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Reward Systems and Performance Management - Term Paper Example

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Performance Management and Reward System Introduction The term reward system is now taking roots in many organizations throughout the world to increase its performance and efficiency and to gain a competitive advantage against its peers…
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Reward Systems and Performance Management
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Download file to see previous pages The basic aim of reward system and performance management is to increase the overall productivity and efficiency of the organization. And to do so the organization should be ready to value its workers. In this paper all those methods will be focused which can be used to reward the employees to make them feel valuable so that they work for the organization with all their dedication and devotion (Grote, 1996). Performance Management & Reward System An effective reward system can be made by using a very simple method based on the following five steps, namely: (1) Specific, (2) Meaningful, (3) Achievable, (4) Reliable and (5) Timely. To be “specific” means that action and the rewards should be maintained perfectly in accordance with each other. The reward should be meaningful and should be beneficial for both, the employ and the organization. The targets given to the employees should be achievable and practical. The entire program should be reliable and should be operated in accordance with the rules and regulations. Last but not the least, the entire program should be managed properly and timely (Lebas, 1995). There are several methods to reward the employees based on their performances. Some of them I have discussed in this paper. Employee Empowerment The empowerment of people refers to giving authority to the employees in particular. There are two major points to be understood. First is you should know that how you could utilize your work force to get the maximum possible financial results. And the second is that you should know and search for different techniques to raise productivity, lower the costs and maximize the revenues (Dransfield, 2000). Productivity refers to the outcome and efficiency of a firm. It is actually the outcome of your work. Empowerment has a vital role to play in things related to productivity. The productivity that is being induced and provoked by stress can be regarded as a path to burning out. The development of a work environment that is positive and friendly can surely help in decreasing and diffusing the stress that increases due to the demands and pressure of raising the performance. It is a universal truth that not all people are similar. They have their own diversity. Hence it is also true that their all have different working styles. It is therefore necessary that the needs and requirements of an employee should be understood, like what motivates them, so that they could give their best performance. Flexibility in working hours, a walk after lunch, may be little refreshment or sport can help employees get rid of the drowsiness and increase the metabolic rates. It is necessary to understand that employees are not school going children (Dransfield, 2000). Give Respect to the Employees It is noted that if an environment is such that it gives respect and enough space to its employees for working according to their own working styles, then the employees can easily give their best to the company. The support from the management is a must. If the sales team is given enough resources to raise the sales, then it is obvious that by the end of year your sales would have increased. Access to resources like, market data, conduction of workshops and seminars, etc all help in raising the performance graphs of your employees (Armstrong, 2002). People from every level in an organization should have good communication among them. It is no doubt true that if a person enjoys what he do then they surely give their best which ...Download file to see next pagesRead More
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