...The Time for Employee Recognition and Rewards Programs Is Now Thesis: Employee Recognition and Rewards Programs Can Generate Significant Revenue and Profits Introduction In today’s economy, many companies are dealing with a workforce that has been – or very soon will be – reduced to core essentials. The competitive marketplace, on the other hand, cannot be put on hold until the economy improves. Attracting and retaining the very best talent is a key element to stability at any time, but it is especially so during a recession. Successful companies know that they must have the entire team fully engaged in the success of “their” company during challenging times. This is important to success not only during the recovery, but also well beyond. A lack of engagement, according to recent research, can lead to an overall reduction of 10 percent in our GNP, not to mention its effects on the corporate bottom line. Creating a climate of appreciation, where efforts are recognized and potentially rewarded, can go a long way toward strengthening the process of engagement and improving the outlook for the company as a whole. Further complicating the recession economy is the shrinking talent pool. As baby boomers retire (or hope to soon), so-called baby busters and millennials are taking over leadership roles throughout corporate America. A shortage of talented workers worldwide is inevitable in the coming years. Global recruitment will see an increase in diversity – in age, experience, language...
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... | |Subject: |Proposal to Develop and Implement an Employee Incentive/ Recognition Program | Attached is my proposal to establish a program to increase employee performance and morale. Employee satisfaction is of utmost importance for the chamber and the membership, because it is the foundation of success. The benefit of having a melting pot of new and prior employees is that it allows the chamber to focus on building the team. With change comes resistance this resistance is reason for improvement. This is the ideal opportunity to address, create, and implement a new employee incentive/recognition program to increase morale and productivity. Having a small staff working with management is a benefit as we can use the development of the program as a team building exercise. This exercise instills ownership and loyalty to the chamber because of the direct involvement in the decision making process. What better way to increase retention? Enabling the staff to work together to obtain a common goal while expressing their concerns and developing methods for correction provides a sense of self-worth and camaraderie. Lack of leadership and high turnover resulted in lack of employee productivity and a decline in employee morale. The board of directors made the decision to revamp the chamber by hiring new management and staff. Now is the time to...
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...decisions in an attempt to implement problem-solving strategies. The terrorist attack on September 11, 2001 immediately affected the profitability of the airline industry. Leisure travel has been significantly affected because of initial fear of flying and continued increase in security measures. To date, Classic Airlines, although subject to a 10% decrease in market share price, remains profitable. However with low employee morale and decreasing customer loyalty, evident in a 19% decrease in the number of reward members and a 21% decrease in flights of current members, the executive leaders of Classic Airlines elect to reduce costs over an 18-month period. Challenges of reducing expenditures, increasing employee morale, and increasing customer revenue are at the forefront of strategies for the marketing success of Classic Airlines. Problem Solving Method “The best outcomes usually come from problems that are dealt with early on” (Stark, 2012, para. 2). By developing a process that frequently accesses employee and customer satisfaction, companies can remain proactive in...
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...The Power of Employee Engagement As individuals we seek the things that make us happy in our lives. Society today seems to push our focus and desires from one thing to another, constantly giving the majority of people something to work for. Whether the incentive is promotion, raise, vacation, or even a paycheck, managers are always trying to make employee’s time in the workplace worthwhile. Well what if there was no incentive? What if employees just wanted to work for the best interest of the company? This is where the successful businesses set themselves apart from others. This human resource approach of getting to know your employees and what empowers them is an essential part in becoming an exceptional organization and employee engagement is the a major cause of their success. Employee engagement is defined as the property of the relationship between an organization and its employees. In any organization, the ones that strive the most are believed to have an extraordinary level of employee engagement. An employee who is fully vested into the company and is enthusiastic about working for it will result in a more positive contribution for the organizations credibility and success. When it comes to being a manager, coach, teacher or any figure with authority, one must identify the reason behind it. Many times we see individuals who are masters of their craft but aren’t fully engaged into the organization’s core values. According to the Gallup Business Journal, a...
