Designing Reward Practices To Influence Employee Behavior Essay

Designing honour Practices To Influence Employee behavior - Essay ExampleThe paper tells that managers have grown to understand that setting a powerful focussing system is the main force that encourages a company in the achievement of strategic goals. A strong management system is one, which accommodates such features and processes, which not only benefit the organization but also the employees. Reward practice is one of the most considerable features of a strong management system, which play a bouncy role in improving employee productivity and execution of instrument. Incentives ar those benefits that a company offers to its employees as a retort for achieving some particular goals and objectives for the company. Incentive plans also plays a considerable role in achieving maximum gross revenue employees productivity. Schwartz found that incentives plan is one of the most important planning activity related to the employees of a company. Ellis-Christensen states, They could help encourage members of a company to achieve certain goals or they might jumpstart extra schooling in a classroom. The factors that managers should consider while organizeing an appropriate incentive plan for the employees include type of compensation plan, method of payment calculation, discretion to award, conditions for implementation of the plan, practicalities of the plan, and culture of the company. According to Colt and Perrin, all companies amplify incentives schemes that support and communicate the cultural values of those companies. Managers should consider the organizational capabilities, managerial maturity, as well as the culture of the organization while designing a reward/incentive plan for the employees.... 15), all companies develop incentives schemes that support and communicate the cultural values of those companies. Managers should consider the organizational capabilities, managerial maturity, as well as the culture of the organization while designing a rew ard/incentive plan for the employees. Pay for performance acts as one of the most suitable motivational factors for the employees. It is very important to do a fuck study of the organizational culture while designing a reward system in order of magnitude to ensure alignment of reward system with the achievement of organizational goals. 3.2 Needs and Demands of Employees According to Beardwell (2010), understanding employees take and demands is also very necessary to design an employee-oriented incentive plan. Managers should design an incentive plan by incorporating the underlying needs and demands of the employees in the plan. When the employees of a company know that their company has implemented an incentive plan by dint of which it rewards their job productivity and efficiency in terms of both cash rewards and non-cash rewards, they show more lading to their work, which not only improves their productivity but also increases the overall productivity of the company. 3.3 Sta tement of Plans Objectives The most critical issue, which managers need to consider while developing an incentive plan, is development of a befool statement of the plans objectives. The statement includes purpose of the plan, eligibility criteria, and types of incentives. Goal setting and employees improved performance are two of the basic advantages of an incentive plan. 3.4 Link Performance to Organizational Goals Alignment of the employees performance with the organizational goals is the