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How Can an Organizations Reward System Assist Organizational Success - Coursework Example

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"How Can an Organization’s Reward System Assist Organizational Success" paper discusses the relationship between rewards and organizational success. The paper also includes a discussion about different types of rewards and their advantages and disadvantages…
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How Can an Organizations Reward System Assist Organizational Success
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Download file to see previous pages In the present world, increased profitability and productivity are two of the main goals of every company. To achieve these goals, companies need an enthusiastic and motivated workforce that can put their efforts into achieving the goals for the company. A highly skilled and motivated workforce plays the role of the backbone of a company as it drives the company towards achievement of goals, and an increase in the level of profitability. Therefore, the top management of a company needs to meet all concerns of the employees to get the best out of them.

Although there are many ways to improve employees’ performance, such as, appraisal systems, better salaries, and provision of a better work environment, rewards and incentives are such factors that really drive the performance of employees and make them work hard for the company.  Incentives are those benefits or remuneration that the management of a company provides to the above-average performers related to any particular department. Rewards and incentives play an imperative role in achieving the highest level of employee productivity. However, a company needs to consider some key factors while designing an appropriate rewards system for the employees. Some of those factors include conditions for the implementation of the rewards system, understanding the type of system, criteria for employees, practicalities of the plan, and organizational structure. Three main types of incentive plans exist for employees, which include individual-based, team-based, and organization-based pay incentives.

Organizational success refers to the improved position of a company in any local or international market. Some of the factors that play their role in the evaluation of organizational success include market position, market share, level of productivity, level of profitability, and level of customer satisfaction, and the image of the company in the minds of customers and competitors. All of these factors play a vital role in determining the success of any company or organization. ...Download file to see next pagesRead More
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