...2.0 Literature Review 3 2.1 Introduction 3 2.2 Reward 3 2.2.1 Designing a Reward Program 3 2.2.2 Types of Reward Programs 4 2.2.3 Journal 9 4.0 Methodology 13 5.0 Findings 14 6.0 Discussion 20 7.0 Limitation 22 8.0 Recommendation 24 9.0 Conclusion 28 References 29 Appendix 31 1.0 Introduction Understanding what motivates people is necessary at all levels of management. Deci, E., Koestner, R. & Ryan, R.M. (1999) had said that motivation is generally linked to reward, and it is widely recognized that reward management is central to the regulation of the employment relationship. The reward system varies from organization to organization, and comes in various and concrete forms, including monetary or non-monetary, tangible or intangible, and physical or psychological, and these are offered to the employees as compensation for the productive work they execute. According to Jean Christofferson and Bob King (WorldatWork-2006), an effective reward system can serve the strategic purposes of attracting, motivating, and retaining employees to achieve organizational goals. A formalized corporate reward system is necessary because it appeals to capable and skilled employees to fill the available positions in a specific organization. Additionally, such method helps retain employees in the organization, hence maintaining a stable workforce with an acceptable turnover rate. Lastly, an efficient reward system also motivates employees to perform their responsibilities...
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...Designing a reward system Designing a reward system When implementing a rewards program in the workplace there are several things to consider. When beginning to implementing a program the first thing to consider is the goals of the company or corporation. Sometimes the employer will seek the employees input for ideas of some possible rewards and promotions. Usually they reward will be based on performance of an individual, group, or department. Measurements can be of efficiency and work ethics. The reason for the reward program will be show appreciation and to keep the employees happy enough to stay with their jobs. Another step to build a reward system would be the budget for the incentives, and know the amount of employees that is employed and if they intend to hire more in the next year. Rewards are important but should only be rewarded if the employee has done something more than their basic job. “If you want people to change, you cannot reward stability, even though that’s exactly what many organizations do” (Lawler & Worley, 2006). They do this in the form of automatic raises for each period of time they have been with the company. The aspect of a reward program that covers respect for the person would include the employee doing work that is within their expertise or capabilities, instead of some lessor job that requires little or no skill, with the opportunity to advance within their department. To realize the employee’s need for good pay they should...
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...Total Rewards System Proposal: Managing a total rewards program Create a brief overview of the company requirements for a total rewards system. Herizon is the largest telecommunications and broadband companies in the United States. We employ 20,000 employees in 17 different countries. We have a very diverse workforce with 2,000 management-level individuals who speak a variety of languages. We at Herizon believe having the right talent, at the right cost is what keeps our company striving. Our total rewards program delivers values that attract, retain and engage a mixture of talent across the globe while maintain a solid value for cost. As a leading telecommunications company we take pride in not only serving our customers but, our employees too. This is why we take great pride in our total rewards program. We want to make sure that we attract the best to work for our company, by offering the best. Our total rewards system is geared towards all of our employees. We have structured a program that will meet the needs of everyone, our total rewards program offers diversity. We have developed a plan that will offer great compensation, along with career development, retirement planning, profit sharing, and work life balance. We want our employees to know that we are a one stop shop. Our total rewards program is geared to keep our employees and to grow them within our organization. We care about your future and we take pride in knowing that our people are taken care...
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...CHAPTER I INTRODUCTION Starbucks Reward Program has found a new way to connect with other customers such as creating an internet site where they can gather information about their rewards and points. Therefore; we will conduct more research about the rewards program that they have, and what will be the good benefits of it for their customers. We will show the kinds of rewards they have and its backgrounds. Thus, this can be a preference for the other Starbucks Patronisers if they still don’t know what other reward programs they can have and what will be the advantages and disadvantages of it. However, these rewards have some misfires that you will know. This study will only occur from August to October 2014. We will only gather first information from the questionnaires and interviews that we will conduct to provide the most accurate information and to prevent false information. Background of the Study Starbucks Reward Program encourages their customers to buy their products because of rewards. Reward programs of Starbucks were created to test the loyalty of their customers. There have been changes about their rewards to test the loyalty of the few. Starbucks Rewards Program also has the capability of giving their customers satisfaction by giving them back the gratitude for buying their products. The purpose of the study is to identify the credibility of the reward program of Starbucks Coffee. Rewards Program of Starbucks also allows customers to access or to track their...
