MEMO TO: Janet Durham, Vice President of Human Resources SUBJECT: Compensation plan and reward packages offered to the new Sales Team ____________________________________________________________ ____________ As the company finalizes the recent acquisition of Envirotech and have selected our new sales team, I believe it’s necessary to review the compensation plan and reward package created for the new sales team. Like Lincoln Electric, a Cleveland-based manufacturer of welding
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1. Explain the organizational reward system this firm uses. Usually the tangible rewards that people receive from employment come in the form of salary, incentives and benefits. Also the tendency in the past was to have reward systems implemented for individual employees. However when the company with its diversification plans in mind went from traditional top-down approach to a better way, horizontal matrix system, the new concept of ‘team work” emerged. As stated below it is how Behlen Manufacturing
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Seeking to increase employee motivation using rewards can sometimes be a daunting task for managers. But it shouldn't be. When armed with the right information and the proper techniques, managers can be experts at enhancing motivation using rewards in no time. Mangers who are developing, revamping or currently implementing an employee rewards program should consider these 20 tips: 1. Involve all employees in the development, implementation and revision of rewards programs Involving all employees
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Kerr’s (1995) classic article “On the Folly of Rewarding A, While Hoping for B” of central point is that we can expect people to rationally do the things that are rewarded rather than the things we say they should do. There has been a sentence said, “Put your money on self interest. At least you know the jockey is trying” (Kerr, 1995). When this concept reflected on my past work experience, I fell so pleasure I worked in such an enjoyable work environment before. In our company, we do not follow
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TABLE OF CONTENTS 1.0 Current reward system at Behlen2 2.1 Introduction of Non-Monitory Rewards 3 2.1.1 Recognition3 2.1.2 Benefits3 2.2 Enhancing Existing Monetary Benefits4 2.2.1 Employee4 2.1.2 Managers4 2.3 Introduction of New Monetary based reward schemes4 2.3.1 Suggestion Generation 4 2.3.2 Attendance Bonus5 2.4 Career growth / advancement based rewards5 3.0 Overview of Strategies to adopt if Agriculture Industry Collapses6 3.1 Increasing employee loyalty7
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Designing a Reward System Pamela Fabian HSM/220 August 17, 2014 Mrs. Serena McCall Designing a Reward System Having a motivation and reward system is an important part of a business. According to Kettner 2002 “There are nine major factors of motivation that have been studies and they are: respect for me as a person, good pay, chance to turn out quality work, chance for promotion, opportunity to do interesting work, feeling my job is important, being told by my boss when I do my job, opportunity
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Does performance-based pay improve the effectiveness of professionals? For many years, most public and private organizations have been implementing the performance-based pay system in order to improve the effectiveness of professionals but the question one might ask is ‘Does it necessarily improve the performance of professionals and is it the best method? The world is gradually becoming a global village where people from different cultural background and orientation make up the entirety of an
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APPLIED PERFORMANCE PRACTICES * FINANCIAL REWARD PRACTICES Mgt;Financial Rewards- the most fundamental applied performance practice in organizational settings. Mgt;Pay has multiple meanings * Symbol of success * Reinforcer and motivator * Reflection of performance * Can reduce anxiety >Meaning of money varies * Higher value to men than women * Cultural values influence the meaning and value of money TYPES OF REWARDS IN THE WORKPLACE * Membership and Seniority
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Whatever maybe the structure and size of the organization, at every organization employee are the backbone of the organization. It is employee at every aspect that can make and break the company. It is as important to satisfy the employee, as that is with regard to customer (Belilos.C, 1997). Now, as a management of the company I would 360 appraisal system in my organization . According to Kotelnikov “Encouraging employees to go beyond the literal boundaries of their jobs – to make suggestions
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Assignment 1 By: Simon Ha The organization that I chose to explain what recognition and reward plan they have for the employee’s is McDonald’s. McDonald’s is a fast food chain owned by different people because it’s a franchisee company. With it being a franchisee, it is one of the world’s biggest well known fast food restaurant. It has over 36,000 location worldwide, serving over 100 countries and with millions of employees (Mcdonald's, 2016), they offer a reward system to make their employees
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