Guiding Principles to Rewarding Performance and Performance And Reward Strategies - Essay Example

? Topic: Lecturer: Presentation: TABLE OF CONTENTS PAGE 0 INTRODUCTION 2 1 Purpose 2 2 Objectives 3 1.3 Background 3 2.0 PERFORMANCE MANAGEMENT 4 2.1 Purpose of Performance Management 4 2.2 Performance Measurement 5 2.2.1 Performance Appraisal Methods 5 3.0 REWARD MANAGEMENT SYSTEMS 7 3.1 Key Elements of Reward Systems 7 3.2 Guiding Principles to Rewarding Performance 8 4.0 PERFORMANCE AND REWARD STRATEGIES 9 5.0 ADVANTAGES AND DISADVANTAGES OF NEW TRUCTURES 13 5.1 Limitations 14 6.0 CONCLUSION 14 7.0 APPENDICES 15 8.0 REFERENCES 16 1.0 Introduction Most organizations trying to gain competitive advantage in the market without success attribute their failure to such items as organization structure, poor communication; employee incompetence as well as policies and procedures hence end up redesigning or restructuring the organization to eliminate the problems. Little do they realize that their problems are as a result of poor performance and reward systems and strategies leading to poor performance by employees and the organization as a whole. A high performing organization should develop a performance-driven organizational culture where all employees are encouraged to develop and utilize their capabilities in a way that leads to improved performance (Heneman, 2002). Organizations should thus involve themselves in redesigning their performance and reward systems in a way that reinforces performance and underpins business strategy as well as other organization and human resource strategies such as staffing, development and employee relations. The performance management is a process that enhances organizational performance by developing the performance of individuals and teams in the organization. It entails identifying strategic goals that the organization needs to accomplish, identifying how the management and employees can help in supporting such objectives as well as carrying out performance appraisal and reviews to determine if the objectives are being achieved (Mathis & Jackson, 2011). Reward systems on the other hand, are used to reinforce individual commitment to performance through reward and recognition programs. However, performance should be measured properly to ensure that the reward programs pay off in terms of business goals. According to eNotes (2012), the management should ensure that performance has actually occurred before rewarding employees and also ensure that individual and group efforts are rewarded. This is to promote individual initiatives and foster group cooperation. 1.1 Purpose of the Report The purpose of the report is to guide the CEO of DIY stores on how the organization can redesign its performance and reward systems in a way that reinforces performance, increases staff motivation as well as company’s ability to attract and retain the right people in line with the stores mission of achieving a more dynamic, performance-focused corporate culture. 1.2 Objectives The objective of the report is to design a performance and reward system that integrates business strategy and HR strategy. It is also to create a working environment that ensures just, fair and ethical treatment of employees. It also aims to develop a program that recognizes and rewards exceptional performance and ensures that reward systems are market based, equitable and cost effective. It is also to ensure that the needs of all stakeholders are met by developing a total reward system. It is also aimed at achieving high performance, customer service, high profits and ensuring product availability and minimisation of losses. 1.3 Background DIY store (DIYS) is a chain of large warehouse-style stores selling DIY equipment and is also a wholly-owned subsidiary of a larger retail group. It runs 250 stores across the country serving over a million customers a week and employs 12,000 people. Despite having a well established performance management and reward system clearly understood by all employees, it still experiences low morale, poor performance, high staff turnover, high absenteeism, and is unable to attract and retain talented employees. All these problems are occasioned by its poorly designed performance management and reward system which does not give employees room for development, career progression and also does not recognize and reward employees’ efforts. Instead, the store retains traditional pay systems based on the job and only concentrates on rewarding store managers while ignoring other staff members. The store has not taken advantage of total reward system and does not align reward systems with overall business strategy and HR strategies. The organization is thus in dire need of redesigning its performance and rewards systems towards a performance-driven organizational culture in order to improve its performance. 2.0 Performance Management Organizations should develop performance-driven organization culture which focuses on results and contributions of all members of the organization. The organization should also aim at improving the performance of individuals as well as teams for organizational success especially in today’s turbulent climate (Armstrong, 2009).This entails managing the performance of employees to ensure that the desired results are achieved. 