Choi (2013) argued that offering bonus will lead positively affect on workers’ beliefs and effort. To introduce how to pay bonus more effectively, this essay will begin by illustrating some representative types of bonus. Following this, it will compare the team-based reward and individual reward system and analyses their advantages and drawbacks respectively by using some examples and citations. And at the end of the article, it will give a recommend option, the combined bonus, to the managers to improve the organisations’ productivities.
Types of bonus
Purkayastha and Chaudhari (2011) claimed that the performance management and reward systems were responsible for a company’s good industry and productivity (cited in Njanja et al. 2013, p. 41). So far there are two dominant options of distributing the bonus, one is individual reward and the other is team-based. A common but easy-to-use mean to give staff incentive is individual reward. There are two main types of it, one is bonus based on qualitative which includes performance-based reward and job duty-based reward, the other is on quantitative whose representations are earning-based reward and multiproduct sales quota-based reward. However, seeSundstrom (1999) argued that within organizations, reliance on action and project teams for complex tasks had become a popular strategy(cited in Pearsall, Christian and Ellis 2010, p. 183). In consequence, some companies came up with the strategies of paying team-based bonus. And some giants in certain industries have already changed their reward system. As Erez et al. (2014) find that, organizations such as Oracle and Google now rely on employees to monitor and inc...
... middle of paper ...
...Williamson and Zhou 2012). Only with adequate innovations, consumers will be attracted by their products or services. On the other hand, at the microscopic level, high contributors need to be differentiated from the majority to achieve their potentials when managers paying team reward. Skinner (2014) claimed,from a recent Fidelity Advisor Insights study, 40% of the high-performing advisory teams surveyed compensated individuals based on team success while in contrast, only 24% of other groups took this approach.
To sum up, this assay argues that individual and team-based bonus can complement each other. Both of them cannot be completely suitable for all the environments. As a result, managers have responsibility for adjusting their own companies’ strategies and allocating a combined reward with proper percentages of individual part and shared part.
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- Undeniable is the diversity of the African-American experience in America. Although we share in similar ancestry and, for some, skin pigmentation, there still exist many differences not only about how we define ourselves individually, but also how we see ourselves through the eyes of others and the kaleidoscope of varying experiences that we have. These different experiences, further, become made known to the world in the aesthetic expressions of writers and artists. Most notable examples include, The Autobiography of Malcolm X, Invisible Man by Ralph Ellison, and—most recently—Beyond Katrina by Natasha Trethewey.... [tags: African American experience in America]
870 words (2.5 pages)
- Duska’s acceptance of Whistle-Blowers Central to Duska’s discussion is his altered concept of loyalty. I however, do not find his line of argument completely convincing. And had Duska’s concept, of what loyalty is, been different in regard to the employee-employer relationship; then his entire contention that whistle-blowing does not require moral justification would be unfounded. Considering that loyalty is defined by; devotion, allegiance, obedience and faithfulness, it seems completely reasonable that an employee should feel such sentiment and natural devotion to the firm which employs him.... [tags: Person, Individual, Grammatical person, People]
706 words (2 pages)
- Individual identity is how an individual relates to them self, as well as how others relate to the individual (Bessant & Watts 2002, p.153). This occurs as other people reflect back to us their impression of ourselves (Plummer 2010, p.22). Indeed, the body is central to how our self is recognised by others and how we derive our identities (Back et al. 2012, p.98). Individual identities are shaped in various ways, such as with others’ belief in essentialism – the assumption that all people of a certain group have the same characteristics (Bessant & Watts 2002, p.154), or via face-to-face relationships (Back et al.... [tags: Sociology, Individual, Identity formation]
1744 words (5 pages)
- BONUS PAY 2 By definition, bonus pay is a term that describes pay above stated compensation and may include performance-related pay. Bonus pay, as a part of a merit pay system, can provide rewards for workers who perform their jobs at, above and beyond measurable criteria as stated by policy makers. Used predominately in service-oriented careers such as teaching or sales marketing, bonus pay can richly reward employees for hard work but can also create various work-related issues at all levels of the organization.... [tags: merit pay system, pre-assigned goals]
1848 words (5.3 pages)
- Does what you like define your individual identity. To begin with, the definition of identity is the state of being oneself and no one else (Merriam-Webster). Your identity is what distinguishes you from other people. It is what makes you unique and extraordinary. Without a sense of identity, it would be quite difficult to tell people apart. Although everyone may start off with the same, blank canvas, as we age, we all go through experiences and changes that help contribute to each and every one of our personal identities.... [tags: Person, Individual, Definition, Science fiction]
1103 words (3.2 pages)
- Power in Numbers: The Individual Versus the Community When it comes to sports, such as Football, American fanatics have a tendency to idolize a particular player rather than spreading the affinity equally amongst all of the team’s players. Although the player is individually adored, one skilled football player does not make a good team. If an individual is always focusing on making themselves better, there is no guarantee that when the team comes together, their self-centered mindset will adjust to working as a team.... [tags: Individualism, Individual, Community, Conflict]
1597 words (4.6 pages)
- ... 196). The shared hobby of listening to the radio became even more prominent during times of strife. This was very obvious in the time of the Titanic as radio acted as the line that connected the ship to broadcasters and then broadcasters to the rest of the public. However, in this case the ease of the radio was not as welcomed. As stated in Communication in History chapter 27, it was incredibly easy for amateur broadcasters to interfere with radio signals and in this case one those people passed along the message that all passengers of the titanic were safe.... [tags: communication technology, history of radio]
865 words (2.5 pages)
- Introduction To find out whether or not Mr. Gonzales should implement the new compensation plan, we will initiate with a valuation of the proposed bonus plan that he is considering. This evaluation will include an analysis of the key decisions and the persons responsible for making the decision as well as a discussion of the proposed plan. Upon this analysis we will conclude whether it is a good idea to implement it and state our suggestions for a modification of the plan. Valuation of the proposed bonus plan Included in the new bonus plan are the store managers (SM), the regional managers (RM), and the corporate staff managers (CM).... [tags: Business]
1493 words (4.3 pages)
- A normal doctor’s appointment consists of two hours mostly waiting to be seen by the doctor and around ten minutes of consultation with the doctor. Our society grows every day, by a little more, and it gets more difficult to make an appointment, it takes around 3 or 4 months after you scheduled an appointment to be seen by the doctor. There have been cases where, people need to go to the doctor for any kind of illness, they scheduled an appointment and from there to the time they get to see the doctor the illness is gone.... [tags: Doctor Medical Appointments]
671 words (1.9 pages)
- Shared Web Hosting Shared hosting means that the same server (computer) hosts more than a single website, the actual number of hosted websites depending on their size and number of visitors (total occupied space, total monthly bandwidth and used server resources). With the powerful processors of today, it's not at all unusual to find hundreds of websites hosted on a single server.... [tags: Website Internet E-Commerce ]
1143 words (3.3 pages)