Recognizing Employee Contributions with Pay - Chapter 12
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Today’s organizations are operating in a very dynamic and highly competitive environment. To remain relevant in the market, they have to be able to respond quickly to ever changing customer demands. Rewards management is one of the ways used by organizations for attracting and retaining suitable employees as well as facilitating them to improve their performance. (Armstrong, 2010: 261)
Nowadays there is so much changing occurring in the business world and every business entity or organization has much relay on employee’s good performance. Rewards are considered as an important tool to check the employee’s performance. (Armstrong, 2010: 260)
An employee reward system consists of an organization’s integrated policies, processes and practices for rewarding its employees in accordance to their contribution, skills, competence and their market worth. It’s developed within the framework of the organization’s reward philosophy, strategies and policies and contains arrangement in the form of processes, practices, structures and procedures which will provide and maintain appropriate types and levels of pay, benefits and other forms of reward (Armstrong, 2007).
Reward system is an important tool that the management uses to channel employee’s motivation in desired ways such as better functionality and further improve company performance.
Employees are the most valuable asset to an organization and they play an important role in preserving the successful image of organization. Employee performance is the main factor in ensuring that the organization is run smoothly and successfully.
Managing employees' reward appropriately is an important factor as a return for their contributions or performance to organization.
The essay explore the meaning of various concepts such as performance, rewards, reward management, reward system, Literature review on performance and reward from other scholars as well as reviewing one case study on the topic.
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This document discusses the concept of compensation. It defines compensation as the monetary rewards provided to employees in exchange for their efforts and services. Compensation includes wages, salaries, allowances, perks and benefits. The historical perspective is discussed along with the goals of compensation professionals and stakeholders in the compensation system such as the organization, employees, and labor market. An ideal compensation system is important for organizational effectiveness as it helps motivate employees and link pay to organizational objectives.
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Workforce today is more articulate about their needs. Employees desire the best of everything – competitive salaries, comfortable & inspirational lifestyles, job security, career enhancement options, work-life balance, and so on. Competition for talent is ever increasing and organizations need to have well-defined philosophies and strategies to help them develop innovative ways of tapping intrinsic motivation of employees by engaging their hearts and minds. While many organisations are struggling to make sufficient progress in this direction, there are organizations that have institutionalized robust practices and effective processes in different people practice areas that go a long way in positively impacting employee perception. In this regard, two types of reward are identified, and they are intrinsic reward and extrinsic reward. Extant research showed that reward can affect job satisfaction and thereby employee performance, so this study proposes a new framework based on mediating role of job satisfaction. India’s Best Companies for Rewards and Recognition was conceptualized to recognize companies who are leading the way in the area of Rewards and Recognition for us learns from. Human resources are the most important among all the resources an organization owns. To retain efficient and experienced workforce in an organization is very crucial in overall performance of an organization. Motivated employees can help make an organization competitively more value added and profitable. The present study is an attempt to find out the major factors that motivate employees and it tells what is the relationship among reward, recognition and motivation while working within an organization. The data were collected from employees of diverse type of organizations to gain wide representation of sectoral composition. The participation in survey was voluntary and confidentiality of responses was ensured. The statistical analysis showed that different dimensions of work motivation and satisfaction are significantly correlated and reward and recognition have great impact on motivation of the employees. Implications of the study for managers and policy makers in the context of human resource practices have been discussed. Limitations and guidelines for future research are also provided.
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The document discusses intrinsic and extrinsic rewards and their role in employee motivation and reward systems. It defines intrinsic rewards as internal motivations like a sense of accomplishment, competence, and growth. Extrinsic rewards are external motivations like pay and bonuses. The document emphasizes that intrinsic rewards are especially important in knowledge work and are more powerful motivators than financial rewards alone. It provides tips for managers to support employee intrinsic motivation through meaningful work, autonomy, development opportunities, and feedback. The conclusion stresses that effective reward systems aim to align employee and organization goals to motivate performance.
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Chapter 11 establishing rewards and pay plans prepared presentation
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Coastal Carolina University
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Stephen P. Robbins
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Susan L. Verhulst
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The document discusses the reward system of private organizations. It notes that reward systems aim to attract, motivate, and retain employees to achieve organizational goals. Reward systems can include both extrinsic rewards like pay as well as intrinsic rewards. The document then provides details about Right To Play, a non-profit organization that uses sports and games to help children in disadvantaged communities. It outlines Right To Play's mission, vision, values and provides a SWOT analysis. The document concludes by discussing the types of reward systems used by Right To Play, including incentives, competency-based pay and team-based rewards.
