Supporting Good Practice in Performance & Reward Management

As a manager the three motivational methods that should be used would be to provide monetary incentives, employee recognition, and training incentives. Monetary incentives are one method that can be used by a leader or a manager in his or her workplace, these incentives is to reward an employee for his or her outrageous work-related performance. These incentives may include such as profit-sharing within the company, stock options, performance bonuses, and scheduled bonuses. These different types of monetary incentives can increase the motivation of its workers and can lead to more productive, less absenteeism, and may improve one’s quality of service. Monetary incentives when awarded to one employee may also be a morale booster can also encourage other workers to improve his or her work performance, and maintain a healthy, friendly, positive work environment. A healthy workplace is a product of a successful and productive work environment. Working in this kind of economy, monetary incentives is the excellent method to use. However, these incentives may persuade others and may not to some; the result will be the same, increased quality work

Performance Management is both a strategic (about broad issues and long-term goals) and an integrated (linking various aspects of the business, people management, individuals and teams) approach to delivering successful results in organisations by improving the performance and developing the capabilities of teams and individuals.

Performance management is essentially about creating a strong communication with the people around you in your working environment. It helps a manager monitor and assess how well their employees are

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)

The first port of call, or initial point of contact, for performance management is usually the

Performance management is a holistic procedure collectively brings various types of elements that constitute towards the flourishing exercise of people management including, above all, learning and development.

case individual`s motivation affects their commitment to work and their work ethicattitude that is mainly influenced by the company`s management and work

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

The relationship between motivation and performance management is important as they work simultaneously with each other. Motivation is the key to an individual's degree of willingness to exert and maintain their efforts towards the organisational goals. Motivation levels are likely to have an effect on performance. If an individual has high motivation, it is likely to increase their performance. However this may not always be the case. Motivation is about the factors, which links into how organisation uses performance management to get better results from their staff by strategically encouraging the performance within its business. If employees are highly motivated they will perform better, and will co-operate collectively to improve the standards which would lead to a sense of achievement creating greater motivation.

Performance management is about creating a culture that encourages the continuous improvement of business processes and of individuals’ skills, behaviour and contribution. It is a repetitive process that is continually reviewed and is both strategic and integrated. It is about broad issues and long-term goals and integrated by linking various aspects of the business, people management, individuals and teams to delivering successful results in organisations. It does this by improving performance and developing the capabilities of teams and individuals.

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

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.

Business change and adapt their goals and strategies all the time as the world of business changes rapidly. A very critical but overlooked element of the renewal process is the impact of the businesses change has on the employees’ behaviour and motivation. Managers must ensure that the rewards and recognition systems are very carefully set aligned with operational goals and overall strategic. If the reward and recognition system is misaligned with the objectives that the managers had in mind the result in behaviour could hinder the organisation. The unanticipated actions may be a personal benefit for the employee also may be beneficial to front-line sales represents and floor managers but this moves the organisation away from its overall goals. The challenge is to assess and implement an incentive system that motivates employees to act in support of strategic and operational objectives. But how does an operational manager or executive know when they have the right rewards and recognition program, or if the one they have implemented is still having the desired effect? In addition to measuring progress of employee performance toward corporate goals, well-defined performance measurement systems help gauge employee reception, understanding and buy-in for reward systems. This critical feedback can help managers make adjustments necessary to drive improvements and avoid the unanticipated behaviours and

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