...it important to reward your employees? The deepest principle of human nature is the craving of being appreciated, which is when rewards come into place. Rewards are an impressive technique for motivating good work performance. Mainly, rewards are given when any organization wants to motivate their employees or want to reduce the employee turnover rate so that the goals and objectives of the organization can be met. Rewards also come up with idea of recognizing. Varying in definition, rewards and recognition still give the same thought of motivating the employees to work for the organization. The strategic and operational goals can be met through rewards and recognition. Every organization requires a reward system so as to address compensation, benefits, recognition and appreciation. A strong employee reward program is essential for motivating the employees, creating a positive work environment and getting results. Through rewards, employees take pride in their work and in their job responsibilities, feel appreciated for the contribution, they heighten the level of commitment to the organization, improve relationship between workers. A reward is a consequence that occurs after an employee’s job performance and makes that performance happen more often. Whether a consequence functions as a reward depends on its effect. If an employee’s job performance is followed by a consequence and the job performance occurs more often, then that consequence was a reward. On the other hand...
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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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... investing money in the productivity of employees is senseless if HR and line managers do not understand the importance of recognition and rewards. In addition to money, most employees enjoy receiving recognition and praise for their accomplishments. It is crucial for managers to make their employees feel valuable. HR and line managers should understand the goals and principles of their employees and should be willing to follow them. The best managers are those who inspire their employees to do more than they were capable of doing. Working towards common goals is also a vital factor in organizations. Oftentimes, we forget about the purpose of an organization because we get so caught up in our daily routines. The main driver of an organization is individual performance. It is essential everyone within the organization understands organizational goals and vision. Doing this improves the overall productivity. Reward and Recognize The Greens at Pine Hill I & II has created an environment that continuously acknowledges employee needs and accomplishments. Money is rarely the reward, but rather time off or maybe just an extra hour or a half day, granting staff members some free time away from the property. This reward is often granted for putting in extra effort in the office. The staff members have created what’s called a “peer-recognition” program. This allows employees to recognize other employees and create a supportive workplace by doing our own rewarding....
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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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...retain the best employees, companies must aim to create an environment where employees feel appreciated for their contributions. Recognizing their efforts and presenting them with monetary and non-monetary rewards help companies to create a right workforce for organization that can be partner in success. Recognition of their efforts and boosting their morale results in increased productivity and decreased attrition rate. The purpose of this study is to investigate the process of reward and recognition and how effective is the process in one of the Malaysian manufacturing unit of Bemis Asia pacific which is a subsidiary of Bemis co. Inc. Bemis Co. Inc. is a multinational company in North and South America. It was founded by twenty-five year old Judson Moss Bemis in 1858 in St. Louis, Missouri. It is a major supplier of flexible packaging and pressure sensitive materials used by leading food, consumer products, medical and pharmaceutical companies worldwide. The information was gathered through interview of employee working in Bemis Sdn Bhd. From the collection of data it was found that the company believes that recognition should be an on-going process and there is not a need for employee recognition program. Hence there is issue with reward system and there is no formal recognition program. Therefore study is concluded with some recommendations and there are some references used in the study. INTRODUCTION Background of Bemis co. Inc. Bemis Co. Inc. is a multinational company...
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...American Journal of Applied Sciences, 10 (3): 247-252, 2013 ISSN: 1546-9239 ©2013 Science Publication doi:10.3844/ajassp.2013.247.252 Published Online 10 (3) 2013 (http://www.thescipub.com/ajas.toc) RELATIONSHIP BETWEEN TOTAL QUALITY MANAGEMENT PRACTICES AND CONTRACTORS COMPETITIVENESS 1 Faihan Alotaibi, 1Rushami Zien Yusoff and 2Rabiul Islam School of Business Management, School of Economics, Finance and Banking, College of Business, University Utara Malaysia, 06010, Kedah, Malaysia 2 1 Received 2013-04-05, Revised 2013-04-15; Accepted 2013-04-17 ABSTRACT Total quality management is basically about continuous organizational success through the employment of customer satisfaction and by basing it on the contribution of all the employees constantly working to enhance processes, services and products. The competitiveness concept has been defined in multitude of ways; in the individual firm’s context, industries context and nation’s context. The aim of the study is to identify the relationship between total quality management practices and contractors competitiveness. In order to achieve the study objective in the present study, a survey conducted. Questionnaires distributed to the contractor’s managers in Saudi Arabia. The findings of the study turn out to be true; the study will contribute to both theory and practice. Through the present study, the researcher expects the findings to shed light on the research conducted hierarchical regression to analyse the relationships...
