In: Accounting
a) Both financial and non financial consideration are used in supporting starategic implementation.
FINANCIAL REWARDS
i)Merit Pay
Merit pay is an approach that rewards higher performing employees with additional pay sometimes called incentive pay. Merit pay help the employer differentiate between the performance of high and low performing employees and reward the performance of the high performers. This can aid in retention because no organisation wants to lose best performers.
ii)Bonuses
Bonus pay is the sum of money employers give to employees beyond their existing wages. Bonuses come in various forms and there have been arguments as to the reasons why most organizations prefer to use bonuses to motivate their workforce.
iii) Wages and Salaries
Motivation of employees comes in several ways and salary is a major contributory factor to motivation.
NON-FINANCIAL REWARDS
i)Recognition
Recognition is the demonstration of appreciation for a level of performance, an achievement or a contribution to an objective.
ii) Training
There is a positive relationship between the training and employee motivation. Employees adapt new skills and technology at the training program. A training program that starts needs assessment and then inconsistency between the actual and standard performance of trainee is analyzed.
iii) Opportunities for Career Development
Career advancement accomplishments are geared towards solidifying occupational flexibility which gives rise to added flexible and easy-going worker character that are essential for the modern organization.
b)Five condition favourable for changes to take place in an organization:
Group effort
Organizational change is a deep group effort. There’s no shortcut. You have to engage people to dig up some of these collective values, meanings, and assumptions that drive daily behaviors. You’ll have to practice new behaviors together and reinforce them. Learn from mistakes, adjust, and support.
Commitment to personnel change
The top executives need to be committed, not only to the change and its expected gains but to personal change as well. They must be so committed that they are willing to change themselves and endure the discomfort of adopting new habits.
Clarity
Without clarity, efforts tend to diversify, diffuse and confuse. We need to know where we are, where we want to be, and why we have to move now.
Consensus
Consensus fuels commitment. People will have to go deeper: explore the why, the what, the how, the who, the why-now, before they may agree to customize and apply the proposed change to their daily situation. It takes dialogue, reflection, objections, what-ifs, and changing some beliefs or assumptions.
Communicate
Communicate, have dialogues, ask, explain, and exchange. True communication creates meaning and connection. Aim for understanding, respect, and confidence to make change happen.