Purposes of Reward within a Performance Management System
Rewards are very important and fruitful in the performance of organizations. Rewards serve a number of functions in organizations. These purposes are:-
Rewarding of employees more often than not serves as a motivating factor to them. When employees put a lot of efforts in their work and attain high results in the performance of their duties in time, as it pertains to the timeliness set for the specific projects, the employee will expect to be recognized by the manager for his or her input. Such employees will thus expect to receive a certain award for the performance. Rewarding employees will thus make them to become more competitive thus boosting the productivity of the firm
2. Reward aids in recruitment of workers and their retention in the firm
The image of an organization is mostly reflected through the presence and or absence of a proper reward system within the performance management system of the firm. When the organization has a good reward system, it will be easy for the organization to attract more candidates during recruitment exercises.
When workers in the organization have a feeling that their input in the organization is being recognized and or appreciated, their loyalty to the employers grows. When the firm does put in place an efficient reward system, the organization will most likely get many loyal workers. Such a firm is likely to have high rates of retaining workers thus high productivity for a long time.
4. Attaining fair and consistent employers
If the firm fully implements the reward system which is linked to the performance management of the firm, worker will view and or consider it to be a fair as well as a consistent employer thus attracting workers which will result in a fair and sustainable working environment.
Components of a Total Reward System
A reward management system in an organization normally has various tenets.
In addition to the salaries and wages and or benefits that are paid to the employees, some firms do give extra benefits to these salaries and wages. These benefits are:-
Housing and car loans
Allowance for the education of children
Allowances for extra training
Sponsorship for extra training among may other benefits.
When firms increase allowances and benefits to the employees, employees are unlikely to exit the firm. This will also attract more willing employees to the organization.
In many firms, bonuses are usually paid either at the end of the financial year or at the end of projects depending on the performance levels of employees. Employees are more motivated when the firm has a good policy on the bonus system thus they perform highly and their productivity increases.
Training employees is also a form of reward to them. Sending employees for further training is considered to be one of the means through which their high performance is rewarded. Firms do have to cater for all the training costs. The education attained can afterwards be used as a basis for promotion of employees in the firm.
Shares are financial gains that give workers a chance to make gains from the successful operation of the firm. The employees thus ought to be given a chance to have financial shares in the firm. A share may appreciate or depreciate depending on the performance of the firm. Allowing workers to buy shares in the firm motivates them to work hard and increase the productivity which will have a positive spill over effect on their shares.
Sources of Data Required By Individuals Involved in Performance and Reward Management Processes
1. The Labor Laws
Workers do refer to the labor laws as an external data source when misunderstandings or confusions arise or when clarifications are needed.
Firms need to operate according to the Market Pay or otherwise they are most likely to loose workers. Benchmarking studies aids firms in linking the position payments to the prevailing market pay and the adjustment of the firm’s salary structure and grading.
3. Employee Data
The reviewing and analyzing the performance of workers helps in linking it with the training development plans and or bonuses and promotions when high performance and achievement is attained by employees.
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