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...Geico: Total Rewards Program Leanna Wilcox Total Rewards- HRM533 Dr. David Fountaine April 26, 2014 ABSTRACT This paper will look at the Geico total rewards program to see which parts align with the top five advantages of the total rewards program outlined in the text, The WorldatWork handbook of compensation, benefits and total rewards. A strategy will then be created to ensure that the Geico plan addresses all of the advantages. Looking at the effectiveness of Geico’s communication of their total rewards program, we will make two recommendations for improvement. Finally, we will assume that the Geico employees are unhappy with the current plan, and will offer two changes to their total rewards program. Geico: total rewards program The top five advantages in a total rewards program as described in the text, The WorldatWork handbook for compensation, benefits and total rewards are as follows; increased flexibility, improved recruitment and retention, reduced labor costs/cost of turnover, heightened visibility in a tight labor market, and enhanced profitability (WorldatWork, 2007). Increased flexibility is becoming more important to employees and companies, employees want to determine when they work, where they work, and how they work. Total rewards recognizes that employees want, and in many instances demand, the ability to integrate their lifestyle and their work (WorldatWork, 2007). Geico total rewards aligns with increased flexibility in that they offer...
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...2. Use the goal setting model found on page 194 to analyze Steve Letarte’s Nascar team, the Rainbow Warriors. Why is the team effective? Steve’s Letarte’s Nascar team the Rainbow Warriors goal setting process is a success because they first recognized what their immediate challenges would be. These challenges were identified to be the goals that they wanted to address first would be the most difficult task to tango with so it needed to be taken care of first. Another challenge would be indentifying and dealing with the clarity and making sure that they are self efficacy. These challenges are met by not only the mangers but the drivers as well in order to resolve them together. In doing so, it not only brings morale up but increase personal development and increase progress towards achieving goals. 3. What are some positive and negative reinforcements that you have experienced either at school or work? 9. How can a leader raise an employee’s level of self-efficacy? By establishing a environment that promotes healthy self-efficacy between the workers which should influence the involvement with the work getting done on time due to not being self-efficacy. Self-efficacy believes that rather than how I am truly going to go to work. When employees have very low self-efficacy which runs a risk of performing tasks were they are not able to recognize the level of work that needs to be done. By creating an environment through experience that not only promotes good culture...
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...Alignment of Reward and Recognition Programs with Organizational Strategies for Effective Total Quality Management Quality Function Management and TQM April 10, 2009 Total Quality Management (TQM) as a management philosophy emphasizes the importance of meeting and exceeding customer (internal or external) expectations through the continuous quality improvements. To achieve competitive advantage, total quality organizations develop and establish goals, plans, and policies. Employees are internal customers of organizations, the efforts of which are directed towards meeting the expectations of external customers (Chang, 2005). Employees are valuable assets of organizations whose knowledge, skills, and performance impact the overall performance and success of organizations (Boon et al., 2007). Studies have demonstrated that in the era of globalization, increasing competition, and re-organization, employees not only work for gaining profits but also search for organizations that acknowledge and celebrate their achievements and efforts (Campbell-Allen, Houston & Mann, 2008). The data from “World at Work” surveys has demonstrated that being dissatisfied with employers, in 2003, approximately one-third of employees were considering other jobs while by early 2007, over 54% of employees were poised to leave for other job alternatives (Huff, 2007). P. B. Crosby stated that “people really don’t work for money. They go to work for it, but once the salary has been established...