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- Reinforcement theory which states that rewarding performance makes future performance more likely
- Expectancy theory which focuses on the link between rewards and behavior
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This document discusses traditional bases for pay, including seniority/longevity pay and merit pay. It provides details on:
- The historical overview and design of seniority pay plans, including who participates in them and sample pay scales. However, it notes seniority pay does not fit competitive strategies.
- The elements and participants of merit pay systems, which assume compensation should be based on performance differences. Common types of performance appraisal plans and processes are described.
- Potential errors and limitations of performance appraisal and merit pay systems, but also practices to strengthen the link between pay and performance like linking appraisals to business goals.
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This document discusses motivation and compensation. It defines motivation as the driving force that causes individuals to work towards goals in order to fulfill needs or expectations. Motivation is unique to each individual and context-dependent. The document then discusses several theories of motivation including Maslow's hierarchy of needs theory. It defines compensation as the remuneration employees receive in return for their contributions, which is important for standard of living, status, motivation, loyalty and productivity. The aims of compensation are to attract, motivate and retain capable employees. Components of compensation include direct factors like wages and bonuses, and indirect factors like benefits. Determining salary is based on skills required, labor supply and demand, location, stability and compensation philosophy.
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The fundamental importance of motivation• Why employee reward systems are a crucial element of motivation• The key elements required for an effective employee reward system• How to design and implement reward systems effectively.
The goal for this guide is to build and expand on your knowledge of reward systems by exploring the science and best practices behind successful programs and to help you to implement one that drives every member of your organization forward daily.
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This document outlines key concepts related to organizational reward systems and compensation. It defines intrinsic and extrinsic rewards and discusses how organizations should select rewards that are meaningful to employees. Intrinsic rewards come from performing tasks while extrinsic rewards are distributed directly by the organization. The document also discusses job satisfaction, its relationship to performance, and government legislation impacting compensation policies.
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This document discusses motivation in the workplace. It defines motivation and explains that it is necessary for job performance. Several theories of motivation are described, including content theories like Maslow's hierarchy of needs and process theories like expectancy theory. The document then outlines four methods for motivating employees: job design, organizational behavior modification, recognition and pride, and financial incentives. Job design approaches like job enrichment and the job characteristics model are explained. Different types of financial incentives are also defined, such as time rates, payment by results, and profit-related pay.
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This document discusses job satisfaction and dissatisfaction. It defines job satisfaction as having a positive attitude towards one's job, while dissatisfaction is a negative attitude. It measures job satisfaction based on the nature of work, supervision, pay, promotion opportunities, and coworker relations. Common causes of dissatisfaction are low salaries, lack of promotions, unfair rewards, age, education level, supervision, work groups, and working conditions. The document also discusses specific causes of demotivation for employees in the BPO sector, such as odd working hours, lack of work-life balance, lack of appreciation, too much work, and health issues. Ways for employees to express dissatisfaction include voicing concerns, remaining loyal, neglecting work
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This document discusses how organizations can recognize employee contributions through pay programs. It begins by outlining learning objectives about compensation theory and pay programs. It then summarizes three theories that explain how pay influences individuals: reinforcement theory, expectancy theory, and agency theory. The document also describes different types of pay programs like merit pay, incentive pay, and profit sharing. It emphasizes that an effective approach combines multiple programs in a balanced scorecard. Process issues like communication are also important when managing compensation. Overall, an organization's pay strategy should be carefully matched to its overall business strategy.
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Today’s organizations are operating in a very dynamic and highly competitive environment. To remain relevant in the market, they have to be able to respond quickly to ever changing customer demands. Rewards management is one of the ways used by organizations for attracting and retaining suitable employees as well as facilitating them to improve their performance. (Armstrong, 2010: 261)
Nowadays there is so much changing occurring in the business world and every business entity or organization has much relay on employee’s good performance. Rewards are considered as an important tool to check the employee’s performance. (Armstrong, 2010: 260)
An employee reward system consists of an organization’s integrated policies, processes and practices for rewarding its employees in accordance to their contribution, skills, competence and their market worth. It’s developed within the framework of the organization’s reward philosophy, strategies and policies and contains arrangement in the form of processes, practices, structures and procedures which will provide and maintain appropriate types and levels of pay, benefits and other forms of reward (Armstrong, 2007).
Reward system is an important tool that the management uses to channel employee’s motivation in desired ways such as better functionality and further improve company performance.