2.1 Purpose of Performance Management The purpose of performance management is to achieve high quality standards of work performance thus propelling the organization to greater heights. It also enables the employees to know the knowledge, skills and abilities needed to perform their tasks effectively. Mathis and Jackson (2011) note that workers who have the right skills to perform assigned tasks have the confidence and motivation to achieve superior performance. Performance management allows the management to identify strengths and weaknesses of workers therefore identify areas that need improvement. The DIY store instead of disciplining individuals who do not meet targets should try to identify the reasons for poor performance and help these employees to improve for example by offering them training and development opportunities. Some employees lose interest in adding more effort since their efforts are not recognized hence the management should give employees challenging tasks and allow them to take responsibility of their own performance instead of close supervision and reward the best performers. In this way, the employees can work without supervision and still be able to achieve desired results since they have the morale and commitment. Performance management also ensures that employees direct behaviour towards achievement of the organizational objectives. This can be achieved by setting clear goals and communicating them effectively to the staff so that they can understand what is expected of them (Shields, 2010).At DIY, the targets are set for each store but there is no way of setting individual objectives so that each employee is aware of what is expected of him/her. For example, the performance objectives set to be achieved by each store cannot be broken down to individual objectives. Customer care is determined by scores awarded to each store rather than to individuals and employees have no control over some objectives such as availability of products. For employees to understand how their work fits into the overall organization, realistic objectives should be set and a timeline given for accomplishing them. For example, the store manager can set performance standards such as; the employee should be able to attain a certain level of sales or output by the end of the day to ensure customer spending objective is achieved. The employee will thus work hard to achieve this target. 2.2 Performance Measurement Measuring performance is an essential part of performance management system as it allows the management to know whether they are achieving returns on their investments. Employees could be measured on the basis of quality, timelines, attendance, and quantity of output among other measures (Armstrong & Brown, 2006). Some measures are objective in that the items are measurable. For example, DIY could measure employees’ performance on the basis of number of items sold in a day. Some behaviour such as customer care cannot be measured objectively and hence the organization can also use subjective measures (Cardy &Leonard 2011). 2.2.1 Performance Appraisal Methods There are various methods that the DIYS can use to measure performance such as the rating scales, management by objectives, critical incidents, confidential reports, and 360 degrees feedback. The method to be used must be decided on by the management in collaboration with the employees so as to make the process fair, transparent and acceptable to all (Chakravarthy, 1992). Management by objectives entails setting goals upon which performance is measured. The goals are set in agreement between employer and employee and are aligned to the organisational or business goals. The employees are thus aware of what is expected hence direct their behaviour towards the desired ends. Evaluation is based on the achievement of the set goals. Since they are aware of what is expected, they can carry out self-appraisals to determine if they are on the right path and make changes where necessary (Shields, 2010). The store managers should sit and discuss with employees on the objectives to be achieved and how to achieve them. For example, to increase spending per customer, each employee may be given a sales target to accomplish within a given time period after which the performance is assessed. The stores can also use the critical incident method which records behaviour at certain time periods. For example, the appraiser may record a point where the employee served a lot of DIY customers or was able to decide on an issue related to the job. It records the best and worst incidents in the past year hence it may be disadvantageous to the employee being appraised. Moreover, personal bias of the appraiser may influence the results thus making them unreliable. To avoid bias, a lot of information regarding the employee needs to be gathered hence it might be time consuming (Bohlander & Snell, 2010). Confidential reports based on supervisor’s discretion can also be used. According to Moorty (2012), the supervisor keeps confidential records of the employees strengths and weaknesses for the past year and basis the employee performance on those reports. As a result, the employee is not engaged in the process hence the method lacks reliability. The employee does not know the areas that he/she is supposed to improve since no feedback is