Current Performance and Reward Management Practices at Innocent - Essay Example

? Case Study Analysis Table of Contents Table of Contents 2 Introduction 3 Current Performance and Reward Management practises at Innocent 3 Culture Analysis 7 PEST Analysis 9 Developing strategies for performance measurement 10 Key Performance Gaps 11 Key Success Factor for Balance Scorecard 13 Recommended strategies for reward management 14 Conclusion 17 References 18 Introduction Innocent Drinks is a unique business which sells natural and fresh fruit smoothies. The main purpose of the company is to make natural and delicious drink which will help the people to live a healthy life. The name was given Innocent as the drinks are very pure, fresh and natural. Many factors have contributed to the success of the company. One such factor is the excellent performance and reward management of the company. The founders of the company abided by all the principles and produced products accordingly. The performance of the company and its progress within a short period of time has made it a nationalised company holding the majority portion of the market share. Current Performance and Reward Management practises at Innocent Performance management is an important cornerstone in the Human Resource practises of an organization (Smither and London, 2009). It is all about measuring the performances of the employees doing their jobs and designing and implementing systems in order to strengthen the performance standards which have been set. It starts with measuring the daily operational performances of the employees. An organization should have a clear understanding about the kind of job for which they are hiring the employees. Based on that the training should be provided and finally the performances of the employees should be measured. Performance management involves partnership agreement with the employees or the team of employees in order to increase their level of involvement in the organization (Cardy and Leonard, 2011). Moreover the future improvement in the performance of an organization needs the assessment of the past and the present performance. Every section of activities like providing feedback, coordinating with the employees to solve the problems related to their decreased performance, developing improved performance level etc play an important role in performance management. The method of evaluating the performance of a particular employee is known as the performance appraisal. It is a part of the career development and involves review of the performances of the employees in a regular manner. It assesses the performance of the employees in relation to the pre established organizational objectives (Grote, 1996). Rewarding the employees for their good performances motivates them to improve their performances. Rewards can be of two types i.e. extrinsic and intrinsic rewards (CIPD, 2011). Extrinsic rewards are paid in the form of bonuses, incentives, other benefits etc. Intrinsic rewards on the other hand involves getting a higher rank in hierarchy, getting involved in decision making processes, handling challenging tasks etc. These methods of rewarding the employees influence them to work in an efficient manner and hence improve the overall performance of the organization. Rewarding of the employees is done based on their performance evaluation. The performance evaluation helps an organization in achieving the business success. The entire performance evaluation process of an employee including the performance measurement, regular feedback, employee recognition etc ensures the business success. Reward management is the process of formulation of strategies such that the employees are rewarded fairly, impartially and consistently in compliance with the organization’s value. Performance management has an important role in the reward management. Performance management is a tool helping the managers in driving the corporate purpose or the values (Armstrong, 2007). According to Merchant (1989) and Hopwood (1974), the control over the performances of the employees is obtained only when there is a provision of reward by the organization to the employees by making promises of rewards on expected results of performances. Now the question arises that how can the performance and reward management be set in order to engage the employees in more effective manner. Job Design Intrinsic motivation and the engagement of the employees in an organization depend on the design of the jobs or work which should provide for the development of abilities, self sufficiency and feedback. The strategy to be implemented must include arrangements for training them properly so that they perform in an efficient manner. This will increase the employee engagement too. Moreover the nature of the work can be a reason for the motivation or the de-motivation of the employees (Spector ,1997; Oosthuizen 2001). The satisfaction that is received from the work can act as a reward and increase the level of motivation of the employees to perform better. Innocent Drinks has designed the job in such a manner that it provides its employees the ability to develop the skills and perform better. This enhances the overall performance of the company. The work environment Increasing the employee engagement by creating a proper work environment is another strategy. It includes developing a culture which will encourage a positive attitude towards the work, increase the excitement in the jobs of the employees and reduce the stress, the communication between the top level and the lower level, involvement, balance in the work life and other working conditions. It can also include the implementation and application of the policies of ‘talent relationship management’ which involves the building of an effective relationship with the employees by treating them fairly, recognizing their importance and finally providing them the opportunities for success by means of extrinsic and intrinsic rewards. Innocent Drinks has created a competitive environment where all the employees have been divided into teams and each team will have to perform in an efficient manner so that the performance of the company as a whole increases to a great extent. Leadership The leadership strategy includes that exactly what role should be played by the managers to increase the engagement of the employees in an organization (Remenyi, 2005; Kandula, 2006)). It includes the conduction of various learning programs in order to help the employees to understand their work and also the skills that they should use to perform better. In Innocent Drinks, the employees are trained initially to