Hilton Hotels & Resorts currently serves guests worldwide in more than 540 locations in 78 countries across six continents. They have shown great influence in their ongoing and keep going movement since their foundation.
2. Review of Organization’s Reward Strategy and Performance Management System
2.1 Reward Strategy
Reward strategy can be defined as a financial or non-financial reward an organization gives as a token of Favor for their labor accommodation offered to the organization. The components of a financial reward consist of simple pay, performance pay and employee benefits thus comprising of total compensation. Non-financial rewards include, holiday trips, large office, promotion, support, achievement responsibility and personal progression etc.
“One of the most distinct reward schemes utilized at Hilton hotel is the “Spirit to Serve”. Hilton’s most vital concern is the employees and is considered as the most vital principle in the hotel. Employees always search for an environment where they can adjust themselves better, satisfy their mind and soul and personal development. Hilton offers a home like atmosphere and pleasant working environment to their colleagues thus holding a reputation of employee caring, dependable associates which are not only ethical in their jobs but trustworthy.
“Spirit to Se...
... middle of paper ...
...r investigate what sort of rewards or fringes would their employee’s desire compared to the old method of monetary incentives for the beneficial for the company”.
“Using PM System doesn’t improve the performance of an organization. PM system incorporates of not only evaluating performance appraisals but also rewards. As quoted by Sheridan (2009) and Latham (2005), “the cultural maturation of performance based can take decades to implement and requires the organizations to allocate the required resources”. Technology plays a pivotal role in future of PM systems where e-monitoring of performance of employees in Hilton and other entities respectively can change the evolution of performance management thus bringing necessary and important changes to stay competitive in the market as well increasing an individual’s productivity in the company (Sheridan & Latham, 2005)”.
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