given thus the method may fail to motivate the employee or gain commitment to the organization. The 360 degree feedback is the most commonly used in modern organizations besides management by objectives. Various stakeholders have an interest in the organization and are mostly in contact with the person being appraised hence are in a better position to evaluate the performance of the employee. These include; customers, co-workers, peers, shareholders, suppliers, and supervisors. They fill an appraisal form regarding employee decision making abilities, team effectiveness, communication skills, and technical capabilities. These attributes are observable hence can be scored but they ignore objective measures such as employee skills (Bacal, 2003). Instead of the DIY stores relying only on mystery shoppers, it should utilize all these stakeholders in order to improve customer experience and scores be given to each employee rather than the store itself so as to know how each employee has contributed to this objective. Appendix 1.0 shows how to measure performance using this method. After appraising performance, high achievers are rewarded and low achievers are given remedial action. Training and development needs are identified and employees are given a chance to improve on their performance failure to which any action could be taken such as demotion, dismissal or termination or any other disciplinary measure. Employees can also appeal the appraisal decisions if they feel the method was unfair, unequal or discriminatory (Aquinis, 2009). Employee can discuss performance with the appraiser to explain why his/her performance was not as expected or to discuss areas that need improvement. However, poor performance should not be punished without giving the employee a chance to improve otherwise performance management would lack meaning. Armstrong (2010) argues that a fair performance assessment should have reliable and valid performance measures, laws and regulations are followed such as equality laws, decisions can be appealed, and appraisers are trained on how to measure performance. 3.0 Reward Management Systems Reward systems aim at rewarding performance and motivating employees and although they are separate from the salary, they may have a monetary value. They include systems, programs and practices that influence the actions of people. Performance may also be reinforced through recognition programs such as being given the “employee of the year” award. However, not all rewards are motivating; it depends on how well the organization designs its reward systems and employees ability to understand expectations (Spitzer, 1996). 3.1 Key Elements of Reward Systems There are various elements that comprise reward systems such as base pay, promotions, career development, bonus and incentive programs, stock options, recognition programs and employee benefits among others (Bacal, 2003). The role of management is to select the method that produces the desired results. However, employees have diverse interests and what motivates one employee may not motivate another employee hence the store should adopt a total reward system to allow flexibility and for employees to have variety of choices. A total reward system includes financial and non-financial benefits which are integrated into organizational strategy and HR strategies to attract, retain and motivate employees (Shields, 2010). Some rewards are intrinsic in nature in that they derive from work itself while others are extrinsic deriving from job context. For results to be achieved, the organization should be concerned with job content and job context. The organization should also take into account the performance of individuals as well as the group and reward both so as to motivate high performing employees and avoid a situation where some individuals take advantage of others by receiving rewards or recognition they have not worked for (Savin & Mahajan, 2001; Bloom & George, 1998). 3.2 Guiding Principles to Rewarding Performance Rewards should be integrated with staffing, employee development and employee relations strategies so as to retain, motivate, gain commitment from workers and make them engaged (Armstrong, 2010).They should also be consistent and supportive of organization strategy. The organization should involve all members in designing reward strategies so as to make them acceptable and to make employees be committed to achieving objectives. The rewards should be distributed fairly and equitably otherwise those who feel the rewards are unfair may be forced to leave the organization or are not motivated to achieve superior performance. DIY is very unfair in this aspect in that it only rewards store managers and ignores the rest of the staff. The staff should be made to understand how the reward processes operate hence giving them a voice in the development of reward policies and practices (Armstrong & Brown, 2006). Most importantly, the performance standards should be clearly communicated to the staff so that they can understand what is expected of them and how behaviour will be rewarded to avoid some people regarding the rewards as entitlements. This will enhance motivation, reduce turnover and enable the organization to attract the best talent in the market. Management support is essential to high performers as well as low performers so as to improve performance especially by giving timely feedback and offering career development opportunities as well as an enabling organization structure and culture that values employees’ contribution (Greene, 2010). The management should also consider cost-effectiveness of the designed programs so as to get a return on their investment but while maintaining costs, they should also be aware that sometimes costly undertakings have better results. 