Performance and Reward Executive Summary This paper discusses about the reward strategy of Trisco Foods. It also illustrates about the influence of the company’s culture and structure on its reward strategies. Furthermore, the paper also frames certain recommendations that will help in restructuring the reward strategy of the company…
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However, the senior employees of the company have been observed to be disappointed with the current reward criteria and feel themselves and their experiences to be undervalued. The later part of the paper illustrates few noteworthy recommendations that might be effective in reframing the reward strategy of Trisco Foods. Table of Contents Executive Summary 2 Table of Contents 3 Introduction 4 Brief Overview of Trisco Foods 5 Analyzing Trisco Foods’ Reward Strategy 5 Analysis of the Workplace Scenario 10 Recommendations 10 Conclusion 11 References 13 Introduction In today’s business scenario, employees are considered among the most important assets of organizations. It has been noted that only an efficient set of workforce is capable of accomplishing the goals of an organization and its set objectives. Employees thus hold the key in performance efficacy of business concerns in the modern day context. In this regard, it has been noted that employees should be managed and utilized properly so that they can facilitate organizations with positive outcomes through their productive contributions. However, to steer employees towards productive contributions, it is important to motivate and encourage employees towards the accomplishment of the organizational goals. Hence, performance and reward management comes into concern. From a theoretical viewpoint, these aspects deeply relate with modern organizational practices that are incorporated for the purpose of employee motivation and therefore are related to the doctrine of Human Resource practices of organizations. Performance and rewards can also be observed as connected to each other in the sense that rewards are practiced or delivered on the basis of performance efficiency deciphered by employees. It has been observed in this regard that such practices in organization tend to be quite beneficial in the sense that it motivates workforce to perform and develop ownership among them which encourage them for continuous improvement of their work. This in turn results in overall effectiveness of the organizational performance (Shields, 2012; Deb, 2009). This paper henceforth aims to analyze performance and reward practices approach of Trisco presenting a report on the limitations and the strengths of Trisco’s management strategies with regard to employee satisfaction through effective motivational mechanisms. Brief Overview of Trisco Foods Trisco Foods is an Australian food manufacturing company that has been successful in building superior goodwill from its operations since 1875. The company has a good profile in this particular sector owing to their commitment towards the deliverance of quality product and/or services to the targeted customers. Although the company is primitively located in Australia, through the wide network of its supply chain, Trisco has been able to reach in most of the countries. From an overall perspective, it has been observed that strong market presence and vast range of products with appreciative quality are among the major success factors for the company to drive its superior goodwill in the national as well as international markets over the years (Trisco Foods, 2013; Trisco Foods, 2013). Analyzing Trisco Foods’ Reward Strategy With the virtues of its superior distribution network and quality goods, Trisco has been able to obtain a prominent position in the world of food manufacturing
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“Performance and Reward Assignment Example | Topics and Well Written Essays - 2250 Words”, n.d. https://studentshare.org/human-resources/1479284-performance-and-reward.
According to the paper the Director of Rewards adopted the Towers Perrin model that is focused at developing an integrated total reward that entails non-financial and financial rewards. This paper analyzes the total reward strategy that the Director of Reward might propose as a way of enhancing the performance of the employees and the profitability of the London and Provincial Bank.
1. Introduction The value of the HR management for the increase of organizational performance cannot be doubted. However, often, the HR practices developed within the organizations do not manage to support the organizational growth, a fact indicating, among other issues, the problematic relationship between the HR policies and practices.
Human resource personnel must ensure that the reward system is properly aligned with the strategic goals of an organisation. According to Armstrong & Murlis, “Reward Management is concerned with the formulation and implementation of strategies and policies that aim to reward people fairly, equitably and consistently in accordance with their value to the organization”(Armstrong & Murlis, 2007).
It is therefore a proactive measure of the organization if the salaries, incentives, perks and rewards are in line with the kind of work that is manifested by employees on a regular basis (Heyes, 1996). It is a fact that pay and reward form an integral part of any employee’s domains and he would like to know upfront what kind of these incentives will be given to him once he gets recruited within the organization that he wishes to work for.
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