1. Introduction Rewards and recognition processes play an essential role in any hospitality organization willing to achieve its goals and objectives. Also, it is imperative for the hospitality workplace to motivate its employees using rewards and recognition theories. Rewards can recognize employees’ individual efforts and increase employees satisfaction. Recognition can achieve sales target and build an effective teamwork.The correlation between business goals and objectives and employees’ performance enhances human resources as important resources owned by an organization. Therefore, in order to motivate staffs and enhance employees’ performance, human resource managers use reward and recognition processes to retain more effective and talented workforce in the hospitality workplace. This report provides a discussion on the reward and recognition theory and states the importance of these theories applied to the hospitality industry. For instant, this includes the concept of intrinsic rewards and extrinsic rewards, and informal recognition and formal recognition. Moreover, the report aims to find reward and recognition problems as related to the identified case study of Capitol Hotels of New Zealand, and provides recommendations for the identified problems that can improve the performance of Capitol Hotels of New Zealand. Reward and Recognition Theory 2.1 Reward Theory 179/300 Rewards include two main parts there are intrinsic rewards and extrinsic rewards (Rudman, 2010). Intrinsic rewards, which is intangible and usually comes from itself，refers to the feeling of self-worth and accomplishment, and includes interesting work, growth, and responsibility. Intrinsic rewards related to job itself, job enrichment, job enlargemen... ... middle of paper ... ...ournal, 37(3), 321–328. doi:10.2224/sbp.2009.37.3.321 Reid, D. (2009, April 24). Establishing sales targets. Management matters, 237(6199), 17. Retrieved from http://search.proquest.com.ezproxy.aut.ac.nz/docview/229375608 Rudman, R. (2010). Human resources management in New Zealand. New Zealand: Pearson. Sarwar, S., & Abugre, J. (2013). The influence of rewards and job satisfaction on employees in the service industry. The Business and Management Review, 3(2), 22-32. Trends in Employee Recognition (2005). Scotsdale, AZ: WorldatWork. Types of sales targets. (2013, November 15). Retrieved from Queensland Government website: http://www.business.qld.gov.au/business/running/sales-customer-service/sales-targets/types-sales-targets Wood, R. (1994). Organisational Behaviour for Hospitality Management. Oxford UK: Butterworth Heinemann.
Response: Recognition is a big factors that helps with employee satisfaction and motivation. When an employee is excelling in their work and completing all goals and objectives, there hard work is recognized by means of gifts, announcements, and even the prime parking space at the organization.
In a business or a workplace, it is essential for the organization, which consists of the employers, the managers, and their employees, to work towards reward programs within the human resources in order to create a healthy and cordial work environment and most importantly, to efficiently achieve business’ goals. In Carol Patton’s (2013) article, Rewarding Best Behaviors, she explains the importance of several companies that are beginning to recognize their employees, not just for the end-results, but for reflecting good behaviors towards the business’ values, such as demonstrating creativity on certain projects, problem solving towards certain issues, and also collaborating with fellow co-workers. Patton stresses that these reward programs could help suffice the overall being of a company as long as the rewarded behaviors correlate with the corporate strategy. Patton expresses that some things human resources must comprehend include “how its company creates success, what drives its business strategy and what behaviors are needed from employees to achieve that success” (Patton, 2013 para. 15). Moreover, the employee would be reflected as a role model for others and perhaps influence them to demonstrate comparable behaviors.
Barton, G. M. (2006). Recognition at Work: Crafting a Value-Added Rewards Program. Scottsdale: WorldatWork Press.
degrees in hospitality management think of themselves as professionals entering the profession of hospitality management. Professions require specialized knowledge and skills, continuing education within the profession, and must be good for the community and society. While professionals may receive large salaries, for an endeavor to be a “profession” it must have goals beyond high pay and be concerned with the long-term good of the company and also the community the company does business in (Jaszay & Dunk, 2006).
Lack of systematic approach to staff reward, i.e. constructing reward system in accordance with the strategy and objectives of the company, results in loss of employee engagement and discouragers staff loyalty to the co...
Bratton and Gold (2003) describe a reward system as “The combination of extrinsic and intrinsic rewards delivered by the employer. It also consists of the incorporated policies, processes, performs and administrative processes for executing the system within the framework of the human resources (HR) strategy and the total organizational system”.
While businesses are looking to get more from their employees, employees are also looking to get more from them. Through employee reward and recognition programs, employers can motivate employees to change work habits and key behaviors to increase the business’ profit. Employee reward system refers to programs set up by companies to reward performance and motivate employees on group or individual levels. They tend to be separate from employee salary but are some form of monetary rewards. Previously reward systems were considered the domain of large companies and businesses, but now even small businesses are offering them to lure top employees in a competitive job market or to simply increase employee job performance.
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...
An incentive or reward system refers to a program designed by an organisation to reward high performance and motivate workers on an individual and group basis (Corby et al. 2009, p. 2). Rewards are useful to a company operating in a competitive market. Although used interchangeably, rewards and recognition where the former can be monetary or non-monetary but has a cost to the company, while the latter is meant to offer psychological reward, for instance, oral public recognition or end of the year award. While the company does not provide financial incentive, it provides non-financial in the form of cars for its Sales Division consultants. This improves the working condition of the employees, but it does not improve their financial stance. Wright (2004) notes that some employees are more concerned with status, for instance, an executive desk, attractive office or business card (p. 76). Such incentive make the jobs and company attractive.
All five star hotels possess features and facilities that are capable of customer satisfaction. However, certain five star hotel chains have a competitive edge over their rivals. This is because they are able to differentiate themselves in a meaningful manner with their customers, leading to customer delight. For example, superior reservation systems, excellent room service and an excellent ambience. The essence of customer delight is exceeding customer requirements on a continuous basis.
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.
It is important for any company’s management to be concerned with the performance of its employees. The employees past performance also determines future performance thus the need for continuous enhancement of the employees performance. This means that, employers have the role of ensuring that they improve the performance of their employees, and this is greatly impacted on the compensation system that the company uses on all its employees. According to Sturman (2006), money is the overall incentive value that most of the employers give to their employees, but it is also important to note that the employees can improve in their performance if the management motivates them by linking pay to performance. This mean...
This Place management understands that every individual has a different aspect that incentifies him/her to work harder, so it targets each employee individually to find out what motivates each one of them and base their rewards on their research. There are a selection of universal rewards that all employees get, however This Place also introduces individual rewards ranging from financial bonuses, for financial-incentified employees, to extended holidays to employees who want more free time. However due to a flat hierarchical structure, the reward that the company can provide for employees that are promotion-incentified are very limited.
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).
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