4.0 Performance and Reward Strategies Various performance and reward strategies are used differently in different organizations and to various groups of people within the organization. Motivation theories support this proposition by arguing that different people have different needs which cannot be satisfied using similar strategies (Armstrong, 2010). The DIY store has various groups of people such as managers, assistant managers, departmental managers, and shop floor staff hence requires different strategies. Base pay is the regular income earned by individuals and reflects the level of responsibility, skills, capabilities or the reputation one brings to the organization (Wilson 2003 p. 9). It is determined by market rates, cost of living in different areas, collective bargaining and the minimum standards set by government. This pay is applicable to all employees but if a company wants to attract and retain talented staff, it can offer better pay than the market price especially to the technical staffs that are difficult to get. Instead of DIY store offering generous packages to store managers only, it should also consider offering the same to other employees since they all contribute to overall performance. For example, Centric which was formed after merging of British gas and Enron aligns its pay with the market to attract new talent (Armstrong & Brown, 2006). A job evaluation is essential in this case in ensuring equitable pay by determining grades and pay structures upon which pay is based. This provides scope for pay progression based on performance, competence and service.The store can adopt a career-family structure which consists of different job families but equivalent jobs in different families receive similar pay and emphasis is put on career paths (Armstrong, 2010: 31). AEGON UK has adopted such a strategy and it has been successful. Base pay is a source of motivation as it satisfies the lower level needs of employees. The instrumentality theory of motivation argues that people only work for money hence a satisfactory base pay is crucial to performance (Armstrong, 2010). Furthermore, if employees feel that the pay is equitable and fair and that it is commensurate with their contribution, they are motivated to work hence a career-family structure should be adopted in place of the six narrow grades which inhibit progression. Other institutions such as B & Q opt to link pay to performance hence offer variable pay to employees (Armstrong & Brown, 2006). This involves setting objectives to be achieved and offering rewards based on achievement of those objectives. To encourage employees especially at the shop floor to improve performance, the store should consider linking pay to performance and offer such rewards as bonuses for those who achieve the set standards. This is supported by instrumentality theory which states that people are motivated to work if rewards and penalties are directly tied to performance. This idea is also supported by process theories such as expectancy and goal theory. An individual is motivated to work if he/she expects a worthwhile reward according to expectancy theory (Armstrong, 2010). However, they can sometimes be misconstrued as entitlements hence the organization should be careful in the way it handles such rewards. Bonuses should only be given for outstanding work and not for any other purpose for example, B & Q offers its store team bonus based on sales, minimisation of losses, and customer service (Glasscock & Kimberly, 1996). Profit sharing and stock options reward strategies can boost performance and also ensure employee retention (Deeprose, 1994). These rewards give employees a sense of ownership of the organization and are also a means of earning higher income depending on market share prices. The amount shared as profit is a percentage of employees salary and is determined at the end of a financial year ; if a business does not make profit, then the employees lose their share of profit hence they are motivated to work harder to achieve the set objectives. The stores should give other managers opportunity to own shares so as to retain and motivate them. This enables them to achieve higher level needs hence motivation and improved performance. The only problem is that the organization has many objectives to achieve hence there is no direct link between profit sharing and employee actions hence in future, they may be considered as entitlements thereby lacking effectiveness (Berger L & Berger, D, 2008). According to content and process theories of motivation, individuals are motivated by low order needs as well high order needs. Recognition programs are a way of satisfying higher order needs hence extrinsic motivation to act. For Hertzberg, there are hygiene factors and motivators that influence performance. The motivators refer to those rewards that directly