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Guide on How to Write University Essays, Courseworks, Assignments and Dissertations

Reward Management

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Employers and mangers should pay attention to their employees and special attention to the best employees. This is done to encourage good performers, to push them to greater heights. Positive recognition for people can ensure a positive and a productive organization. The recognition of outstanding performance aims to create an understanding of what behaviour might add significant value to the organization and to promote such behaviour. Awards- monetary and non-monetary – should be given based on the achievements and accomplishments of workers. (The Business Research Lab, 2006)

 

 Monetary rewards

 

Monetary rewards are those paid by any negotiable instrument- cash, cheque, money order and direct deposit. It can also be any item that can be readily converted to cash such as savings bonds or gift –cards/certificates.

 

Non-monetary rewards

 

These can be in the form of meals, trips, plaques, trophies, desk items, cups and mugs, personal items and clothing such as caps, shirts and sweatshirts and other items such as tools, electronics, radios and sports equipments. (The Business Research Lab, 2006)

 

Management

 

To insure fair and consistent application, set of rewards and recognition programmes should be developed. This should be characterized by pre-arranged frequently scheduled ways of acknowledging contributions and accomplishments for an individual or team. Reward and recognition should be given as acknowledgements and appreciation for attendance, safety, customer service, productivity, public service, outstanding achievements and the like.

 

Another approach to employee recognition is by providing employee rewards and recognition at anytime for demonstration of behaviours and values of the organization; contributions to the goals and objectives of the organization or work unit and to acknowledge individual or team accomplishments. Such behaviours and contribution are team work, project completion, suggestion for a new or modified business practice, exemplary efforts, employee appreciation, employee of the month and honouring separating employees. ( Joan Llyod at Work, 2007)

 

Goals and objectives of rewarding

 

Attendance reward is given as an incentive to reduce the number of unplanned sick days or lost days due to injury and to reduce the level of over time required to back bill absent employees .Customer service rewards help to promote and recognize employees for outstanding customer service. Sales award provides an incentive for employees to increase the sales margin over the previous fiscal year, such as in a bookstall.

 

The main purpose of this rewarding strategy is to support business goals and to recruit and retain high performers .Compensation and rewarding is important. A recognition programme can be arranged anytime and it does not have to be expensive. All it needs is fairness, high visibility and consistency. To be fair, a programme must not favour one employee over another. Making certain that a programme is highly visible will help to ensure consistent implementation .The reward should just be part of the process. Recognition, however, can be achieved by the reward given at a gathering of employees. A good manager automatically knows that employee satisfaction is essential to healthy teamwork and productivity. The best manager will always try to find ways to bring out the strengths in every employee but when an employee just isn't fit for the job, the manager should take a hard look for a better way to use their talents.

 

References: 

 

Joan Llyod at Work, "Rewards Management"

Available from: http:// www.joanlloyd.com/  

 

The Business Research Lab, "Rewards Management"

Available from: http://www.busreslab.com/

 

CIPD, the HR and Development website,"Rewards Management 2007- Surveys"

Available from: http://www.cipd.co.uk/subjects/ pay/_rewrdmansurv.htm

C/HR/169. Pay, Incentives & Employee Productivity

S/HR/137. To what extent has there been a shift from 'collectivism' to 'individualism' in the management of remuneration in recent years? How has this shift influenced reward systems in the UK?

C/HR/132. Drawing on published research, critically evaluate the extent to which individual performance related pay can stimulate higher levels of performance from employees

C/HR/122. Master's Dissertation. Total Reward and Employee Retention: The Case of Marks & Spencer

E/HR/65. Bonus scheme in Healthy Start Plc: proposed modifications

E/HR/61. Performance based pay systems create competitive organizational structures, enhance productivity, and ensure employee satisfaction. Discuss.

P/HR/328. Cafeteria Benefit system of rewards: description and application

P/F/487. Issues of executive compensation

P/HR/205. Use of motivation theories in designing reward systems

E/HR/35. Reward schemes: theory and examples

C/HR/81. Dissertation. The use of reward management to reduce turnover and motivate employees: The case of Accenture

S/HR/63. Employee Reward & Recognition Schemes & Motivation P/HR/125. Incentives for employees

E/HR/14. Performance-Related Pay: Does it work or not? Theory, Practice and Proposals

P/HR/123. Performance related pay

C/HR/35. Executive remuneration: determination of pay-levels of top executive managing UK-based firms. Comparison of the actual pay levels among three chosen companies.

C/HR/32. The practice of executive remuneration in UK

P/HR/100. How would you evaluate whether performance-related pay in an appropriate policy for employees and managers in a multinational company?

S/HR/29. Employee Performance Measurement and Reward: A Discussion of the Various Issues and Techniques

P/HR/22. Under what conditions is a group performance related pay scheme likely to fail? Should organisations employ only individual PRP schemes?

P/M/63. Motivating and rewarding employees

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