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4: Recognizing Employee Contributions - Assignment Example

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As competition is growing in the retail sector, the company requires implementing innovative and productive strategies for optimization of effectiveness of resources. Besides various other resources, workforce is an essential resource for the company, therefore it is important…
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Assignment 4: Recognizing Employee Contributions
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Download file to see previous pages y structures have been proposed so that employees can be provided with compensation package that is appropriate from individual and team perspective (T. Milkovich, Newman & C. Milkovich, 1999).
The first kind of compensation package is incentive at risk compensation. Under this structure, the company will be focusing more on sales performance of employees as it is a retail company primarily centered towards on physical and online sales. Since sales job involve a certain degree of risk taking, it is necessary that employees are rewarded for their risk taking capabilities. Such an approach motivates high achievers to perform better in their field as well as motivates under achievers to pursue greater hard work. At risk compensation should be monetary as well as non-monetary in nature, that is, apart from performance bonus employees should be appreciated on a large scale for their efforts for boosting their self esteem (Werner & Ward, 2004; Hendry, 2012; Bloom & Milkovich, 1998).
The second approach to compensation structure is add-on incentives. Unlike risk incentives, add-on incentives are not related to sales target of employees. Instead, it is related to various other roles that an employee plays in an organization. For instance, bonus related to employee performance in team motivation, team management, group activities, organizing abilities, task delivering capabilities and so on and so forth can be considered under add-on incentives. Add-on incentives act as a hygiene factor for employees as per Herzberg two-factor theory. It is noteworthy in context of the paper that add-on incentives enhances team and organizational performances by large while at risk incentives motivate employees at individual level to deliver greater performance (Werner & Ward, 2004; Hendry, 2012).
In an increasingly competitive business environment, work pressure on employees has increased by many folds. With increased competition, work related risks have also increased tremendous and ...Download file to see next pagesRead More
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