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... Proposal Plan III The compensation and incentives that an organization offers is going to be very important to how they are able to attract and retain their employees and talent. These two important areas will have to fall in line with the organization objectives that the organization is trying maintain and also be enough to ensure that the employees are being compensated well for their work, because if not the competition will have no problem stealing away talent. Rewards and recognition are also important when an organization is considering how to acknowledge their employees and give them reasons for staying with the organization. Compensation and Incentives There are a few things to consider before actually setting the compensation for a position. A compensation survey should be obtained to help determine what other firms are paying for specific jobs or jobs within the same labor market (Mondy, R, 2008). Other determinants would be cost of living, expediency, economy, labor unions, and legislation in that particular state. At Coca cola, compensation and benefits packages are among the best in the world, benchmarked against other global, high-performing employers. We also offer a variety of developmental opportunities for our associates, including Coca-Cola University, a learning program for high performers (Employee Engagement, 2013). Compensation that will be offered to the employees will be based upon the title and...
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...DRIVING OUR FUTURE: THE TOP 11 INCENTIVE TRENDS FOR 2011 INTRODUCTION The incentive industry has seen extraordinary changes since the 1980s when: A small number of major incentive companies dominated the field; The emphasis was on sales incentives; Sales were made solely on the basis of relationships; Incentive companies had gross margins approaching 50 percent. Today, hundreds of smaller players offer a wide variety of incentive solutions. The focus is on much more than just the sales programs due to the number of studies that show the power of incentives to drive employee engagement and customer loyalty. The concept of Corporate Social Responsibility has emerged as a significant element for many programs. Competition and the economy have narrowed the once generous margins for incentive companies. Recent research by the Incentive Research Foundation (IRF) and others, pulse studies and Delphi panels offer some pragmatic insights about where the reward for performance industry has been and where it is heading. As the IRF looked toward 2011 and beyond, it analyzed existing research, scanned incentive industry and business publications, and sought input from industry leaders. This effort yielded the following “11 trends for 2011”. Upon closer examination, the eleven trends can be grouped into four major categories: Economy (1, 2, 3) Government (4) Motivation (5, 6, 7, 8) Technology (9, 10, 11) As you review these trends, the IRF hopes you will analyze how they...
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...A PROJECT REPORT ON “TALENT RETENTION AND EMPLOYEE ENGAGEMENT” FOR RING + AQUA A SUBSIDARY OF RAYMOND LTD. SUBMITTED TO UNIVERSITY OF PUNE IN PARTIAL FULFILLMENT OF THE REQUIREMENT OF MASTER OF BUSINESS ADMINISTRATION (MBA) SUBMITTED BY KAVITA M. PAWAR UNDER THE GUIDANCE OF PROF. AMOL KARE SIR VISVESVARAYA INSTITUTE OF TECHNOLOGY, CHINCHOLI, NASHIK- 422 101. 2012-2013 STUDENT’S DECLARATION I undersigned myself declare that, the project entitled, “ TALENT RETENTION AND EMPLOYEE ENGAGEMENT” is executed as per the course requirement of two year full time MBA program of University of Pune. This report has not been submitted by me or any other person to any other University or Institution for a degree or diploma course. This is my own and original work. Place: NASHIK Sign of student Date: Kavita M. Pawar ACKNOWLEDGEMENT A project can’t be said to be the work of an Individual. A project is a combination of views, ideas, suggestions & contribution of many people. I am extremely thankful to my project guide Prof. Amol Kare who gave me the opportunity to do this project on subject “A Study of Employee Engagement with Special Reference to Ring Plus Aqua Ltd; Sinnar” as a major part of curriculum. I wish to express my sincere gratitude to my Ring Plus Aqua Human Resources & engineering...