influence behaviour such as additional responsibility, advancement, and recognition and are work-related. (Sandler & Keefe, 2004).Most of the recognition programs are suitable for middle level and senior managers especially those used to recognize workers who achieve certain length of service. They do not have money value but are prestigious in nature and therefore they would motivate managers to improve performance. For example, being offered the employee –of –the –year award or gift certificates and plaques would be fulfilling to managers. All the employees should be given an opportunity for recognition and rewards should be frequent and timely. Besides this award, the employees can be given financial incentives. The shop floor staff although would like to be recognized with awards, they would rather fulfil lower level needs first or be offered an opportunity to advance their careers through training and development. This would allow them to perform their tasks effectively and have room for promotion which would translate to higher income and achievement of higher level needs. For example Bosch spends 6 billion Euros on research and development every year hence innovations and growth for workers (Worldwide web). Improved working environment would also be important to the shop floor staff as well as other staff but in most cases, it is the shop floor staffs who suffer most. Lack of an enabling environment acts as a dissatisfier thus demotivating employees in performance of their work (Grote, 1996). Salaries are considered as part of hygiene factors by Hertzberg as they are extrinsic to the job. Improving work content through provision of a variety of tasks which are challenging fosters intrinsic motivation in employees and therefore should be encouraged (Dubrin, 2011). The organization should not ignore intrinsic rewards as they are equally important as extrinsic rewards. Promotion is another reward strategy used by many organizations. An organization which does not offer employees room for progressing is not a good place to work in. If an employee is promoted, he/she feels his efforts are being recognized and valued hence gains commitment to the organization. This kind of reward is especially important for senior managers and other middle level managers who want to achieve higher level needs towards self-actualization. However, promotion should be based on merit and not discriminatory to avoid legal problems and for it to be acceptable by others who would like to follow the same path (Bohlander & Snell, 2010). If promotion is not based on merit, then other employees would become passive job seekers waiting for a chance to move to other companies where they can progress their careers. However, there is no room for promotion in DIY since managers are promoted to store manager level and the occupants of these posts are already in place. The organization should thus consider other ways of motivating managers other than promotion. The shop floor staff can be offered opportunity to progress by eliminating job grades and paying employees according to performance rather than by job-groups. This will eliminate stagnation by employees once they reach the highest job grade hence reduce absenteeism, turnover, and attract talented employees. Employee benefits also serve as a motivation for the staff and should be aligned with roles. . These are in form of health care, housing, holidays, vacation, leave and work-life balance among others and are an element of a total compensation package. The employees have different needs and hence they determine the value of these benefits based on their needs (Wilson, 2003). DIYS offers private health care and additional holidays to store managers only. This is not acceptable as other employees feel discriminated against thus making the system unreliable. DIYS should at least offer health insurance to all employees to satisfy their basic needs. It can also offer flexible working schedules to employees to allow them time to attend family matters among other programs. Offering benefits is motivating to employees as they feel valued hence motivation, reduced absenteeism and turnover rates. These are mostly viewed as entitlements and once removed, they may demotivate staff but they are essential for enabling employees to satisfy their safety and security needs hence commitment to the organization. The HR policies and procedures have a great effect on performance hence they should be clearly defined and understood by all. The policies on performance should be clear to avoid disciplinary actions to staff without following right procedures. Poor performance must not necessary be punished but employees should be given an opportunity to improve. Proper recruitment and selection procedures will ensure the right staff are engaged in the organization hence improved performance. HR policies should also contain employee training and development opportunities to enable employees to progress their careers (Armstrong, 2009). 