Question:
What modern techniques might a business use to inform them of the level of reward which should be associated to certain tasks and roles. Discuss what new forms of technology exist that can help a business achieve this more successfully.
All submissions should be in the region of 1,000 – 1,500 words and references should be added in the Harvard Referencing Format. There is a Harvard Referencing tutorial in the Resources Area which outlines the formatting required.
Solution:
In a competitive business climate, more business owners are looking at improvements in quality while reducing costs. Meanwhile, a strong economy has resulted in a tight job market. So, while businesses need to get more from their employees, their employees are looking for more out of them. Employee reward and recognition programs are one method of motivating employees to change work habits and key behaviors to benefit a business.
In designing a reward program, a business owner needs to separate the salary or merit pay system from the reward system. Financial rewards, especially those given on a regular basis such as bonuses, profit sharing, etc., should be tied to an employee’s or a group’s accomplishments and should be considered “pay at risk” in order to distance them from salary. By doing so, a manager can avoid a sense of entitlement on the part of the employee and ensure that the reward emphasizes excellence or achievement rather than basic competency.
The keys to developing a reward program are as follows:
- Identification of company or group goals that the reward program will support
- Identification of the desired employee performance or behaviors that will reinforce the company’s goals
- Determination of key measurements of the performance or behavior, based on the individual or group’s previous achievements
- Determination of appropriate rewards
- Communication of program to employees
In order to reap benefits such as increased productivity, designing a reward program must identify company or group goals to be reached and the behaviors or performance that will contribute to this. While this may seem obvious, companies………………………………………………………………………………………………………………………………………………Please contact our team to receive guidance and support on this assessment in its entirety
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