develop the skills. They are provided the training starting from how to solve a particular business problem to achieving leadership. This enhances the performance of the employees as the skill of a particular individual will have an influence on its performance (Bonner & Sprinkle, 2002). As the training provided is very interesting and all the traits that must be present in a good performer are taught in the training session, it increases the employee engagement towards the company. Opportunities to contribute The employees should have the opportunity to contribute equally in the operations taking part in an organization. Providing them the opportunity requires providing them with a work environment where they will understand the actual value of the organization and the top level will also respond to their contributions in the organizations by rewarding them. Innocent Drinks provides equal opportunity to all the employees to contribute in the overall performance of the company and rewards them based on the results of their performance reviews. Financial Rewards According to Arnolds and Bohsoff (2001), the monetary rewards help to increase the motivation of the employees. The remuneration package will motivate the employees to perform better for short term period while the learning programs can act as the long duration motivation to the employees. Innocent Drinks provides financial rewards to the employees for performing efficiently. This will motivate the employees and increase their level of performance. Promotion The employee satisfaction can be provided by giving higher authority and higher responsibility by promotion. The employees will expect that they will be receiving higher remuneration after the promotion. Hence the level of motivation increases thereby increasing the performance level. Recognition According to Stroh (2001) if the higher authority recognizes the performance of an employee, then it motivates them towards providing quality services and improves their performances. The employees of Innocent Drinks are recognized by the company and on performing well they are rewarded accordingly. Importance of evidence-based reward management The reward management is required to be evidence based so that it can be assessed that the rewarding procedure is effective and used where improvement is necessary. There is a direct relationship between the rewarding of the employees and the business performance. The employees of Innocent Drinks are divided into different teams and each team has its own craft development plan which helps to build professional depth in that particular area. These help the employees to perform efficiently. In the month of May and November the employees are given feedback based on the review of their performances. This feedback helps the employees to improve their performance. The performance management of the employees is needed to be encouraged by the rewarding them in order to increase the overall performance of the company. Based on the performances, the employees are rewarded. The additional facilities include providing bonuses to the staff having children, granting snowboarding holidays etc. These rewarding techniques help the company to engage its employees more effectively and influence them to work efficiently. Innocent Drinks rewards the employees who have given the highest performances by increasing their capacity of earning. If the contribution of the employees help in achieving the target of the company then there is an additional profit shared to them. On the completion of one year from the date of joining of the employees they are given a little share of the company’s profit. There are some other facilities that are provided by the company like foundation scholarships, gyms, childcare vouchers, free smoothies etc. The company has a training school to develop the skills and behaviours of the employees. The procedure of feedback after the review of the performances of the employees and rewarding on performing well motivates the employees. The company allows development chats between the managers and the employees in order to increase the bond between them. The employee capability is an important resource for an organization. Innocent Drinks has used the employees in a proper and efficient manner in order to achieve competitive advantage over its competitors. Employees can be said to be the value creating asset for an organization. The utilisation of this asset in a productive manner has helped the company to achieve excellence in the business. As the employees are the important resources of the organization, they should be motivated by various means to provide them satisfaction (Merchant, 1989; Donaldson, 1984 and Otley, 1994). Employee satisfaction is an important factor for increasing the performance of the company. Rewarding the employees based on their performances is the best way to motivate the employees and provide them satisfaction. According to Hersey and Blanchard (1988) the employee motivation and employee satisfaction are two sides of the same coin. The employee motivation is always influenced by the balance of perception in between the performance and the reward and the employee satisfaction is always achieved after receiving the reward. In order to have an effective performance and reward management, it is very important to satisfy the employees which will motivate them and enhance them to perform in an efficient manner. Thus Innocent Drinks has chosen an effective performance and reward management system to maintain and improve the performance of the company. Culture Analysis The culture of UK can be analysed by means of a 5D model where an overview of the main drivers of the UK culture can be overviewed. Power Distance This dimension says that every individual living in different societies are not same. It mainly shows the influence of the culture towards the inequalities among the individuals. UK has been ranked very low based on PDI ranking which shows that the country believes in minimization of the inequalities among the individuals. It also shows that the power distance index is very low among the higher classes of the society in UK as compared to that of the other classes. This is beneficial for the companies operating in UK as the people working there would be able to relate to each other in an easy manner irrespective of their formal positions. The subordinates in the organizations will have the right to contribute in the decision making process. This will bring coordination among all the employees in the organization which will enable them to work more efficiently and perform better. Individualism This