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rewards and organizational performance
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Motivation: Reward System and the Role of Compensation The design and management of reward systems present the general manager with one of the most difficult HRM tasks. This HRM policy area contains the greatest contradictions between the promise of theory and the reality of implementation. Consequently, organizations sometimes go through cycles of innovation and hope as reward systems are developed, followed by disillusionment as these reward systems fail to deliver. Rewards and employee satisfaction Gaining an employee's satisfaction with the rewards given is not a simple matter. Rather, it is a function of several factors that organizations must learn to manage: 1. The individual's satisfaction with rewards is, in part, related to what is expected and how much is received. Feelings of satisfaction or dissatisfaction arise when individuals compare their input - job skills, education, effort, and performance - to output - the mix of extrinsic and intrinsic rewards they receive. 2. Employee satisfaction is also affected by comparisons with other people in similar jobs and organizations. In effect, employees compare their own input/output ratio with that of others. People vary considerably in how they weigh various inputs in that comparison. They tend to weigh their strong points more heavily, such as certain skills or a recent incident of effective performance. Individuals also tend to overrate their own performance compared with the rating they receive from their supervisors. The problem of unrealistic self-rating exists partly because supervisors in most organizations do not communicate a candid evaluation of their subordinates' performance to them. Such candid communication to subordinates, unless done skillfully, seriously risks damaging their self-esteem. The bigger dilemma, however, is that failure by managers to communicate a candid appraisal of performance makes it difficult for employees to develop a realistic view of their own performance, thus increasing the possibility of dissatisfaction with the pay they are receiving. 3. Employees often misperceive the rewards of others; their misperception can cause the employees to become dissatisfied. Evidence shows that individuals tend to overestimate the pay of fellow workers
There are people out there in the workforce that believe they are obligated to do their best at their job simply because that is what is expected from all of us as humans. On the other hand, there are those out there that want to only do as much as they can get away with doing. No matter which one of these employees you are or are working with companies and employer's need to understand the concept of motivation.
Reward and recognition has to be promoted for small and large achievements. An effective reward’s program keeps employees engaged, dedicated, and committed to the organization.
The author believes that goals and desires require an individual to be motivated to move from one state of being to the next. This motivation encompasses the emotional, cognitive, social, and biological drives that trigger behavior (Maslow, 1943). Accordingly, the word motivation befalls the frequently used description of why an individual achieves a goal, and the term motivation originates from the Latin root movere, which means “to move.” Therefore, motivation stands as the state that “moves” an individual to act in a particular way. For instance, when one is lying on the beach on a warm summer day and begins to feel hot, the physical need to cool down might cause one to stand up, go to the water for a dip. If the heat remains too over-bearing,
A number of motivational theories explain how rewards affect the behavior of individuals and teams. Performance related pay can have a motivational effect. Employees are motivated to increase prod...
Low and medium level performers improved and high performers reduced over time. It is due to supervisors who received evaluation were no more likely to improve performance than managers who did not receive feedback; people who gave themselves higher self-rating than the ratings their subordi...
The foundation for effective job performance and compensation system can be traced to effective job analysis process. Fundamentally, a job analysis should consist of a thorough examination of the job 's duties and knowledge, skills, abilities, and qualities that are required in order to be successful in a specific position, upon which appropriate rewards or compensation can be determined. For many perspectives, jobs are usually made up of requirements and rewards, where rewards may be regarded as a major recruitment strategy for motivating potential employees in order to influence them to stay the organization for a longer period as well as enhance their performance. The most common or basic form of rewards which attracts employees is extrinsic
Since the beginning of mankind, leaders have risen to take charge of societies and make decisions. These decisions often meant the difference between having food and going hungry, having shelter or being left outside, and sometimes the difference between life and death. As society has progressed, we have seen great technological advances such as television, computers, cars, and space travel. Despite such advancements, the basic needs of mankind still remain the same. Business is the means by which people make the money to acquire their needs, and managers today are the leaders who rise to make decisions and ensure the survival of the business. The success of a business is largely dependent upon the ability of mangers to motivate workers to achieve the highest results. All engineers, whether in a management position or not, should understand motivation theory so that they can help ensure the success of their workplace. Having a firm understanding of motivation theory will allow us to draw conclusions from case studies and decide how engineering managers can be most successful.
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.
Restaurant workers are divided into two groups. “Front of House” workers and “back of the house” workers (Foodispower, 2014). The “Front of House” workers are the one that works with the customers. They’re the one that interacts with them and puts an image to the name of the restaurant. Meanwhile, “back of the house” workers are the ones that works behind the scene including the chefs and kitchen hand. It doesn’t matter what group you work at, working in a restaurant is fast-paced, stressful, repetitive, and physically challenging. Working overtime is also common. That’s why managers are responsible for the motivation of their staff. With all the cons of working in a restaurant, the manager should be able to still show their staff the benefits
Employee compensation and reward systems have undergone a couple of paradigm shifts since inception. Reward systems were traditionally compensation based and focused on the individual or the position (Beam 1995). After a recession in the early 1980's, employers turned to performance based models in an attempt to save money while still rewarding top performers (Applebaum & Shapiro, 1992). Today, the most successful organizations are using a total reward model, a hybrid of the performance based model combined with strategic human resource management planning to create reward systems that both benefit the employee and help organizations realize their operational goals (Chen & Hsieh, 2006).
Attracting and retaining the most talented employees is essential for long-term organizational success. An important component to attracting and retaining such employees is the design and implementation of an effective compensation and benefit system. Assuming the role of a highly regarded human resource consultant hired to review, analyze, and revise the compensation and benefit system utilized by my city’s largest employer, Holland Enterprises, this paper presents a revised compensation and benefit strategy that suits the firm. This proposal describes how an effective compensation and benefit system could contribute to organizational effectiveness in the firm, the principle components of the revised compensation and benefit system for the
Many employees lose motivation if not considered deserving of merit rewards, which directly affect performance. Employee’s say the criteria used to measure performance is highly subjective and unfair. Consequently, favoritism when rating employees can create major problems within an organization. This makes other employees unmotivated; they feel insignificant, causing low morale, because no matter how high they perform, they never meet the standards. Unmotivated employees produce less and do not substantially contribute to the organization. The inconsistencies with the appraisal system used for merit pay causes a higher degree of employee conflict, which directly affects productivity. Often personal goals may become more important than team goals, which is not beneficial to the company and affects team unity. Developing an accurate performance appraisal system where assessors are properly trained and objectives are clearly spelled out and discussed with employees can alleviate many
Job satisfaction includes challenging work, interesting job assignments, equitable rewards, competent supervision, and rewarding careers. The quality of work life and psychological rewards from employment are very important. It is doubtful, however, whether many of us would continue working were it not for the money we earn. This paper establishes the definition of compensation, overview of compensation philosophy, critical components of a compensation strategy, and an example of an effective compensation practice. (www.indiana.edu/~busx420/Book.../chap09.doc)
In any organization, sometimes, monetary schemes doesnot get people involve to pursue work in a certain way, rather it demoralize and threatens the self-esteem of employees. According to Meyer (1975), “the basis for most of the problems with merit pay plans is that most people think their own performance is above average”. The amount may ...
Job satisfaction represents one of the most complex areas facing today’s managers when it comes to managing their employees. Many studies have demonstrated an unusually large impact on the job satisfaction on the motivation of workers, while the level of motivation has an impact on productivity, and hence also on performance of business organizations. There is a considerable impact of the employees’ perceptions for the nature of his work and the level of overall job satisfaction. Financial compensation