Rewards and Recognition
Rewards and Recognition
Reward management
The tactics, regulations, and procedures required to ensure that employees are valued for their contributions to the achievement of organizational, departmental, and team goals are known as reward management. It involves the creation, implementation, and upkeep of incentive systems that are meant to operate fairly, equally, and consistently while also meeting the needs of the company and its stakeholders. These systems will include procedures for determining the value of jobs through job evaluation and market pricing, grade and pay structure design and management, performance management processes, programs for rewarding and recognizing people based on their individual performance or contribution, and/or team or organizational performance, and the provision of employee benefits. (Armstrong, 2010)
Advantages of reward systems
- Increase Productivity: Employees are been recognized for their performance and rewarded would motivate employees to perform better which would increase productivity.
- A decline in employee turnover: If an organization is maintaining a proper reward system, employees will feel that the management is not biased. The likelihood that workers will stick with the organization may also rise as a result of job satisfaction. Employee turnover will be at a minimum as a result.
Disadvantages of reward systems
- Employee rewards may result in higher company spending.
- It is important for any organization to understand the limits of its workforce, even though incentives, rewards, and recognition are been offered if the workforce has already reached its full potential giving more rewards or recognition will not benefit and there will be no more improvement in the workforce.
Reference
Armstrong, M. (2010) Armstrong's Handbook of Reward Management Practice: Improving performance through reward. London, London: Kogan Page.
Anees, M. (2022) Advantages and disadvantages of reward system for employees, BRAVO! Employee Experience Management. Available at: https://getbravo.io/advantages-and-disadvantages-of-reward-system-for-employees/ (Accessed: December 5, 2022).
McQuerrey, L. (2017) The Pros & Cons of incentives for salespeople, Small Business - Chron.com. Chron.com. Available at: https://smallbusiness.chron.com/pros-cons-incentives-salespeople-78258.html (Accessed: December 5, 2022).
Agreed. The success of any firm depends on the input of its employees. Establishing a balance between employees' contributions to the company and the organization's contribution to the employee is necessary for this aim, this is one of the factors that led firms today to recognize the value of rewards and recognition in order to increase the employees' contribution to the organizations (Zeb, et al., 2014).
ReplyDeleteThank you for your valuable information.
DeleteThank you Zacky for the feedback and I agree with your context, the tactics, regulations, and procedures required to ensure that employees are valued for their contributions to the achievement of organizational, departmental, and team goals are known as reward management. It involves the creation, implementation, and upkeep of incentive systems that are meant to operate fairly, equally, and consistently while also meeting the needs of the company and its stakeholders. These systems will include procedures for determining the value of jobs through job evaluation and market pricing, grade and pay structure design and management, performance management processes, programs for rewarding and recognizing people based on their individual performance or contribution, and/or team or organizational performance, and the provision of employee benefits. (Armstrong, 2010)
DeleteAgree on the content. Further, definitions of total reward typically encompass not only traditional, quantifiable elements like salary, variable pay and benefits, but also more intangible non-cash elements such as scope to achieve and exercise responsibility, career opportunities, learning and development, the intrinsic motivation provided by the work itself and the quality of working life provided by the organization’ (Thompson 2002). As Duncan Brown (2001) emphasizes, the ‘alignment of your reward practices with employee values and needs is every bit as important as alignment with business goals and critical to the realization of the latter”.
ReplyDeleteThank you William for the feedback and I agree with your context, Organizations should develop a reward plan that specifically states the objectives of the various incentive components and how they are integrated, according to CIPD (2022). The goal of the reward and employee motivation could therefore be helped by informing employees about the perks that are available and the requirements for receiving them.
DeleteAgreed. The idea of rewards and recognition has grown significantly in relevance recently, attracting the interest of both organizational managers and researchers y (Mandal & Dalal, 2006).As a result, reward and recognition are utilized as motivating tools in firms all over the world to encourage employees to perform better. For specific desirable behaviors, these rewards and recognition come in the form of monetary and non-monetary incentives (Mark, 2006).
ReplyDeleteThank you and much appreciatedfor your valuable information.