Employees are the most valuable asset to an organization and they play an important role in preserving the successful image of organization. Employee performance is the main factor in ensuring that the organization is run smoothly and successfully.
Managing employees' reward appropriately is an important factor as a return for their contributions or performance to organization.
The essay explore the meaning of various concepts such as performance, rewards, reward management, reward system, Literature review on performance and reward from other scholars as well as reviewing one case study on the topic.
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Workforce today is more articulate about their needs. Employees desire the best of everything – competitive salaries, comfortable & inspirational lifestyles, job security, career enhancement options, work-life balance, and so on. Competition for talent is ever increasing and organizations need to have well-defined philosophies and strategies to help them develop innovative ways of tapping intrinsic motivation of employees by engaging their hearts and minds. While many organisations are struggling to make sufficient progress in this direction, there are organizations that have institutionalized robust practices and effective processes in different people practice areas that go a long way in positively impacting employee perception. In this regard, two types of reward are identified, and they are intrinsic reward and extrinsic reward. Extant research showed that reward can affect job satisfaction and thereby employee performance, so this study proposes a new framework based on mediating role of job satisfaction. India’s Best Companies for Rewards and Recognition was conceptualized to recognize companies who are leading the way in the area of Rewards and Recognition for us learns from. Human resources are the most important among all the resources an organization owns. To retain efficient and experienced workforce in an organization is very crucial in overall performance of an organization. Motivated employees can help make an organization competitively more value added and profitable. The present study is an attempt to find out the major factors that motivate employees and it tells what is the relationship among reward, recognition and motivation while working within an organization. The data were collected from employees of diverse type of organizations to gain wide representation of sectoral composition. The participation in survey was voluntary and confidentiality of responses was ensured. The statistical analysis showed that different dimensions of work motivation and satisfaction are significantly correlated and reward and recognition have great impact on motivation of the employees. Implications of the study for managers and policy makers in the context of human resource practices have been discussed. Limitations and guidelines for future research are also provided.
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Human resource management involves determining an organization's human resource needs, acquiring and training people to fill those needs, and compensating employees. The key aspects of HRM include planning human resource needs, recruiting and selecting employees, orienting and training staff, managing performance, determining compensation and benefits, and ensuring compliance with employment laws. The overall goal of HRM is to maximize employee performance in service of an organization's strategic objectives.
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Role of Compensation in Organisation, Non-financial Compensation System and Concept of Total Reward System 431239867-MOTIVATION-REWARD-SYSTEM-ppt.ppt
This document discusses motivation and reward systems. It begins by defining motivation and explaining that people are motivated to achieve goals that they believe will lead to valued rewards. It then covers several motivation theories including Maslow's hierarchy of needs, ERG theory, expectancy theory, and equity theory. The key messages are that motivation comes from both intrinsic rewards like interesting work and extrinsic rewards like pay. Motivation is higher when employee needs, goals, and the link between performance and rewards are clear. Companies can motivate employees through job design, rewards, incentives, and focusing on engagement and commitment.
Hrm 11 journal_muhammad rizal a_compensation
This document summarizes a study on the relationship between employee satisfaction with compensation and work motivation. The study examined how fixed pay, flexible pay, and benefits relate to compensation satisfaction and impact work motivation dimensions of effort and performance. The study found that satisfaction with compensation can be a factor in work motivation. However, flexible pay does not significantly motivate employees in the jobs studied, and benefits did not have a large impact on work motivation. The study used surveys and statistical analysis to examine these relationships between compensation satisfaction and work motivation.
Process theories part 1
This document discusses theories of motivation, including:
1) Adams' Equity Theory, which states that motivation is influenced by comparing one's own inputs and outcomes to others.
2) Vroom's Expectancy Theory, which says motivation depends on the desirability of outcomes and is a product of expectancy, instrumentality, and valence. Expectancy is one's belief that effort leads to performance and outcomes. Instrumentality is the belief that outcomes lead to rewards. Valence is the value one places on rewards.
3) Scientific Management Theory by Frederick Taylor focused on applying science to management. It emphasized using science over rules of thumb, cooperation over individualism, matching the right workers to jobs, and developing workers
Chap012
The document discusses various theories and approaches for motivating employees, including:
1) Maslow's hierarchy of needs and McClelland's acquired needs theory which posit that physiological, safety, belongingness, esteem, and self-actualization needs drive motivation.
2) Equity theory which focuses on how fairly employees feel they are treated compared to others.
