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Essay / The Importance of Rewards and Incentives in the Workplace
Rewards used to appreciate a company's staff outweigh both the workers and therefore the employers. Once employees are recognized for their performance and productivity, they gain increased morale, satisfaction with their jobs, and involvement in government functions. As a result, organizations enjoy greater efficiency capability coupled with increased sales and power. Through organizational rewards, employees associated with employers seek a positive and successful operating environment. There are 2 basic styles of workplace rewards; The first form of reward is financial reward. Traditional work thus meets their demands and these necessities could also be satisfied by financial rewards. Financial rewards are reimbursements in cash and in kind for given work performed by employees within the company (Hansen, 2010). Employees would go to any length to increase their monetary financial gain because they will do something to avoid having their financial gain offer removed. The very fact that employees fear losing their jobs, money is a very rational economic motivator only because cash is essential to survival in the nonprofit economy (Dunham, 2009). Financial reward in the connected society is the most transferable means: that of satisfying basic necessities (Kohn, 2009). Physiological satisfaction, protection, and social necessities can only be gained with money (Kepner, 2010). Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an original essay The expectation of performance effort is strongly supported by performance evaluation which is often part of the reward system. An employee is likely to put in extra effort if he or she understands that performance is evaluated, evaluated and rewarded. 18 The performance-outcome expectancy is influenced by the extent to which the employee believes that performance is followed by rewards (Allen, 2007). Finally, each reward or potential reward should to some extent have a totally different price for each individual. staff will want a promotion rather than a refund; someone else will only want the other (Nelson, 2009). Once a company rewards an entire work group or team for performance, collaboration among members typically improves. However, competing between completely different teams for rewards can cause overall performance to drop below certain points. The most general team or cluster rewards are gainsharing plans, where groups of employees who achieve certain goals share gains measured against performance goals (Shutan, 2010). Often, gainsharing programs emphasize quality improvement, cost reduction, and different quantitative outcomes (Kepner, 2010). Despite the positive role that financial rewards play, staff tend to have a completely different approach and fashion towards cash rewards (Hansen, 2010). The most general reaction to regular payment and salaries of staff is that after passing the lowest levels, it is considered a life of fairness. (Kohn, 2009) posited that non-monetary rewards, as extreme benefits created and accessible to associated employees, are considered a..