We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

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

Comments (1) Cite this document
Summary
This research is being carried out 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. …
Download full paper
GRAB THE BEST PAPER
Guiding Principles to Rewarding Performance and Performance And Reward Strategies
Read TextPreview

Extract of sample
"Guiding Principles to Rewarding Performance and Performance And Reward Strategies"

Download file to see previous pages The paper tells that 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. 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. 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, ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Guiding Principles to Rewarding Performance and Performance And Reward Essay”, n.d.)
Retrieved from https://studentshare.org/business/1395824-hr-manager-of-diy-store
(Guiding Principles to Rewarding Performance and Performance And Reward Essay)
https://studentshare.org/business/1395824-hr-manager-of-diy-store.
“Guiding Principles to Rewarding Performance and Performance And Reward Essay”, n.d. https://studentshare.org/business/1395824-hr-manager-of-diy-store.
  • Cited: 0 times
Comments (1)
Click to create a comment or rate a document
vk
vkiehn added comment 1 month ago
Student rated this paper as
This essay saved me today. I liked the content. It was very useful for my business course.
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Evaluate the role of the line manager in managing under-performance
The study has revealed that the success of employees in regard to the tasks assigned to them can be affected by a series of factors. The specific issue is explored in this study. Emphasis is given on the terms of the employees’ under performance within modern organizations and the methods available to managers for confronting the particular problem.
13 Pages(3250 words)Essay
Performance and reward management
One must remember the fact that an organization might go to any limits in order to make sure that the performance and reward management attributes are taken care of and hence the employees enjoy the perks that are given to them when they perform at par with their skills and abilities.
12 Pages(3000 words)Essay
Performance and Reward Management

The author states that the evaluation of performance can be carried out at various levels such as evaluating the whole human resources system, evaluating the specific subsystems within the human resource, team performance and individual performance. A good performance strategy entails a good competitive strategy.

15 Pages(3750 words)Essay
Reward System and Employees Performance
This proposed research would focus on a particular case study within a major UK superstore to understand the impact of rewards, incentives and performance appraisal on employee motivation and performance. The organization chosen here is Marks and Spencer, a leading name in retailing within UK.
7 Pages(1750 words)Essay
Reward and Performance
This study attempts to provide answers to these questions and a deeper understanding of the subject area by focusing on one of the factors that improve performance. The plethora of managers harbours the similar opinion that good wages and extrinsic rewards are top motivators.
12 Pages(3000 words)Essay
Reward management and performance related pay
Human Resources Management is one such area that is gaining importance by the day. Human Resources Managers work towards the fundamental problem of creating a balance between the expectations of both, employers and employees.
6 Pages(1500 words)Essay
Performance & reward mgt
Each of the components has a significant impact on the productivity of the business. They also have an impact on the performance management, which may be
6 Pages(1500 words)Essay
Performance & reward mgt
Employee rewards can be psychological as well as monetary, especially in organizations where there is open and frequent communication between employees and management. “They are therefore more democratic: communication may be
1 Pages(250 words)Essay
Performance Management And Reward System
One of the importance of Performance management is to help an organisation achieve set goals and objectives. It’s achievement is through maximisation of individual employee which is the function of human resource management. It is an important tool in management because it enables individuals to attain self actualisation.
10 Pages(2500 words)Essay
Rewarding team performance
Various research studies on employee motivation has stated that employees prefer to work for those employers who recognizes their hard work in comparison to those who just
5 Pages(1250 words)Essay
Let us find you another Essay on topic Guiding Principles to Rewarding Performance and Performance And Reward Strategies for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us