quality of performance. If we wish to have a direct impact on work motivation, it must be linked directly to the performance of desired behaviors. In order for to put this type of system into place, performance evaluations must be conducted regularly , as well as training and development for those with performance that isn't quite up to par. These additional resources will be necessary for our organization if we implement a performance based pay system. (William B. Bernathy, Ph. D., 2004)

A well-articulated compensation philosophy drives organizational success by aligning pay and other rewards with business strategy. It provides the foundation for plan design and administration and anchors current and future plans to the company's culture and values (Kaplan, 2006, p.32). Recognizing and rewarding achievement is the cornerstone of the company A’s compensation philosophy. The mission of the company is to attract, select, place and promote all individuals based on their qualifications. The company believes that performance-based compensation helps attract, develop and retain talented professionals. In addition to base pay which based upon local market conditions and targeted to be above market, the company provides the following types of potential compensation to reward performance:

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.

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

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 assessment of a high performing team has come to pass and acknowledged. The leadership responsibility develops progressively into work that is conducted remotely, traditional company boundaries are becoming more permeable and collaborations are essential. Developing a team remains as challenge. Enthusiastic, striving, and proficient individuals are always an advantage, but they often signify different purposes, products, and can compete for influence, resources, and advancement. Katzenbach and Smith identify three types of teams. These teams consist of task forces or project groups. Slide 10-3 illustrates their components and functions. Katzenbach and Smith use a triangle to categorize the basics of teams: performance results, personal growth, and collective work. The outer perimeter focuses on skills, accountability and commitment (Barrett, D., 2014). Substantial performance encounters motivate teams unrelatedly of where they are in an organization. However, teams cannot arise s without a routine challenges that is significant to those engaged. Teams that work towards the goals and objectives of a project will encounter different undertakings as part of the action process. To improve communication and involvement, teams use methods that are intended to inspire teamwork, such as outcome-oriented meetings and regular clusters. Teams correspondingly analyze data to make guarantee improvement exertions

Rosonia, great post this week and you added some beneficial information for all the class. I have never really worked in a big company until recently so I can not give my insight on a reward system or their way of setting goals. I currently started doing some counseling services at Camelot Care Centers and they are a big organization. I have owned and operated my own business for fourteen years and I have set goals for my employees. We set down every month and discuss what has been accomplished, what needs to be accomplished, and how can we achieve these things within a decent time frame. To me and my business, it is important to have goals and reach them. This gives me and the employee's things to look forward to and how we can make the children’s

Reward power is the “ability to control the allocation of rewards valued by others and to remove negative sanctions” (Gillnow, 2013). Using rewards is a good way to motivate the employees to put forth more effort towards executing their job, since it can be implied that they would not work as hard for me without them. This is because we have yet to establish trust with one another, as Eyre (2015) says in her article Rewarding your Team, rewards are successful tools that can build trust and loyalty. The type of reward will be determined by the company’s policies, which can be incentives such as: higher pay, promotions, time off, vacation time, and preferred work

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.

- Reward and recognition would be an excellent way to drive culture and performance at these meetings.

Reward and recognition programs must connect the needs and expectations of the workforce with the company’s overall goals and strategies. A program that reinforces important company values and goals will encourage employees to act in line with such goals and emphasize the importance of achieving these goals. Alternatively, rewards which do not connect with organizational goals may convey a misleading message and encourage employees to act in a manner that does not facilitate the

Aguinis (2013) discusses that fact that team-based organizations do not necessarily outperform work teams or teams in general. A reward system we learn, should not only target individual performance, but teams as a whole (p. 295). An ideal performance management system includes such characteristics as strategic and context congruence, thoroughness, the ability to identify effective and ineffective performance, inclusiveness, standardization and ethicality. The reward system applied to the State of Georgia, exhibits many similar characteristics of an ideal

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