Designing A Rewards System Essay

1362 words - 6 pages

Designing a rewards system

HSM/220
March 20, 2015
Shanti Anderson

   

 When creating a rewards system for employees, it is vital to understand the rewards system itself. A rewards system must be offered by managers that understand how effectiveness is to be achieved and what its employees consider to be the important factors in determining the quality of work life.
    There are four necessary reward system properties; basic needs satisfied, competitive benefits, equitable distribution, and employees treated as individuals. To ensure basic needs are being met the company must offer competitive pay scales, as money is the biggest motivator to every employee. Basic needs are ...view middle of the document...

By offering individualized rewards, this will help achieve a well-working rewards system. 
    When developing a rewards system, management must know the nine major factors of motivation. These factors include:
1. Respect
2. Good pay
3. The chance to turn out quality work
4. Chance for promotion
5. The opportunity to do interesting work
6. The feeling that my job is important
7. Being told by my boss when I do a good job
8. The opportunity for self-development and improvement
9. Having a large amount of freedom on the job
    Respect is a value that needs to be felt by each employee. An employer can show respect with simple, yet powerful actions. Treating people with courtesy, politeness, and kindness goes a long way. Listening to what employees have to say also shows respect. When developing new ideas as employees' opinions, and if you use their ideas praise them for using it. To be respected, one must show respect. "Treat others as you wish to be treated". 
    
     Employees want good pay. A company must know what salaries are competitive for each employee's position. Salaries will be based on education, reputation in the field, experience, and competitive salaries. Competitive salaries are an average pay scale for a certain position throughout multiple companies. A company that wants to hire, and retain a good employee must meet, or exceed competitive wages. 
    For an employee, the opportunity to turn out quality work is very important. If an employee feels they are not given this chance, they may feel unneeded or even unproductive. Employers must give each employee every chance to produce work that is not only required, but needed.     
    The chance for promotions is very important to an employee. This motivates them to do an exceptional job in their position, as well as learn the company as a whole. With the chance of a promotion, the employee will be motivated so they can earn a better salary and a different position. Employees that have chances for promotions do not feel as if they are in a dead-end job. They will not feel the "glass ceiling" effect. 
    Opportunities to do interesting work is motivational because an employee will not feel bored at work. Feeling bored, or useless at work can cause demotivation. If a company has positions where the job is uninteresting a plan shall be implemented to rotate jobs on a recurring basis. An employer should "change things up" if necessary. If employees get bored, or uninterested, they will start to dislike the job. 
    An employee that feels their job is unimportant will get unmotivated to do it well. If an employee shows signs of feeling unimportant, a manager must meet with them and explain why the job is important. Knowing why a job is important is vital for the employee to feel needed in the company. Also, make sure the employee knows about the rewards system that is in place. 

    Being told by the boss that an employee is doing a good...

Other Papers Like Designing a Rewards System

Designing a Reward Program Essay

1125 words - 5 pages Designing a reward system Designing a reward system When implementing a rewards program in the workplace there are several things to consider. When beginning to implementing a program the first thing to consider is the goals of the company or corporation. Sometimes the employer will seek the employees input for ideas of some possible rewards and promotions. Usually they reward will be based on performance of an individual, group, or

Desighning a Reward Sysyte Essay

1211 words - 5 pages Designing a Reward System Jamie Traylor HSM/220 Lucille Reeves 8/2/15 Many people who work in Human Service positions can attest to the many needs of those that come to them for help have. These people see some of the best and worst in others, and they are not always capable of helping all of those that come to them in need. Human service jobs have the potential of being highly stressful, due to the large workloads that many faces in

Reward Systems

1194 words - 5 pages vital to think cautiously about the rewards and approaches used and guarantee the bonuses are associated to or based on how the employee functions. "Well-designed work assignments will ensure meaningful work, achievement, and other such intrinsic rewards" (Kettner 2002). To be successful, any type of assessment system should be attached to rewards or some sort of incentive. Gratifying an employees performance ought to be a continuing business

Total Reward System

1426 words - 6 pages Total Rewards System Paper University of Phoenix Online HRM570/Employee Motivation and Compensation November 27, 2006 Total Reward System Developing ways to increase job satisfaction and employee motivation include a total reward system. A total reward system includes more than just an individual’s pay and benefits. An organization needs to design a reward system needs that is aligned with their mission, goals, and