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...striving to achieve such as setting self achievable goals, the corporate goals, as well as department goals. (Roberts, A.) There is also an administrative standpoint, which relates performance appraisals from the outcome of the performance overview with supporting information which eventually determines the salary increases to be set forth, or benefits and recognition programs such as incentives or cash pay outs for a job well done. After the performance overview is completed there is a final step, which includes areas of improvement to benefit the company through future training and development in which areas the employee lacks. Within my current company, we refer to our performance management system as a Performance Management Process (PMP). Each quarter, our management sits down with all his/ her employees to engage with them on their personal performance being put forth. The first quarter is basically an overview of what organizational goals and personal goals management would like to see their employees incorporate within their work for future success. Goal setting is very important and crucial for an employee to engage to provide quality work and to be motivated to strive to do better for the organization. Second...
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...12 Ways to Optimize Your Employee Benefits Program: Low-cost employee incentives, recognition programs and employee rewards Sign up for Business Management Daily's e-letter for Leaders & Managers now and receive aFREE copy of 12 Ways to Optimize Your Employee Benefits Program... Sign up for Business Management Daily's Leaders & Managers e-letter now and receive aFREE copy of 12 Ways to Optimize Your Employee Benefits Program with advice on: * Low-cost employee incentives * Meaningful employee recognition programs * Inspiring employee rewards * And much more... ------------------------------------------------- Top of Form We value your privacy. Bottom of Form If you’ve had to cut pay and staff and now expect more from those who remained, it’s vital to revamp your employee recognition and rewards program. Employers can double their rewards and recognition efforts in innovative, cost-efficient ways. Examples: employee-of-the-month awards, employee incentive pay, employee appreciation luncheons, more time off, shopping sprees, wellness incentive contests, plus employee rewards customized to motivate Millennials, Gen Xers, Baby Boomers and the Matures. Now is the time to get clever with your employee recognition programs. This special report, 12 Ways to Optimize Your Employee Benefits Program: Low-cost employee incentives, recognition programs and rewards, will show you how. Discover low-cost, inspiring ways—many of them suggested by Business Management...
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...The Future of Employee Wellness Susan Pinto Abstract Over the last several decades, an epidemic of “lifestyle diseases” has developed globally: Unhealthy lifestyles, such as inactivity, poor nutrition, tobacco use, and frequent alcohol consumption, are driving up the prevalence of chronic disease, such as diabetes, heart disease, and chronic conditions. These conditions have become a major burden, as they lead to decreased quality of life and increased health care cost. Furthermore, these diseases were thought to be the problems that occurred in old age in the life cycle o fan individual thus resulting is low productivity and reduced performance at work. There is a rising concern over the health care coverage and the impact of this sedentary lifestyle on an individual’s health, organizations have adopted and are promoting employee wellness programs in the organizations. These are programs that encourage a particular diet, reducing stress levels and promoting work life balance among the employees. Employee wellness or Health promotion is related to disease prevention which aims at fostering better health through behaviour and lifestyle change at work. A broad range of benefits are offered under the label ’employee wellness’, from multi-component programs to single interventions, and benefits can be offered by employers directly, through a vendor, group health plans, or a combination of both. What is Wellness? Wellness...
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...Strandberg Principal, Strandberg Consulting MAY 2009 CSR and HR Management Issue Brief and Roadmap 2 ISSUE BRIEF AND ROADMAP OBJECTIVE • To understand the foundational elements that need to be in place to foster a high performance CSR (corporate social responsibility) organization and develop a framework or roadmap for firms wishing to become a high performing CSR organization. AT A GLANCE • Human resource professionals have a key role to play to help a company achieve its CSR objectives. Employee involvement is a critical success factor for CSR performance. Human resource managers have the tools and the opportunity to leverage employee commitment to, and engagement in, the firm’s CSR strategy. • High performing CSR organizations foster a culture of CSR and fully integrate CSR throughout their operations, rewarding and incentivizing CSR decisions and initiatives. • Employees prefer to work for organizations aligned with their values; thus, incorporating CSR into the employee brand can enhance recruitment and retention, particularly in tight labour markets. • CSR can be applied to the HR toolkit, resulting in a roadmap or pathway for human resource practitioners to follow who wish to contribute to the achievement of their organization’s sustainability and business aspirations, thereby improving social and environmental conditions locally and globally. CSR and HR Management Issue Brief and Roadmap 3 CSR and HR Management Issue Brief and Roadmap 4 CSR and HR...
