The Impact of Reward and Recognition Programs on Employees Motivation and Satisfaction - Essay Example

TARGET PUBLIC

. Target public refers to the groups of persons to which a company directs its intentions. For instance, when a company plans to carry out a reward program for a job well done or for an accomplishment within the firm, the target public in this case will be the employees. On the other hand, when the company wants to reward loyalty to those who consume its products or use its services, the target public in this latter case will be the firm’s customers. Employees work hard to realize the vision of a company. In a bank set-up employees get involved in operations such as business development, bank tellers and customer relationship. It is therefore prudent for the bank top officials to recognize these efforts and a s a way of motivating increased aggressiveness and improved personal performance avail reward programs for their workers. Such reward programs could include appreciation targeted at the employees together with their family members. This section of the essay shall discuss the various reward programs available for employees in the banking sector around the globe.

Global Commercial Bank Rewards is a program established in Qatar. It is the major program that is involved in rewards, and the civilians are allowed to redeem points for charity, free travel, and shopping vouchers (Ali & Ahmed, 2009). Global Commercial Bank Rewards has come up with a website which is advantageous to the civilians as they can redeem and check their points anywhere and anytime for traveling for free. Recognition Program Brief is whereby employees are well-known by other people for the good work they have done. The Global Commercial Bank Reward and Recognition Program Brief has three targets which are primary, secondary, and tertiary. The main target consists of employees, the secondary target consists of the employee’s family, and the tertiary target is made up of the investments of the company.

Recognition Program brief and Global Commercial Bank Rewards play a primary role in motivating the employees for performance.

Most organizations have flourished due to the two programs that are reward and recognition. There are organizational and employee rewards, employee rewards are the rewards can be in the form of real services and financial benefits while organizational rewards are the collection of benefits which are given to employees throughout their whole employment term in the organization. The Global Commercial Bank of Sri Lanka has a reward system which is used for motivational purposes. The reward system is used for maintaining and strengthening the relationship between an employee and the employer (Govindarajulu & Daily, 2004). Rewards can be extrinsic and intrinsic; Intrinsic in that if the reward is described as internal to the job but extrinsic if the reward is said to be external to the job.

Poor remuneration is the cause of the high importance of personnel experts and human resources. There is an assumption which says that the availability of reward and recognition programs leads to an increased level of performance by the workers because they know the reward is not based on social prejudice or biases but the performance offered. They feel motivated to work towards the reward which they will receive after achieving what is required of them. There have been several methods that measure job performance, but the techniques vary with the type of work employees are allocated to do. When it comes to recognition, employers should be very careful to know the type of rewards given to employees depending on the type of work they do because not all rewards and recognition ways mean the same for all employees.

In Nigeria, research was carried out by Egwuridi in 1981 to find out if there was motivation for high and low-income earners. He came to a conclusion extrinsic factors at work motivate employees to work towards being recognized and rewarded (Tomich, Thomas & Van, 2004). Motivation is like a drive; no one including the talented people will work hard and do their best if there is no motivation. The employees are the image of the organization. Therefore, employees should be motivated not only with words but with actions too. It shows them that you as the employer appreciates what your employees are doing.

According to data analyzed from employees of Commercial Bank of Ceylon PLC, twenty employees were found to be highly motivated, fifty employees were found to be moderately motivated, and twenty-two employees were found to be lowly motivated. That study clearly indicates that employees need their need satisfied through the recognition and reward program. The reward system can be through attractive medical facilities, leave time for the employees and favorable systems of application and payment of loans. A kind and valuable reward and recognition system should be free from biases in that, every employee that performs well is supposed to receive a reward according to their measurement of performance.

Rewards also increase employees standards of living especially the non-monitory awards should be increased. The non-monitory awards include; bonus, holiday pay, overtime pay, adequate promotion and training, and pension benefits. These awards also motivate employees to work for the improvement of the organization’s performance (Talib & Rahman, 2010). Rewards and recognition programs also drive their employees to go out of their way to gain abilities which they did not have before. This in turn increases promotes and brightens the image of the business organization.

Global Commercial Bank Reward and Reward Recognition Brief impact on the employees’ family has a variety of reasons. The employees family can further their studies because if the benefits are financial, the employee will be able to teach his children till they clear their studies. The employees’ families benefit from the holiday rewards given to them because if the reward is given to the employer, he will go with his or her family. All the benefits that are gained by the employee somehow benefit the employees’ family. If an employee is given medical benefits, they are transferred to the family. They are given the go ahead of going to specific hospitals for treatment. This benefit is provided to the employee’s right family only.