dimension addresses the fundamental issue of the degree of interdependence among the members of a particular society. In case of the individualistic societies the individuals look after themselves. But in case of collectivist societies people are integrated into different groups and have extended families which look after them in exchange of loyalty. It has been found that United Kingdom ranks among the highest as an individualistic society after some of the other commonwealth countries like USA and Australia. According to this research the people of UK are highly individualistic and from their childhood they are taught to look after their own and also to find out that how can they contribute to the society. According to the British people the route of gaining happiness is by means of the personal fulfilment. This is beneficial for the organizations operating in the United Kingdom as the individuals are independent in nature which will help them to perform well without depending much on the others. Masculinity/Femininity This section deals with the sharing of the emotional roles in between the two genders. Masculine values indicate competitiveness, materialism, ambition, power, assertiveness whereas feminine values give more importance to the relationships and the value of living. A high score indicates masculine culture whereas a low score indicates a feminine culture. UK is a masculine culture based society where the success is the main factor. The culture of modesty among the people of United Kingdom creates contradiction as it is not found in the success driven masculine culture. The British people know how to be successful even after having the culture of modesty within them. Uncertainty Avoidance This dimension reflects the extent up to which the members in a society make attempt to cope with the anxiety or concern by minimization of the uncertainty. The high uncertainty avoidance culture based people are more emotional and they minimize the level of uncertainty by implementing rules and regulations in a step by step process. The low uncertainty avoidance culture based people can adapt themselves comfortably with the changeable environment or the unstructured situations and they try to keep fewer numbers of rules. United Kingdom has low rank based on the Uncertainty Avoidance scores which shows that the country is happy to go along with the changing plans. Being a low Uncertainty Avoidance Indexed country UK is comfortable to adapt to the changing environment. This can be an advantage to the organizations operating in UK as the employees will have the mentality to easily adapt to the changing environment thereby reducing the affect of the change on the performance of the organization. Long term orientation Long term orientation which was previously known as the ‘Confucian Dynamism’ describes the time horizon of a society. The long term oriented societies give more importance to future. They show future oriented perspective whereas the short term oriented societies have short term and conventional point of view. United Kingdom is a short term oriented society having inclination towards the history and tradition along with a focus on the future results. The businesses operating in UK focus on the short term goals and quicker results. They do not believe in giving up something presently to have something bigger in future. Rather they believe in understanding the value of the thing that they possess presently. PEST Analysis Pest analysis will help to understand the issues related to the macro economic factors of the beverage industry in UK. Political factors There are various problems that the country is facing currently as an effect of the economic recession. The debt crises in the financial institutions have resulted in the bankruptcy state of many companies operating in UK. The government is taking steps towards the economic recovery of the country in order to overcome the impact of the recession. The government is also taking measures to adapt to the changing world. Reduction in the unemployment rate is another important measure being taken by the government. The government has also taken steps to decrease the rate of corporate tax in order to help the companies recover from their present financial crises situation. The beverage industry is supported by the political factors of the country. Economic Factors The global economic downturn has affected the European countries including United Kingdom to a great extent. The beverage industry of UK has experienced market shocks due to the recession. Since 2008, the industry is trying hard to regain the previous market strength. The recession has lead to the decrease in the purchasing power of the customers. The customers have decreased their spending of money towards the consumption of the soft drinks. Thus the beverage industry in UK is facing and will have to face a situation of demand crunch until the recession period is over completely. Socio-cultural Factors The sovereign debt crises have decreased the purchasing capacity of the individuals in UK thereby creating a challenge for them to lead a standard life style. Age is considered to be the most important factor while considering the choices of the consumers. The young generation tend towards the products that are advertised more by the marketers without having proper knowledge about the nutritional value of the products. The aging population on the other hand are health conscious and prefer buying products having high nutritional values. The companies in the beverage industry of UK should set their product line based on the choices of the young as well as the aging population of the country. These companies should focus on the nutritional value of the products that are being provided to the customers. Technological Factors The new technology advancement in the production and other quality upgrading concepts is improving the operational efficiency of the companies in the beverage industry of UK. The technological advancement has increased the utility of the capital and the employees thereby increasing the productivity. Moreover the high cost related to the implementation of the new technology acts as the entry barrier to the operations of the new companies in the industry. Developing strategies for performance measurement There are three main perspectives of performance measurement. They are: Performance measurement helping to allocate the resources. Performance measurement communicating and assessing the progress related to the strategic objective. Performance measurement evaluating the performance of the managers. There lies a relationship between the performance