Individual vs. Team Rewards

2490 words - 10 pages Training and Development (ASTD) report on employee retention research identified consistent employee recognition as a key factor in retaining top-performing workers (Non-monetary Rewards and Employee Motivation, 2005). A commonly expressed concern about team-based compensation and reward relates to “social loafers” or “free riders.” A simple team-based system that measures overall team performance and rewards individuals on the

Case Study 3 Total Rewards Aflac Insurance

1300 words - 6 pages percent of employees saying they believe it is better than that of other companies. • Eight-nine percent of employees consider Aflac’s total rewards statement an effective communication tool. An example of a traditional reward would include the compensation system. “The compensation system that an organization offers to its employees plays an important role in determining the commitment levels of employees and their retention” (Terera

Discuss

518 words - 3 pages technology, tools, information, and physical facilities. Capitalism: economic system that rewards firms for their ability to perceive and serve the needs and demands of consumers; also called the private enterprise system. Competition: battle among businesses for consumer acceptance. Competitive differentiation: unique combination of organizational abilities, products, and approaches that sets a company apart from competitors in the minds of

Analysis of Human Resources Management

3761 words - 16 pages clearly explains how successful performance ultimately brings rewards to the employees. 3- To ensure that the reward is of actual value to the employee, managers should (as much as possible) look into individual employee preferences while designing those rewards (Dessler, 2013). Equity Theory Equity theory states that individuals are motivated or demotivated based on a direct comparison of the inputs and output of their job with those of

Total Rewards

1386 words - 6 pages , proper communication leads to employee engagement and increased productivity. Describe the six (6) steps in designing a total rewards program. The first step in designing a total rewards program is to analyze and assess. In order to develop a total rewards programs employers must have a clear understanding of the surroundings. An organization needs to conduct a full inventory of the formal and informal practice

Pay Policies

633 words - 3 pages for each element. The policy sets forth the principles that guide design, implementation, and administration of the company’s compensation program. In addition to this, a pay policy is important in the following ways: * Attract, retain, and productively employ the human capital assets of the company using a total rewards model * In designing a competitive pay policy, a company considers the relative emphasis of these total rewards

Applied Performance Practices Study Guide

525 words - 3 pages earn a bonus based on how well their store meets or exceeds specific financial goals. * Gainsharing Plans- a reward system in which team members earn bonuses for reducing costs and increasing labor efficiency in their work process. * Organizational Rewards * Employee Stock Ownership Plans (ESOPs) - a reward system that encourages employees to buy stock in the company. * Stock Options- a reward system that gives employees the right to

Related Essays

Designing A Reward System Essay

765 words - 4 pages 1 Designing a reward system Shirquana DeBerry HSM/220 May 13, 2012 Sally Paige Nichols Axia College of University of Phoenix 2 My mission within this organization is to boost morale and the overall work ethics of my employers. I feel that the employees perform their best and are more motivated to complete task when there are incentives involved. I want my establishment to be the type where all the employees are happy to be at work

Designing A Reward System Essay

954 words - 4 pages Emiley Halteman Week 4 assignment 9/22/2013 Designing a Reward System New Employee reward system, Effective immediately Hello everybody. As the new manager on board I would like to set some new goals for all of us. I have evaluated each one of our employees and asked they give me an idea of what their basic needs are. With this helpful information from all of you I have created this new system to help all of us to be more

Designing A Reward System Essay

1822 words - 8 pages , only performing at a minimal level to maintain their position. In fact, if the strategy behind motivation is based solely on extrinsic motivation employees will never truly engage with the company. The secret to motivation is to offer tangible rewards, such as salary, benefits, and promotion in addition to intrinsic motivators like respect, freedom, and the opportunity for self-growth and development. In order to effectively motivate employees

Designing A Speed Control System Of A Dc Motor Based On Pid Algorithm Using Matlab Simulink

527 words - 3 pages Designing a Speed Control system of a DC motor based on PID algorithm using MATLAB SIMULINK DC motors have variable characteristics and are used extensively in variable-speed drives. DC motor can provide a high starting torque and it is also possible to obtain speed control over wide range. Why do we need a speed motor controller? For example, if we have a DC motor in a robot and we just apply a constant power to each motor on a robot