DeleteThank you William for the feedback and I agree with your context, Organizations should develop a reward plan that specifically states the objectives of the various incentive components and how they are integrated, according to CIPD (2022). The goal of the reward and employee motivation could therefore be helped by informing employees about the perks that are available and the requirements for receiving them.
DeleteAccording to Grant (2008), motivation imposes employee outcomes for instance performance and productivity. He also established that motivated employees are more oriented towards autonomy and are more self-driven in contrast to less motivated employees
ReplyDeleteThank you Jeyarajasingama for the feedback and I agree with your context, According to Mitchell T. R. (1982), motivation is concerned with action and the internal and external forces that affect an employee's action.
DeleteAgreed with the content Tharaka, Reward management is concerned with the formulation and implementation of strategies and policies in order to reward people fairly, equitably and consistently in accordance with their value to the organization. it deals with the development of reward strategies and the design, implementation and maintenance of reward systems which aim to meet the needs of both the organziation and its stakeholders (Armstrong, 2009).
ReplyDeleteThere are 2 types of rewards Intrinsic Rewards in Reward Management, These are regarded as the tangible incentives received by workers or employees. Bonuses, salary increases, gifts, promotions, and other similar types of tangible benefits are a few of the often used intrinsic rewards. These incentives work well to improve employees' feelings about the company. Extrinsic Rewards, these kinds of incentives are given to workers to boost their sense of fulfillment. Extrinsic benefits that are frequently given include affirmation, knowledge, acknowledgment, trust, and empowerment. These incentives are designed to help workers perform better so they can reach a specified level. (Bhasin, 2021)
DeleteAgreed with the content tharaka. Furthermore nowadays companies are giving more importance in this session as rewards can literally boost up an employees confidence level and which will lead to higher output. A recognition is not only encouraging that person alone, it is encouraging other colleagues also in order to improve their work level. And rewards and recognition can be considered as a tool for motivating employees.
ReplyDeleteThank you Uday for the feedback and I agree with your context, Analysis and management of employee compensation, remuneration, and other benefits are also the responsibility of reward management policies. An organization's compensation plan might include pay policy and practices, Executive pay and team reward, Salary and payroll administration, Minimum wage and Total reward (Bhasin, 2021)
DeleteAgreed with your blog post Tharaka. Adding to your content, according to Broad (2007), tangible incentives are effective in increasing performance for task not done before, to encourage “thinking smarter” and to support both quality and quantity to achieve goals. Incentives, rewards and recognitions are the prime factors that impact on employee motivation. As the employees engage in their working activities purposely for own’s sake then they will feel intrinsic motivation in their behaviours as their activities will essentially be enjoyable and satisfactory (Vansteenkiste, 2005).
ReplyDeleteThank you and much appreciatedfor your valuable information.
DeleteThank you Nilusha for the feedback and I agree with your context, extrinsic Rewards these kinds of incentives are given to workers to boost their sense of fulfillment. Intrinsic Rewards in Reward Management, These are regarded as the tangible incentives received by workers or employees. (Bhasin, 2021)
DeleteGood post Tharaka, Further, rewards system's main purpose is to fascinate the talented individual, motivate them and retain them within the organization. Few Benefits are show gratitude, create a positive work environment and increase motivation (Franco and Gomez, 2015).
ReplyDeleteThank you and much appreciatedfor your valuable information.
DeleteI appreciate your feedback, Sarasi, and I concur with your context. Grant (2008) asserts that motivation forces certain employee outcomes, such as performance and productivity. Additionally, he demonstrated that motivated workers are more autonomous and self-driven than less motivated workers.
DeleteAgreed with content Tharaka. Further, the importance of talent management to an organization is: to keep up with the pace of rapidly changing external environment, to establish a high performance work environment, to organize work activities in innovative ways, to upgrade employee competencies in real time.(William J. Rothwell, 2005)
ReplyDeleteThank you and much appreciatedfor your valuable information.
DeletePerformance appraisal is one of the key methods to reward and recognition. Performance appraisal is the procedure used to assess job performance and prospective growth. “Performance appraisal is a process of evaluating an employee’s performance of a job in terms of its requirement” (Rajitha, et al., 2019)
ReplyDeleteThank you and much appreciatedfor your valuable information.
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