Therefore, it is an offense to take any other person for treatment using the medical benefits card if they are not family. The employees’ family also is recognized during events of awards and the employee is being awarded. There are companies which are allowed to tag along their families during the company’s events. The employees’ family can also be recognized during the award ceremony for being activity (Selden, 2003). The company’s investment is an important aspect of the stability of the organization. The investments of the enterprise increase because the more employees get rewarded investors will see it as a stable company that cannot fall easily.

Investors are attracted to companies which have good records in the stock market and are also active in other fields apart from the working area. The company benefits because they find support through the investors. They offer financial support in times of financial crises by coming together and coming up with a solution whether to take loans or contribute as shareholders of the company. Being an investor of a company makes it obvious that one is a shareholder which means they enjoy the benefits of debentures of limited liability to companies that offer limited liability. For organizations like corporations, shareholders are assured of security because such an organization is treated as one.

Employee recognition has a significant impact on the performance of the business as compared to what people believed in the past. In 2012, a research report indicated that programs which involve recognition are active in improving the engagement of employees as compared to organizations without recognition programs (Saunderson, 2004). Recognition in other organizations has improved with the devolvement of new technologies. These new technologies enable employees to get and give back feedback which is active with the other people within the network. According to another research carried out, it was realized that out of four companies, only three of them have the recognition programs, but the disadvantage comes in whereby most of the employees are not aware of the existence of those programs in their organizations. There are organizations that have an opportunity of improving the recognition programs via communication ways that are improved within the organization.

Recognition programs should often be done so as to motivate employees; there are managers who do not recognize the fact that often recognition is important to the employees. Almost eighty percent of managers believe that monthly recognition of employees is important while about forty-three percent believe that weekly recognition of employees is important. Recognition of employees on a weekly basis or more often is also a way of motivating them to work hard and strive for a successful business organization (Saari & Judge, 2004). Another disadvantage with recognition is that there are human resource departments which claim that their organizations do not support recognition programs. Therefore, they cannot be established In that particular organization. Organizations which are always recognizing employees for exhibiting distinct behaviors that are good, assisting the company to move forward by achieving the goals of the company, and demonstrating or showing company values find it easy to establish recognition programs as compared to those organizations which do not have those characteristics. Organizations need to develop a recognition culture in their business life.

Rewards and recognition should be implemented in every employment program which involves engagement of the employees because not every employee performs the same. It depends with those who can work under pressure and those able to follow rules and regulations of the workplace. To establish a recognition program which is successful, the manager should be fully involved when all the steps are being carried through, and the manager should let the expectations be known by everyone throughout the organization. In addition to that, the management committee should ensure that all of the behaviours which are to be recognized as impressive need to be in line with the corporate values of the organization, and the managers should take into account the values and customs of the local people because it will help them in determining strategies for recognition and rewards for the employees.

BI Worldwide is a company which assists other organizations in coming up with excellent and reliable strategies of employees recognition and rewards. Their headquarters are located in Bangalore, Vancouver, Miami, and Minneapolis (Rowden & Conine, 2005). The Unique aspect in BI Worldwide is local fulfillment plus the fact that the reduce the availability of intermediaries so as to reduce costs and ensure that the rewards are important to the receivers regarding culture. The shortening of the chain makes it possible for the company to deal directly with the client, therefore, making their clients trust the company more. Examples of the employee recognition solutions include a recognition application known as BUZZ and G5 employee recognition platform which makes it possible for the client company to observe an improvement regarding performance and responsiveness.

Global Commercial Bank Reward and Reward Recognition Brief has been beneficial to the company, the employee, and the employee’s family. In all organizations, rewards and recognition have improved the performance of the business. They have improved the living standards of the families; children of the employees have been able to clear up with their studies. The company’s investments always increase because the employees can invest in their company. The Sacco’s opened up by the company assist the employees to save and in turn they can invest that money in bettering the performance of the company. The different companies which use points in rewarding also do a good job because the family benefits and the company too. This is so because if the employee rewards the points, the family will benefit by going for the holiday while the company will benefit from taking back the points and converting them into cash, therefore, getting returns. The Global Commercial Bank Reward and Recognition Program Brief have led to an improvement in most organizations performance which is a positive impact on companies and business enterprises.