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...Can merit pay and promotion be a more motivational factor for employees than just the occasional extrinsic reward of employee-of-the month recognition? Week 7-Applied Research Paper Holly GM591 Leadership and Organizational Behavior Abstract I. Overview of Organization The Cleveland Clinic Foundation often referred to as CCF, is a well-known “non-profit academic medical center that integrates clinical and hospital with research and education” (CCF, 2011, p. 1). CCF is also considered as the leading world class care hospital that is located right here in Cleveland, Ohio. It comes as no surprise that they are consistently voted in as the best hospital, always ranking at the top of the charts with the number one spot in patient care and service in the world. They are also continuously recognized for their excellent service by their patients and organizations that recognize excellence in comparison with other hospitals. My familiarization and experience with the Clinic has enabled me to view and compare its reward systems from both as a volunteer, an employee’s perspective; and now as an observer. My first association with the Clinic began in 1999 as a student volunteer from the John Hay High School Thematics program; who currently still partners with CCF having almost been ten years later. I have not only put in time with volunteering throughout my high school years from 1999 through 2002 in various...
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...provides a list of reward and recognition options for team leaders to consider. Successful use of reward and recognition in the work place will help team leaders to ensure that team members feel supported, valued and enjoy job satisfaction. When used appropriately in an environment of trust, recognition and reward supports the development and enhancement of: ( Productive work cultures ( Commitment ( Attraction and retention of outstanding staff ( Career and professional development ( Positive and constructive work environments ( Ongoing learning ( Collaboration ( Employee satisfaction How to recognise and reward team members To be effective, the process of providing recognition and reward should adhere to the following principles: ( It should always be genuine and sincere – that is, you must believe it is worth giving ( It should not be used in a manipulative or inequitable way ( It should reward and recognize achievements that further the collective cause of the team and is linked to this common vision as well as individual success ( It should be linked to the leadership principles of having high expectations of others and having a credible record of achievement oneself ( Recognition of self-evaluation and of learning from mistakes is as important as recognition of achievement ( Recognition should be an everyday informal activity, as well as a ceremonial one ( Recognition and reward shouldn’t be ‘overdone’ Types of recognition and reward General types...
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...Designing a Reward System In this paper, I will create a reward and recognitions systems that I am establishing for the human services organization. I will directly address the nine factors of motivation in terms of the reward and recognitions system, or R&R system, as it will be referred to for this paper. I will address how this system meets the nine motivation factors along with establishing how the system works to meet the basic needs of employees, offers competitive benefits, equally distributes said benefits and treats employees as individual people. Rewards and Recognition Summary According to the “Employee Reward and Recognition System” (2007), reward systems and recognition systems should be formed separately, and with that in mind, the R&R system that I am forming will encompass the two systems separately and work to integrate them both to make one system with two parts. This rewards system needs to be able to include multiple factors along with monetary compensation, such as learning opportunities, advancement opportunities, emotional rewards, lifestyle opportunities (Tropman & Jossey-Bass, 2009). In addition, there are reports explaining how giving the same rewards in a predictable way can be unhelpful as a motivating factor. “Why are holiday bonuses so ineffective? Because doling out a predictable reward at the same time every year--consultants call it "jelly bean motivation"--is not only a poor motivator, but can actually have the opposite effect on excellent...
