PART B
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:-
1. Motivation
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.
3. Loyalty
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.
1. Benefits
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
Health insurance
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.
2. Bonuses
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.
3. Training
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.
4. Shares
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.
2. Benchmarking
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.
Our Service Charter
-
Excellent Quality / 100% Plagiarism-Free
We employ a number of measures to ensure top quality essays. The papers go through a system of quality control prior to delivery. We run plagiarism checks on each paper to ensure that they will be 100% plagiarism-free. So, only clean copies hit customers’ emails. We also never resell the papers completed by our writers. So, once it is checked using a plagiarism checker, the paper will be unique. Speaking of the academic writing standards, we will stick to the assignment brief given by the customer and assign the perfect writer. By saying “the perfect writer” we mean the one having an academic degree in the customer’s study field and positive feedback from other customers. -
Free Revisions
We keep the quality bar of all papers high. But in case you need some extra brilliance to the paper, here’s what to do. First of all, you can choose a top writer. It means that we will assign an expert with a degree in your subject. And secondly, you can rely on our editing services. Our editors will revise your papers, checking whether or not they comply with high standards of academic writing. In addition, editing entails adjusting content if it’s off the topic, adding more sources, refining the language style, and making sure the referencing style is followed. -
Confidentiality / 100% No Disclosure
We make sure that clients’ personal data remains confidential and is not exploited for any purposes beyond those related to our services. We only ask you to provide us with the information that is required to produce the paper according to your writing needs. Please note that the payment info is protected as well. Feel free to refer to the support team for more information about our payment methods. The fact that you used our service is kept secret due to the advanced security standards. So, you can be sure that no one will find out that you got a paper from our writing service. -
Money Back Guarantee
If the writer doesn’t address all the questions on your assignment brief or the delivered paper appears to be off the topic, you can ask for a refund. Or, if it is applicable, you can opt in for free revision within 14-30 days, depending on your paper’s length. The revision or refund request should be sent within 14 days after delivery. The customer gets 100% money-back in case they haven't downloaded the paper. All approved refunds will be returned to the customer’s credit card or Bonus Balance in a form of store credit. Take a note that we will send an extra compensation if the customers goes with a store credit. -
24/7 Customer Support
We have a support team working 24/7 ready to give your issue concerning the order their immediate attention. If you have any questions about the ordering process, communication with the writer, payment options, feel free to join live chat. Be sure to get a fast response. They can also give you the exact price quote, taking into account the timing, desired academic level of the paper, and the number of pages.