3) Expectancy theory which suggests motivation depends on wanting a reward and expecting to receive it for one's efforts.
4) Goal setting theory which states goals should be specific, challenging, and achievable to boost motivation.
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This document appears to be a research paper or project report on studying the impact of rewards and recognition on employee motivation. It includes an abstract outlining the objectives of studying effective rewards, employee behavior differences, motivation's effect on performance and growth. It also describes the descriptive research design used with company employees as respondents. The introduction discusses using rewards and recognition to motivate employees. It then provides a company profile and organizational chart before reviewing relevant literature and outlining the study's scope, objectives, data analysis, findings, suggestions and conclusions.
HRM coursework
The document discusses the relationship between employee reward systems and organizational performance. It defines reward systems and divides them into intrinsic and extrinsic rewards. It examines theories like Vroom's expectancy theory and Maslow's hierarchy of needs to explain how reward systems can motivate employees. While motivation is important for performance, accurately evaluating performance is difficult. Statistical evidence suggests many performance appraisal systems decrease rather than increase motivation and productivity. However, when reward systems are properly designed and linked to goals, they have the potential to improve motivation and organizational performance by fulfilling employees' various needs.
compensation plan to improve goals in organizations..docx
compensation plan to improve goals in organizations.
1
THE PROYECT TEAM
The first step is to create a team and its leader.
The best leader will be a professional in Human Resource with a total reward experience.
Each member of the project team should start with clear understanding of his or her role.
-The team might include a consultant from outside the organization.
-This individual can bring technical knowledge to the project, wisdom gained from experiences with similar organizations, and project management skills.
THE four phases in implementing total reward system .
Design
Execution
Evaluation
Assessment
Phase one ASSESSMENT
During the assessment phase, the project team evaluates the company’s current total rewards system and generates ideas for improving it.
Surveying Employee Attitudes Toward Rewards can generate additional valuable information.
Examining Current Policies
Reviewing the Literature, articles, and case studies regarding the subject
PHASE TWO DESIGN
the project team identifies which employee and organizational attributes to reward
Types of rewards to offer such as compensation, benefits, personal, and professional development.
Compensation comprises three major components: pay level (base wage or salary), pay increases, and incentives (cash bonuses)
EXECUTE AND EVALUATE
The third phase is Execute. Once the project team has designed a total rewards system, it moves to the execution phase of the implementation process putting the new system in place in the organization.
The fourth phase is Evaluation. In this phase, the project team compares the actual results of the executed total rewards strategies against the desired results.
The base salary will be increased two dollars. It was moved from $ 9 to $ 11.
The tips will be divided among the workers at the end of the working day.
Each worker will work 40 hours in four days.
Pay increases will be increased in 4 dollars for those who have been worked for the company for more than 10 years.
Incentives Cash bonuses based on employee performance will be delivered.
THANK YOU FOR YOUR TIME
Module 4 - Background
TOTAL REWARDS IN PRACTICE
In Module 4, we will be looking at the importance of determining compensation program effectiveness. There are basically two commonly used approaches to evaluate the effectiveness of HRM’s total rewards practices: the audit approach and the analytic approach.
The Audit Approach
The audit approach focuses on reviewing the outcomes of the human resource compensation function. Key indicators and customer satisfaction measures are typically collected.
Electronic employee databases and information systems have made it much easier to collect, store, and analyze key indicators than in the past, when information was kept in paper files.
Some examples of key pay-related indicators include:
· Per capita (average) merit increases
· Ratio of recommendations for reclassif ...
Int In House Service Excel Training Mod 3
This document discusses identifying reasons for performance gaps and options for interventions in service excellence training. It identifies three key factors that can contribute to performance gaps - environmental, skill/knowledge, and emotional/political. Environmental factors include changing market conditions and organizational changes. Skill/knowledge factors relate to a lack of competency. Emotional/political factors affect motivation and can stem from a negative workplace atmosphere. The document emphasizes that properly identifying the specific performance gap factors is important for selecting relevant intervention options, and that interventions should not be limited to traditional methods.
Recognizing Employee Contributions with Pay
This document discusses various methods organizations use to recognize employee contributions through pay, including merit pay, individual incentives, profit sharing, ownership, gainsharing, group incentives, and balanced scorecards. It describes theories around how compensation influences individual performance and issues around executive pay. Effective pay strategies consider factors like the organization's goals, risk tolerance, and whether work is individual or team-based. Both financial rewards and communication are important for motivating employees.