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...alignment [300 words]: The role of incentives in securing execution Employees are the agents of the firm’s owners since they take actions or make decisions that impact the payoff to the owners. The difficulties in the agent-principal relationships arise when the objectives of principal and agent are different and the actions taken by the agent or the information possessed by the agent are hard to observe. Employees care about the job in terms of the value the job generates for themselves. Thus providing the right incentives to employees would secure execution of the firm’s plans to meet the firm’s objectives. There are financial and non-financial incentives. Non- financial incentives are social and moral incentives. Which incentives are appropriate depends on the objective of the company. Since motivation comes from within the employees, the personality, needs and interest of each employee determine the right incentives that will influence employees to self motivate and produce the best work possible that will contribute to the firm meeting its objectives. Reward and recognition is concerned with the range of practices an organisation undertakes (financial and non-financial) to compensate employees, maximise employee engagement and encourage behaviours that lead to organisational success. A good reward and recognition system should motivate employees while aligning their goals with those of the organisation. Such a system involves balancing employee remuneration and acknowledgement...
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...Royal Hotel Case Study Analysis 1 Troubleshooting Information Systems at the Royal Hotel: A Case Study Analysis Jason Willis University of Massachusetts SCHMGMT 632 Dr. Charles Mutigwe May 28, 2016 Royal Hotel Case Study Analysis 2 Table of Contents 1. 2. 3. 4. 5. 6. 7. Executive Summary Case Overview Problem Statement Case Data Analysis Decision Criteria Resolutions Analysis Recommendations/Action plan Executive Summary The Royal Hotel is an all suite luxury establishment in New York City that caters primarily to traveling businesspeople. As a luxury hotel, much of their clientele consists of high level executives who, by definition, are demanding and astute when compared to the average hotel guest. The 482 suites that comprise the hotel are equipped with various amenities to allow the client to conduct business from the comfort of the hotel. These include but are not limited to: paper fax, printer, copier, highspeed internet access, twoline telephones, and voicemail. In addition, the Royal Hotel maintains a fitness center, three restaurants, a coffee shop, a 24 hour business center, suite dining, complimentary shoe shine, and highspeed elevators. The Royal has hosted 150,000 guests and earned $30 million in revenue per year. While it has maintained profitability and a strong contingent of repeat clients...
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...University of Phoenix Material Employee Portfolio: Motivation Action Plan |Team Member Name |Summary of Individual Characteristics |Motivational Strategy and Action Plan |Relevant Theory | | | |A progressive training program that will develop the skills | | | | |necessary to complete the required functions of the job may | | |Vicki D. |Has low job satisfaction and low engagement due to a|assist with the lack of job satisfactions and disengagement, | | | |lack of skills and knowledge. Appears to be more |This will also lead to higher productivity and improve the | | | |concerned about recognition/monetary rewards and |quality of work. Recognizing these achievements and providing |Cognitive Evaluation | | |incentives than personal goal achievement |appropriate feedback will motivate the employee. | | | ...
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...staff or the Ethics and Compliance Office. HR staff work with employees and managers to address these issues. The employees will feel that management listens to them before making decisions, communicate decisions and encourages team work. i) Communication model used In 2007, HP Chairman and Chief Executive Officer Mark Hurd held 22 communication sessions at locations around the world. These included open dialogues about issues raised in the employee survey and answers to employee questions during live events. In total, 10,000 employees attended the communication sessions. Webcast replays, transcripts and written summaries of all major employee events are posted on HP’s Intranet for employees to access. Each meeting in 2007 reached an average of 4,500 managers and 15,000 employees. Senior managers also hold similar events across regions. Currently, every quarter, HP CEO holds an all-manager and all-employee meeting where she provides an update on company performance, recognize outstanding contributions and answer employee questions. ii) Setting Goals HP uses the Management By Objectives (MBO) methodology. HP uses a standard performance tool to manage goals within the organization across the globe, and track progress. 1. How to set effective goals The tool governs the way goals are set. HP stresses on the importance of the goals to be SMART...
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