Rewards serve many
purposes in organization, develop a better employment deal, hang on good
employees and also to reduce turnover.
The main goal would be to increase people readiness to operate in one’s company, to boost their productivity.
Many people assimilate "rewards", with salary raise or bonuses, however this is just one type of reward, Extrinsic reward. Studies proves that salespeople prefer pay raises simply because they feel annoyed by their lack of ability to acquire other rewards, however this behavior could be modified by making use of an entire reward strategy.
There's two types of rewards:
• Extrinsic rewards: concrete rewards that worker receive.
o Bonuses
o Salary raise
o Gifts
o Promotion
o Other types of tangible rewards
• Intrinsic rewards: have a tendency to give self respect to individual
o Information / feedback
o Recognition
o Trust
o Relationship
o Empowerment
o Monogrammed name plaque
Intrinsic rewards helps make the worker feel good within the organization, while Extrinsic rewards concentrate on the performance and activities from the worker to be able to achieve a particular outcome. The main difficulty is to locate a balance between employees' performance (extrinsic) and happiness (intrinsic).
The rewards must also be based on the employee’s personality. For example, a fan of sports is going to be really pleased to acquire some tickets for the following big match. However a mom who passes her time together with her children, might not rely on them and for that reason they'll be wasted.
When rewarding one, the manager must choose if he really wants to rewards a person, a group or perhaps a whole Organization. You will pick the reward scope harmoniously using the work that's been achieved.
• Individual
o Base pay, incentives, benefits
o Rewards attendance, performance, competence
• Team: team bonus, rewards group cooperation
• Organization: profit-discussing, shares, gain-discussing
The main goal would be to increase people readiness to operate in one’s company, to boost their productivity.
Many people assimilate "rewards", with salary raise or bonuses, however this is just one type of reward, Extrinsic reward. Studies proves that salespeople prefer pay raises simply because they feel annoyed by their lack of ability to acquire other rewards, however this behavior could be modified by making use of an entire reward strategy.
There's two types of rewards:
• Extrinsic rewards: concrete rewards that worker receive.
o Bonuses
o Salary raise
o Gifts
o Promotion
o Other types of tangible rewards
• Intrinsic rewards: have a tendency to give self respect to individual
o Information / feedback
o Recognition
o Trust
o Relationship
o Empowerment
o Monogrammed name plaque
Intrinsic rewards helps make the worker feel good within the organization, while Extrinsic rewards concentrate on the performance and activities from the worker to be able to achieve a particular outcome. The main difficulty is to locate a balance between employees' performance (extrinsic) and happiness (intrinsic).
The rewards must also be based on the employee’s personality. For example, a fan of sports is going to be really pleased to acquire some tickets for the following big match. However a mom who passes her time together with her children, might not rely on them and for that reason they'll be wasted.
When rewarding one, the manager must choose if he really wants to rewards a person, a group or perhaps a whole Organization. You will pick the reward scope harmoniously using the work that's been achieved.
• Individual
o Base pay, incentives, benefits
o Rewards attendance, performance, competence
• Team: team bonus, rewards group cooperation
• Organization: profit-discussing, shares, gain-discussing
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