Compensation Practices On Employee Motivation As Impact On Arya Systems
ABSTRACT : In this changing scenario compensating the employees according to the performance and which motivates them is the priority and right of employees. There is a strong link between compensation practices and employee motivation. The paper is an effort to determine the relationship between compensation practices and employee motivation in Arya Systems. The variables which have impact on employee motivation are wages & salary, working hours and promotion system. The objective of this research paper is to analyze compensation practices practices required to retain employees and maintain them. The main aim of this Research paper is to study compensation practices and related aspects and to know the impact of compensation practices on employee motivation in Arya systems. The research paper makes use of structured questionnaire administered to the selected respondents for data collection has been done. The results revealed that there is positive relationship between compensation practices and employee motivation. The rank analysis showed that the factor which contributes more to the employee motivation is job security of employees whereas promotion system results in more satisfaction.
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Recognizing Employee Contributions with Pay - Chapter 12
- 1. Recognizing Employee Contributions with Pay GROUP 6
- 2. Our Team Group 6 Lecturer Dr. Nova Mardiana.S.E M.M Student 1711011034 Dimas Putra A Student 16111134 Abdelrahman Student 1711011108 Permata Dinda
- 3. Learning Objectives Discuss how pay influences individual employees, and describe three theories that explain effect of compensation of Individuals. Describe the fundamental pay programs for recognizing employees contributions to organization’s sucess. List the advantage and disadvantage about this pay program. Explain the importance of process issues such as communication in compensation management.
- 4. How Does Pay Influence Individual Employees?
- 5. Three Additional Theory Also Help Explain Compensation Effect’s Reinforcement Theory Expectancy Theory Agency Theories
- 6. Reinforcement Theory E. L Thorndike’s Law of effect states that a response followed by a reward is more likely to recur in the future. The implication for compensation management is that high employee performance by a monetary reward will make future high performance more likely.
- 7. Expectancy Theory The theory that says motivation is a function of valence, instrumentality, and expectancy. This theory is focuses on the link between rewards and behavior, it emphasizes expected rather than experienced the rewards. In other words, it focuses on the effects of incentives Valence Perceptions Instrumentality: Link Between Behaviors and Pay Increase Motivation and Performances Increase The Performance
- 8. Agency Theory Agent A person (a manager) who is expected to act on behalf of a principal (an owner) Focus Behavior reward- contigencies can shape behaviors. Principal In agency theory, a person (an owner) who seeks to direct another person behavior. Particular Value in Management Decision Emphasis risk of trade off
- 10. Type of Contract Should An Organization Use Chapter 12 Risk Aversion Among agents makes outcome-oriented contract likely. Outcome Uncertainity Profit is an example of an outcome. Measurable Job Outcomes When outcomes are more measurable, outcome oriented contracts are more likely. Job Programmbility As jobs become less programable (less routine), outcome oriented contract. Ability to Pay and Tradition
- 11. Program Recognizing Contribution Programs differ by payment method,payout frequency and ways of meas uring perfor--mance. Potential consequences include employees’ perfor mance motivation and attraction, culture and costs.
- 12. Merit Pay Performance rating with the employee’s posit ionin a pay range to determine the size and frequency of his or her pay increases. Merit pay programs link performance- appraisal ratings to annual pay increases. Some regarding percentage of employees who fall into each performance category.
- 13. Edward W. Deming, a critic of merit pay, Argued that it is unfair to rate individual performance because "apparent differences between people arise almost entirely from the system that they work in, not the people themselves.”
- 14. Critics of Merit Pay 1. Focus on merit pay discourages teamwork. 2. Measurement of performance is done unfairly inaccurately. 3. Merit pay may not really exist.
- 15. Individual Incentives Individual incentives reward individual performance but payments are not rolled into base pay and performance is usually measured as physical output rather than by subjective ratings. Individual incentives is rare because: 1. Most jobs have no physical output measure. 2. Many potential administrative problems. 3. Employees may do what they get paid for a Typically do not fit in with team approach. May be inconsistent with organizational goals. Modern PowerPoint Presentation
- 16. Profit Sharing Advantage: Profit sharing may encourage employees think more like owners. Disadvantages: They have a little control. Modern PowerPoint Presentation
- 17. Ownership Ownership encourages employee to focus on organizations sucess.
- 18. Gainsharing
- 19. Table Style Insert the title of your subtitle Here
- 20. Compensation Management Insert the title of your subtitle Here 02 . .
- 22. Thank you Insert the title of your subtitle Here