Non- financial benefits would consist giving the workers leaves or even verbal praise. Others may include provision of space for growth and development so that a worker does not retain the same position in the company for a long time. Professional growth and development opportunities is a form of organizational reward that allow employees to expand their knowledge and capabilities through taking part in educational programs. The company could also arrange to have its staff go for seminars on customer – care management since most employees provide the service.
This thereby boosts the expertise of the employee, thereby boosting his morale in working for the company. Employees can also get salary increments. This could be because of the increased responsibilities or competencies after undergoing the various educational courses completion of projects set out by the human resource department will also amount to getting rewards. Bonuses would also form part of the reward scheme so that the end of the fiscal year the company rewards the employees in terms of vouchers or even cheques.
The company will also look into possibilities of reviewing the insurance policies of all employees. These will include unemployment, life and medical aspects of the scheme. In addition to the leave which includes both maternity and paternity, the company would also look at giving benefits such as vocation or holiday pay for the exemplary workers. The effectiveness of a reward scheme would be evaluated using the 4Cs namely: Cost-effectiveness, competence, commitment and Congruence.
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Cost effectiveness involves the evaluation of costs of turnovers, wages and benefits, absenteeism training and strikes competence on the other hand focuses on the human resource policies with regards to its attractiveness, skill development and also the knowledge about the future need to be available to the organization- commitment of our workers relate to the rate of turn-over realized per employee. If the turnover rate is low, this will translate to low performance of the company and therefore possibility of redundancy.
This also shows that there is lack of commitment on a department and hence drastic action should be taken inorder to save the department from complete closure. The last of the evaluation criteria is congruence. This looks at the organizations objectives and policies and as a result what comes out as the performance index is used in the benefits or reward scheme. The management and other stakeholders therefore have to come to an agreement about the policies they propose inorder to reduce politicking and more energy is spent on the service delivery.
An effective reward system is one that aligns with the organizational objectives and evaluation of the performance of employees. The measurement of performance of the employee in an organization should reflect on the financial goals and business strategies of the organization. The positive contributions need not go unappreciated. As the executive of this company I am therefore aware that job performance is normally the product of an individual s’ ability and the motivation given to him by the company’s administration.
It is therefore imperative that the employees are made to have high expectations on what ever they set their minds on doing. Effective discipline and punishment should also be carried out so that the employee is well informed of the benefit scheme being employed. This will curtail laxity at the stores. In cases where there is as wrong that has been committed, the punishment ought to be fair and on the other hand benefits and rewards should be offered only in these who deserve them. At all times, the managerial team should make sure their employee needs are met and is so doing raise the satisfaction index of the employee.
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