5.0 Advantages and Disadvantages of the New Structures The introduction of total reward system enhances engagement by satisfying the individual and organizational needs and the alignment of rewards to overall objectives fosters a psychological contract between employer and employees hence commitment and improved performance. The reward system also ensures there is equity, fairness and justice in the workplace rather than rewarding a few individuals hence intrinsic motivation. The organization is also able to attract and retain talented workers and can be successful in establishing a high-performance culture. The disadvantage of such an approach is that some employees may view some rewards as entitlements hence have no effect on motivation and performance. A job evaluation has to be carried out continuously to determine pay grades and structures and it may be time consuming and if not appropriate, it may lead to dissatisfaction and poor performance. There also might be a problem in changing the organization culture as it involves changing people’s beliefs and attitudes hence constant communication is required. 5.1 Limitation Such a holistic change in performance and reward management requires a lot of resources which may not be available. The store managers have been enjoying all the benefits and change in reward system affects them positively or negatively and therefore may not be supportive. Besides, the managers are not trained on how to handle performance and rewards hence it may not be effective until proper training is given. 6.0 Conclusion Modern organizations operate in a global competitive environment and therefore need to develop ways of maintaining competitive advantage. This can be achieved by enhancing employee motivation, commitment and engagement as well as attracting and retaining the best talent. Besides other human resource strategies, organizations need to evaluate their performance and reward systems and model in a way likely to achieve superior performance hence competitive advantage. Human capital is the most valued asset in any organization and therefore need to be treated in a way to ensure loyalty to the organization and in a manner likely to yield better returns. An organization can use reward strategies such as; improved base pay, stock options, profit sharing, employee benefits, and promotion, training and development as well as recognition programs. However, the management should realize that employees are different and have different needs hence understand individual employee needs and make use of total rewards to ensure flexibility and high level of motivation and commitment. The performance and reward strategies should also be aligned to the overall organization objectives to achieve a high-performance organization. 7.0 Appendices 360 Degree Appraisal Form Key skill Question number Feedback question Feedback score  Professional skills 1  Knowledge of the job       2  How creative is the employee   3  What is the worker’s productivity      Communication Skills 4  How well does the employee communicate with customers, and fellow workmates   5  Interpersonal relationships      Decision-making skills 6 How well does an employee resolve a crisis    7          Reliability 8  Does worker complete tasks in time   9 Are products always available   10  How is the employee’s attendance   Additional comments Appendix 1.0 Scores: 1-3 poor 4-6 satisfactory 7-9 Good 10 Excellent. Appendix 1.1 Recommendations AREA ACTION BY WHOM COST (?) BY WHEN MEASUREMENT Stock loss Prevention Store manager 200 Year end Quantity and accuracy Skills Develop worker skills Store manager 300 Year end Quality, speed and accuracy Sales Increase sales revenue Store manager Year end Sales volume Staff Hire quality staff Store manager 100 Year end Quality Performance Develop performance plan Store manager Month end Quality Product Improve availability Store manager Year end Quantity, customer satisfaction Product Conduct checks Assistant store manager End of 3 months Frequency Efficiency Improve Assistant Year end Speed and accuracy Staff Reduce operation cost Assistant Year end Quantity Staff Train Department manager Year end Speed, accuracy, quality of services Stock loss Reduce Department manager First quarter Accuracy and quantity Customer service Improve Department manager Year end Frequency of complaints Sales Increase Department manager First quarter Quantity Team Develop team work Department manager 3 months Quality and quantity of sales Performance Improve skills Shop floor staff Year end Quality of work, meeting deadlines, responding to inquiries in timely manner. Customer service Improve Shop floor Year end Frequency of complaints Sales Increase Shop floor End of day Output quantity Attendance Reduce absenteeism Shop floor Year end Frequency of absenteeism and sick leave. Stock Minimise losses Shop floor Year end Accuracy 8.0 References Aguinis, H. 2009. Performance Management, 2 Ed. Prentice Hall Armstrong, M., Brown, D. 2006. Strategic Reward: Making it Happen. UK: Kogan Page Arthur, D. 2008. The First-Time Manager’s Guide to Performance Appraisal. New York: AMACOM. Armstrong, M. 2009. Armstrong’s Handbook of Performance Management: An Evidence-Based Guide to Delivering High Performance. 4edn. UK: Kogan Page. Armstrong, M. 2010. Armstrong’s Handbook of Reward Management Practice: Improving Performance through Reward. 3ed. UK: Kogan Page. Bacal, R. 2003. The Manager's Guide to Performance Reviews. USA: McGraw-Hill Berger, L., Berger, D. 2008. The Compensation Handbook: A State-of-The-Art Guide to Compensation Strategy and Design. 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