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...THE RELATIONSHIP BETWEEN REWARDS, RECOGNITION AND MOTIVATION AT AN INSURANCE COMPANY IN THE WESTERN CAPE by ROSHAN LEVINA ROBERTS Submitted in partial fulfilment of the requirements for the degree of MAGISTER COMMERCI in the DEPARTMENT OF INDUSTRIAL PSYCHOLOGY at the UNIVERSITY OF THE WESTERN CAPE SUPERVISOR: KARL HESLOP NOVEMBER 2005 ABSTRACT Increasingly, organisations are realising that they have to establish an equitable balance between the employee’s contribution to the organisation and the organisation’s contribution to the employee. Establishing this balance is one of the main reasons to reward and recognise employees. Organisations that follow a strategic approach to creating this balance focus on the three main components of a reward system, which includes, compensation, benefits and recognition (Deeprose, 1994). Studies that have been conducted on the topic indicates that the most common problem in organisations today is that they miss the important component of recognition, which is the low-cost, high-return ingredient to a well-balanced reward system. A key focus of recognition is to make employees feel appreciated and valued (Sarvadi, 2005). Research has proven that employees who get recognised tend to have higher self-esteem, more confidence, more willingness to take on new challenges and more eagerness to be innovative (Mason, 2001). The aim of this study is to investigate whether rewards and recognition has an impact on employee...
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...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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...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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...Compensation and Benefit Strategy of an Organization DeVry University Nov 7, 2013 This paper is to identify the challenges in the compensation and benefits system within an organization. This system is meant to attract potential candidates to an organization that are looking for individual that meets their qualifications. However, there are changes being made in our society, with competitive advantage, and it is getting complicated for companies to attract potential candidate. Compensation is a complicate system because companies have to retain their employees once they are through the door. Compensation varies among employees due to their level of education, experience and their skills; compensations includes hourly, salaried, and bonuses and many different occasions overtime. However, things are about to change due to the Obamacare, and some companies may have tough decisions to make, in regards, to their employee’s benefits and payroll. This paper will discuss the challenges that one company faces when Obamacare takes into effect. Bags Inc. was founded in 1990, on Church Street in Orlando, FL. In the beginning, they were a Valet company assisting the residents and tourists, however, the business became well known and by 2003 they entered into the luggage business, allowing them to franchise in Valet and Baggage. Furthermore, they partnered with Disney in the Valet and luggage services assisting guests in the resorts. Throughout, the years they have grown tremendously...
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...MONETARY REWARDS [pic] EMPLOYEE MONETARY REWARDS Monetary rewards are given for a variety of reasons. Some examples are meeting sales goals, achieving quality, outstanding performance in a given situation, or delivering a special project. Typical rewards are money in a form of a bonus, trips paid for by the company, gifts from a rewards catalog, or services such as cell phone or paid cable. TYPES OF REWARDS Selecting the appropriate rewards is vital to any programs success. The goal in choosing rewards is to select items that will spark the participant’s interest or feelings, and support the program’s objectives. Effective rewards will both motivate short-term behavior and provide motivation over time. VARIABLE PAY Variable pay or pay-for-performance is a compensation program in which a portion of a person's pay is considered "at risk." Variable pay can be tied to the performance of the company, the results of a business unit, an individual's accomplishments, or any combination of these. It can take many forms, including bonus programs, stock options, and one-time awards for significant accomplishments. Some companies choose to pay their employees less than competitors but attempt to motivate and reward employees using a variable pay program instead. According to Shawn Tully in Fortune , "The test of a good pay-for-performance plan is simple: It must motivate managers to produce earnings growth that far exceeds the extra cost of [the program]. Though employees...
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...Rewards System Proposal Name: Felecia Simmons Professor John Muehl Total Rewards Date: February 12, 2012 Introduction Motivating the individuals that work for you is one of the most important functions that you will have as a manager. (People Skills, 2006) Simply stated getting employees to do the things they were hired to do is probably the biggest challenge a manager will face. You will always have individuals who will work their hardest for the rewards the company provides them. On the other end there are some employees that you can never keep happy not matter what rewards you give them. In this paper, I will discuss the concept of total rewards using the five elements total reward system. I will also discuss the impact of rewards systems on the organizational performance of companies in the Information Technology (IT) industry. Then I will look at the importance of direct financial rewards in comparison to other elements of the total rewards system for the IT industry. Lastly, I will look at the compensation and motivation practices, which are of particular importance in the IT industry. Total Rewards Concept The total rewards system concept is simply about the financial and non-financial benefits given to employees in trade for their services to the company. The employees will give the company their time, their abilities and efforts to support the company in return for the benefits the company provides. Total rewards involve the combination...
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