management and the Strategic Development Process Model. Balance scorecard is a process which helps to measure the financial as well as the non financial aspects of the Performance Management. Balance Scorecard Balance scorecard is a tool for strategic performance management which helps to evaluate the performance related to various financial and non financial factors. According to the survey conducted by various fortune magazines, almost 70 percent of the top five hundred companies in the world use balance scorecard. Balance scorecard delivers new strategies for performance management. Clarifying Strategy Innocent Drinks uses many models like the corporate level strategy, the business level strategy and finally the functional level strategy for the achievement of sustainable growth. Balance scorecard will help to find out the most suitable strategy in compliance with their resource capability. Communicating strategic objectives Balance scorecard will help Innocent Drinks to decode its organizational objectives to operational efficiency. It will also help to communicate the chosen strategy across all the development blocks of the company. Thus balance scorecard will help Innocent Drinks to increase the operational efficiency of the company. Aligning strategic initiatives Balance scorecard will help the managers to take strategic initiatives for setting long term objectives. It will help the management of the company to design or set ambitious and achievable targets for its employees. Organizations learn from the mistakes where the balance score card acts as the guideline for measuring the impact of the mistakes in respect of both quantitative and qualitative manner. Thus it will help Innocent Drinks to set long term objectives for the company and ambitious targets for the employees which will enable them to build their career. Key Performance Gaps The balance scorecard is used for addressing mainly the following performance gaps. Customers Performance gap in respect of customer profitability, customer retention rate, customer satisfaction level etc are mainly measured by balance scorecard. Innocent Drinks will identify its market segment and customers in order to achieve the financial objective of the company. The business unit managers should set the strategy in accordance with the demand of the customer segment. In such case the balance scorecard will help the company to plan for a customer centric strategy. Financial Perspective Balance scorecard will help Innocent Drinks to measure the financial validity of its business strategy. Performance gap will be measured in respect of various activities like revenue growth; return on investment, asset utilization, cost reduction etc. Performance gap in respect of the financial factors can be explained by using the following model: Strategic Themes Revenue Growth Cost Reduction Asset Utilization Business Unit Strategy Growth There has been increase or decrease in the revenue because of the launch of the new product line. Revenue that is earned by every employee. Percentage of revenue that is invested in the research and development Sustain There has been increase or decrease in the revenue due to the cross selling. Measuring the cost reduction rate and the indirect expenses. Measuring the working capital ratio Harvest Measuring the profitability related to the product line and the customers. Measuring per unit cost of each transaction. Analyzing payback throughout Internal Business Process In this perspective, the balance scorecard concentrates on various issues in order to achieve the stakeholder’s objective. Balance score card will help to identify the performance gap related to the generic value chain of Innocent Drinks. The value chain of the company is complemented by 3 main issues such as operation, innovation and post sale service. Performance gap related to the generic value chain can be explained by using the following model. Innovation Operation After Sales Service Customer Need Identified Identifying the performance gap in respect of product offering and market selection. Identifying the performance gap in respect of supply as well as the logistic services Identifying performance gap in respect of quality of the services provided and the time of the delivery of services. Customer Need Satisfied Key Success Factor for Balance Scorecard The scorecard focuses on the four main perspective of performance management. Performance measurement on the perspectives such as Customer, Learning & Growth, Financial measures and other internal measures will help Innocent Drinks to understand the present scenario of its business operations and improve wherever necessary in order to achieve sustainable growth in the beverage industry. Balance scorecard focuses on balancing the performance of the organization. It will measure the performance based on every aspect of the organization so that any future adverse condition can be traced from before and controlled accordingly. This scorecard will increase the transparency in the business operations and also the level of motivation among the internal stake holders. Although balance scorecard is a time consuming process but implementation of this process will lead to future business success of Innocent Drinks. Recommended strategies for reward management It is very important to motivate the employees working in an organization in order to satisfy them so that they can improve their performance and contribute to the overall performance of the company in an efficient manner. The employee motivation is guided by balancing the perception in between the performance and reward whereas the employee satisfaction is achieved after receiving the rewards. According to Kreitner and Kinicki (1999) there lies a positive correlation in between the motivation of an employee and employee satisfaction. A sustainable reward management can be established by designing proper plans for employee motivation through various methods of rewarding (including both intrinsic and extrinsic rewards) which will automatically lead to employee satisfaction, finally resulting in the better performances by them (Chartered Institute of Personnel and Development, 2002; Griffin, 2012). Innocent Drinks should make attempts to motivate the employees by rewarding, performance appraisal, recognition etc. This will satisfy them and motivate them for making better performance (Ehrenberg & Milkovich, 1987; Uyterhoeven, 1972; Fisher & Govindarajan, 1992). According to Pecotich and Churchill (1981), Pritchard and Sanders (1973) and Nakanishi (1989) the greater importance given by the managers to the rewarding technique, the higher is