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...Frequent Shopper Rewards Program BSA/375 Todd Feuerherm December 21, 2014 Introduction In Figure 1, we have a basic example of the data being processed through our reward point’s program database. First we have qualifying purchases that determine what points from purchases are rewarded in the transaction. Then we have a designated purchase behavior section that will determine what the customer mostly likes in their purchases and what they mostly buy. Total allocated points are information of points gathered from the customer’s purchases and the total amount available in their rewards history. Preferred purchases is also their purchase behavior but a little more in-depth of what the customers like and are more likely to have interest in when making another purchase. This helps give out certain advertisements to our customers that, through their purchasing behavior, they will find most interesting and highly probable of purchasing. Scope For the scope of this project, implementing a tracking system for customer loyalty is the primary scope of the improvement. The implementation will have an effect throughout the organization as the new Information Technology (IT) customer tracking system will be implemented organization wide. Therefore the scope of examination should be limited to the sales and marketing sections. Scope creep should be limited to changes that provide a significant tangible or intangible impact on the overall business. Functions of the program will include...
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...Success Qualification Period, begins on July 1, 2011, at 12:00 AM ET and ends on July 31, 2011, at 11:59 PM ET (“Sprint to Success Qualification Period”). The second qualification period, the Participation and Overall Qualification Period, begins on July 1, 2011, at 12:00 AM ET, and ends on August 31, 2011, at 11:59 PM ET (“Participation and Overall Qualification Period”). Beachbody LLC’s (“Sponsor”) computer is the official time-keeping device for the Challenge Period and each Qualification Period. 2. Challenge Description: In the Success Club Team Challenge 2011 (“Team Challenge” or “Challenge”), Sponsor invites Coaches to join into teams and compete for individual and team rewards, as set forth herein. In addition to meeting all other terms herein, to be eligible for the Challenge and Challenge rewards, Coaches must form and register a team comprised of five (5) Coaches; however, each team may include only two team members who have achieved a lifetime rank of Diamond or above, and only one of those two team members may have achieved a lifetime rank of Star Diamond or above (“Team”). Lifetime ranks for Team membership purposes will be evaluated based on each Team member’s status at the close of the bonus week ending on June 29, 2011. Teams must be registered by their Team Captain by June 30, 2011 at 11:59 PM Pacific Time at www.regonline.com/teamchallenge. Following registration, Teams will...
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...25 Ways to Beat Procrastination * Face up to the results of procrastination. What will happen if you procrastinate? How will you feel if you fail the test? How miserable will you be over the weekend if you have to write a last- minute paper while your family and friends get to go see a movie? * Concentrate on the rewards of managing yourself and your time. Think about the rewards that you will get when you finish a difficult task. You can go to a movie or relax or spend time with your children. You can get a good grade. Think about how good you will feel when the weekend comes and your paper is finished and you don’t have to spend all your time working on a project. Focus on how good you will feel when you did well on a project. While you are working, stop periodically and focus on the rewards. * Break up big tasks into small ones. If you have to write a paper, can you work on one segment tonight and another one tomorrow? If you start early and finish a small segment each day, a big paper is just a series of small tasks. * Give yourself a time limit to accomplish a task. Work will expand to take up as much time as we allow it to. Push yourself to work faster and more efficiently. * Set a regular time for study, and do not vary from it. Determine your personal “ best time” and “ best place.” * Start studying with positive, realistic thoughts. Push negative thoughts out of your mind. Tell yourself that you are growing and becoming more competent. Remember...
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...total rewards program align with the five (5) top advantages of a total rewards program outlined in Chapter 2 of the textbook and discuss your reasoning. The Facets of the Geico total rewards program that aligns with the five top advantages of a total rewards program that is outlined in chapter 2 of the textbook is time off and leave, Geico’s total rewards program’s package, associate assistance program (AAP), family and life benefits, and health and wellbeing program. Chapter 2 in the WorldatWork Handbook of Compensation, Benefits & Total Rewards has increased flexibility listed as one of the top five advantages of a total rewards approach. Geico’s time off and leave, and family and life programs are aligned with the increased flexibility approach in that they allow their employees paid vacation and holidays, sick and leave time, dependent care FSA, adoption assistance, long-term care insurance plan, and associate assistance program (AAP), which includes three phone and/or in-person counseling sessions at no cost. The family and life benefits include: work-life balance programs, "baby welcome" program; day care and elder care referrals, counseling for stress, anxiety and depression, and financial counseling, aid during crisis situations and legal consultation. Geico realizes that their employees need time off and programs to help make their work-life experience a little easier as in having a balance between the two (WorldatWork, 2007). Geico’s total rewards program package...
