StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Reward and Performance - Essay Example

Cite this document
Summary
The cognisance over aspects that motivates employees on the job has been on the rise in past years. One of the manager's basic responsibilities is to instruct, converse with, and motivate workers (Drucker, 1985). Therefore, they perpetually seek solutions to how to stimulate workers to generate performance and productivity, and how it can be maintained continuously…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER92% of users find it useful
Reward and Performance
Read Text Preview

Extract of sample "Reward and Performance"

Download file to see previous pages

In contrast, survey carried out by Kenneth Kovach depicted that employee's ranked good wages fifth among their top ten job reward factors. Therefore, there appears to be a difference in ideology of what motivates employees (Kovach, 1995). Motivation revels when in an organisation considers all factors affecting performance. (Ruebusch, 2003). These factors include individual needs, nature of the job i.e. degree of job challenge and goal clarity, job design, job security, organisational climate, a sense of personal significance, stability of expectations, recognition, trust, honest communication, dignity and respect, as well as an equitable reward system which will be discussed in great detail in the proposed thesis.

The exigency to motivate employees with desirable rewards has hitherto salvaged a significant level of importance; this is because rewards can serve as motivators but could also have negative reactions should that supposed merit falls below employee's expectations. Therefore, this thesis seeks to examine the impact of valued rewards on performance in the banking industry utilizing the expectancy theory and two factor theory of motivation framework, while introducing other factors that influence the activity levels of performance.

From my critical research on the literature on motivation, as well as the growing need by managers to find solutions to the question how do they motivate employees, I discovered a few conjectures that need to be addressed and elaborated upon in this dissertation. One aim is to ascertain the impact of valued rewards on individual and organisational performance and its effect on productivity and profitability. Then, conjuring strategies that improvises and sustains performance through the establishment of feedback channels, employee training and a friendly work environment can provide a breeding ground for trust.

The examination of other variables besides rewards that affect performance such as the aforementioned job security and recognition among others must be in order so that variables can withstand and make a difference through the test of time. Finally, the determination of what rewards employees consider valuable enough to influence behaviour will allow management to be very selective to rewards that can profit the workers.Business organisations still face a lot of difficulties in the area of employee motivation.

This poses a dilemma for employees' control of other factors of production in order to achieve goals, greater productivity and higher profits. In order to motivate people you must appeal to their deepest desires (Ruebusch, 2003). Managers should not expect a standard compensation plan or incentive program to have the similar effect on every employee. To procure top performance, compensation plans and incentive programs must be deftly tailored to meet the specific needs of each employee because employees of different ages and generational cohorts have varying needs over time (Jeffords et al, 1997).

It has also been observed that extrinsic rewards have effect on employees to work proficiently. Therefore, this study will provide managers within the banking industry with a deeper insight into the needs of today's employees and rein them towards other reward trends which appear to boost employee morale and productivity.As highlighted by Herrera (2002), managers need to be concerned of the creation of workplace culture that

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Reward and Performance Essay Example | Topics and Well Written Essays - 3000 words”, n.d.)
Reward and Performance Essay Example | Topics and Well Written Essays - 3000 words. Retrieved from https://studentshare.org/miscellaneous/1519410-reward-and-performance
(Reward and Performance Essay Example | Topics and Well Written Essays - 3000 Words)
Reward and Performance Essay Example | Topics and Well Written Essays - 3000 Words. https://studentshare.org/miscellaneous/1519410-reward-and-performance.
“Reward and Performance Essay Example | Topics and Well Written Essays - 3000 Words”, n.d. https://studentshare.org/miscellaneous/1519410-reward-and-performance.
  • Cited: 0 times

CHECK THESE SAMPLES OF Reward and Performance

New Management Team causes delay in HR and pressures current staff

Successful downsizing requires successful management of the system of human resource that includes such aspects as employee training, reward, and performance evaluation.... Article 2: Summary (Cameron) conducted a research upon 30 organizations to study their downsizing strategies with a view to identifying successful downsizing strategies and the implications of downsizing upon the workers' performance....
3 Pages (750 words) Essay

Develop a strategic human ressources plan for a winery

The general manager is a dedicated employee and leads from the front to make the business successful.... All employees engage in multiple… This means that almost every employee can be swapped with an employee of some other department if need arises. Potential changes (business opportunities) in Mabel Creeks business strategy: Mabel Creek is a small family owned Specialized departments should be created to cater to specific functional areas....
7 Pages (1750 words) Coursework

Why incentive plans cannot work

Studies on incentives and rewards are many but they seem to put forward the basic psychological relationship between reward and work.... This is why people have failed to realize that reward and incentive plans only breed temporary compliance.... The aim of managers is to enhance the performance of… The efficacy of incentive plans is often questioned because of the growing empirical evidence against it.... The article by Kohn (1993) questions the assumption that rewards or incentives can do no good for the performance of employees....
4 Pages (1000 words) Essay

Considering Vertical Aspects of Job Design

Linking the employee's performance to reward requires a clear definition of the reward and explanation of the links between Reward and Performance.... The strategies for job design include turning the employee's efforts to performance and linking the performance to reward.... Turning the employee's effort to performance requires a well definition and comprehension of the objectives of the job, and providing resources for enhancing employee's performance....
1 Pages (250 words) PowerPoint Presentation

Literature Review Paper

In other words, this Reward and Performance has become a relationship between the employer and the employee in which both And, for the multinational companies, who operate more than one country and have become trans-national firms, the understanding of this chemistry is highly important as it enables them to hire and retain best talent which will reap higher and attractive performance for them.... Reward represents the perspective of employee and performance reflects the perspective of employer....
4 Pages (1000 words) Term Paper

Better Future for McDonalds Company

he company should apply efficient Reward and Performance practices so as to attract result-driven professionals in the company who can succeed in a performance-based environment.... McDonald's should consider giving employees bonus packages as per their performance.... An effective reward management system instills a sense of ownership in the employees as they tend to focus on job improvement in the company....
2 Pages (500 words) Essay

Human Resource Management Issues and Law Enforcement

The third is the issue of Reward and Performance management which can be taken jointly since good performance in any organization has to be rewarded as a matter of course.... rdquo; Of course, every agency might have their own rules as to what constitutes good performance but the nature of the appraisal should have these elements at the minimum....
6 Pages (1500 words) Coursework

Organizational Behavior as one of the Essential Elements of Management

endry, Woodward, Bradley, and Perkins also identify the need for a change in understanding aspects of “Reward and Performance” (n.... It also demonstrates significance of measurement in developing goals and it argues that the main objective of reward should be motivation and relations, and performance is secondary (Hendry, Woodward and Bradley, n.... Sider and co authors' research to investigate the relationship between commitment and performance established, contrary to previous publications, that commitment to different factors of an organization is directly related to attributable level of performance to those factors....
2 Pages (500 words) Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us