the trend of high level performances of the employees. Moreover, the increasing competition among the employees within the company for better performances will lead to the improvement in its overall performance. However monetary rewards cannot help the employees to get motivated for a long period of time. Non financial rewarding techniques such as responsibility, authority and career growth can encourage the employees to work efficiently for a longer period of time (Sempane et al., 2002). If there is no planning made for providing employee satisfaction then the employees might feel that company is not giving the deserving value for their hard work. At first Innocent & Drinks should analyse the following determinants before planning for any PFP model. Value of the efforts made by the employees in respect of monetary benefits and other ways of recognition. It should be analysed that whether the monetary outcome is having more value than all other kind of recognitions or not. Performance level of the employees as expected by the company must be measured on a regular basis. The performance measurement must have a synchronisation with the goal and objective of the company. The rewards should be attractive enough to encourage or motivate the employees. Innocent Drinks should adopt such PFP system where the incentive system or the merit pay plan will be complementing individual level of the system. Merit pay plan involves payment of a certain percentage of the basic salary which will be distributed to the employees in the top down approach. According to many research reports the employees prefer payment in merit pay plan as compared to the fixed salary payment. Merit pay plan provides satisfaction to the employees as they assume that the employer has recognised their performances. If the company uses such scheme then it will help to increase or improve the performance of the sales team. Thus it should adopt this system for all the employees. Key Performance Indicator model (KPI) can be used by Innocent Drinks while designing the PFP program (Parmenter, 2011). The KPI model will help to find out the key performers who are responsible for increasing the sales value of the company and based on the findings it can plan for a suitable salary structure for those key performers. The company should plan for attractive incentives based on the performances of the employees which will motivate them for performing well. A consistent payment mode of incentives should be designed in order to meet the expectancy of the employees (Kreitner & Kinick, 2013). The company should assess the following information while planning for an effective reward management system: External information i.e. the industry average for the salary structure or the incentive payment, the amount being paid as incentives by the competitors in the market to their employees etc. Internal information i.e. the annual performance report of the employees. PFP system of Innocent Drinks should address to the following issues: Annual bonus system should not be tied with base salary. Bonus payment percentage should be kept within 0 % to 20 % in case of the non supervisory employees and 20 % to 40 % in case of the supervisory employees. There should be proper arrangement between the job designation and the performance measurement. Designing of the proper merit pay plan for engaging the employees. KPI model should be used in the PFP system in order to find out the key performers and reward them accordingly and the model should be used to assess the performance of the employees on a monthly basis. Assessment of the rewarding of the employees based on their performance The employees can be ranked in 1 to N order. The employees with higher performance will be ranked from the top and those having lower level of performances will be ranked at the end. This will help the company to create an equivalent base for performance appraisal for the majority of the employees in the company. The company can also opt for Ford’s model of rating the performances of the employees (For example- assigning only 10 percent of the employees with A grade level, 85 percent of the employees with B grade level and rest 5 percent of the employees with C grade level of performance). Employee recognition is an important determinant for the process of rewarding (Bowen, 2000). Innocent Drinks can reward the employees by two types of performance recognition strategies for its employees Visible recognition Invisible recognition Visible recognition Managers of Innocent Drinks can provide gifts to the best performing team or employee on a monthly or quarterly basis. They can also make arrangements for ‘An Employee Appreciation or Celebration Day’ once in a year where the employees who have performed well uniformly will be appreciated and rewarded. This entire process will help to develop a bond between the employer and its employees. Invisible recognition Personal association or relationship with the employees will help the managers to plan for and implement a successful and sustainable human resource strategy. Knowing the names of every employee in the company will help the top level management to show they care for the employees. This entire process will develop a long term relationship between the employer and its employees (Ventrice, 2009). Conclusion Innocent Drinks has already been a unique business. The company has an effective performance and reward management system which helps it to measure the performances of the employees on a regular basis and give value to their efforts by rewarding them through intrinsic or extrinsic rewards. The performance management of the company can be strengthened by introducing balance scorecard which will enable to measure the performance based on the customer’s perspective, financial perspective and the internal business perspective. Balance scorecard will help Innocent Drinks to balance the performance of the organization. The company should implement PFP system in order to strengthen its reward management process. Using KPI model in the PFP system will help the company to reward the employees in a fair manner based on their performances completely. An effective performance and reward management system of the company will help it to achieve a sustainable growth in the beverage industry. References Armstrong, M., 2007. A handbook of employee reward management and practice. London: Kogan Page Publishers. Arnolds, C. and Boshoff, C., 2001. The challenge of motivating top management: A need satisfaction perspective. Journal of Industrial Psychology 27(1) pp. 39-42. Bowen, R. 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