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...where they maxed out once they had been there for over 33 years they stopped getting the raise. The ever looming and potential problem with merit pay is that employees come to expect pay increases. This means it will be more so of an expectation and less so something earned. If you know something is coming either way, would you work harder for it? Not to sound lazy but time is valuable and why put in more time than everyone else for the same rewards? The only way to make merit pay more effective depends on making it truly dependent on performance and designing a relatively objective appraisal system. Without the appraisal system it is literally pointless. Ultimately, to be successful, the merit pay program must ensure that awards provided to the best performers will be substantially greater than increases awarded to average, or below-average performers. Merit pay when managed correctly provides a huge advantage for employers in my eyes. Merit pay helps an employer differentiate between performance of high and low performing employees and reward the performance of the higher performers. I believe that merit pay is worth it if you have the proper system in place. Others would argue that merit pay is a disadvantage because of the amount of time and energy that organizations invest in an attempt to make performance measurable for merit...
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...person, and analyzing the information gathered, the decision process becomes somewhat easier for management. By giving the employees a choice of which perks stays, and which perks are cut, the employees have a chance to analyze which are more beneficial to their overall morale, and which are of little significance to them. To benefit the overall financial standing of the company, in an already damaged economy, I would cut free lunch, massages, beach house access, and the $1,000 bonus. Massages could be budgeted as “special bonus” or reward to individuals with the highest productivity or accuracy percentages, on a quarterly or semi-quarterly basis. Other rewards or incentives, such as gift cards, thank you cards, or an occasional a free lunch to individuals whom show improvement in their levels, are less expensive and could be budgeted accordingly. An effective manager would want to develop a comprehensive program to reward and recognize employees whom deliver and possess the following attributes: self-leading, exceptional customer service, driving a high performance culture, and demonstrating teamwork while always having a positive attitude. I would...
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...be the subject for my thought paper. In the following, I will focus on the Legitimacy of reciprocity and discuss it from my personal experience. The law of reciprocity is defined as- the norm that we should repay those who help us. In other words, it implies that- I did that for you, so you should feel obligated to do this for me(Gouldner,1960). In Taiwan, one of our most successful entrepreneurs, Samuel Yin, is indeed a master of the reciprocity law. Being the chairman of Ruentex Financial Group, Samuel is ranked #500 in Forbes 2014. I always remember his motto:“The more goodwill we carry, the more karmic reward we will have”. At this time, most Taiwanese businessman in china invests plenty amount of money to circulate the governors for their business. However, Samuel’s attitude toward cultivating network in china led him to a much higher altitude and even more rewards. Back in 1989, realizing China’s insufficiency in higher education, Samuel donated 10 million USD to establish the best business school in China, Guanghua School of Management of Peking University. Moreover, there are more than 100,000 outstanding students in China’s top universities have received his scholarship before. Nowadays, most of them play an important role in the government or local business in China, and they still remember the sponsor from Samuel when they were poor and in need. According to the common wealth magazine: “RT-Mart in China, which is under Ruentex’s control, has squeezed past Carrefour...
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...Reward and Recognition Blue Group Liz Crane Mark Glover Annice Lappin Tim Rowler Adele Vesty The Strategic Human Resource Management strategy that we will be focussing on for this presentation is ‘Reward and Recognition’. The award winning organisation that we have researched is Schweppes Australia, winner of the 2014 Australian HR award for the Best Reward and Recognition strategy, sponsored by Solterbeck. The format of our presentation will be to: 1. define the key terms, 2. present the research and literature focussing on both corporate and not for profit organisations 3. outline the award, 4. compare and contrast the award with the research of best practice of reward and recognition. 5. conclude with the benefits and limitations and alternatives of this Strategic Human Resource Management practice. Definition For the purposes of this presentation we have used the MIT Human Resources Division definition being, “The purpose of an employee recognition program is to recognize and reward work and behaviors that support/further the mission, goals, values and initiatives (of the organisation).” While Liz Prudden of San Diego State University separates this into two main categories, “The two types of reward and recognition are easily distinguishable: Monetary, receiving dollar incentives for performance and Non Monetary (NMR), various forms of "soft" recognition. Formal and Spontaneous are additional distinctions of Reward and Recognition” ...
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