Question

Given that companies often struggle with how to use benefits and rewards to support salary structures discuss what options/strategies you believe would boost morale and why, would it boost yours? And, which of these benefits/engagement tools you think would be least effective and why.

Answer 1

Rewards:- If an employee is awarded for a good performance, it helps them to perform even better. The leadership and top management must ensure recognition of the efforts of subordinates. It is generally given based on the Performance of an employee and is commonly known as performance appraisal. Performance appraisal means to evaluate an employee's current and/ or past perfor­mance relative to his or her performance standards. Although "appraising perfor­mance" usually brings to mind specific appraisal tools, the actual forms are only part of the appraisal process. Appraising performance also assumes that performance standards have been set, and also that you'll give the employee feedback and incentives to help him or her eliminates per­formance deficiencies or continue to perform above par.

The idea that appraisals are just one element in the process of improving employee performance is nothing new. However, managers generally take the inte­grated nature of that process-of setting goals, training employees, and then appraising and rewarding them-much more seriously today than they have in the past. They call the whole, integrated process performance management. This is the process through which companies ensure that employees are working toward orga­nizational goals, and includes practices through which the manager defines the employee's goals and work, develops the employee's skills and capabilities, evalu­ates the person's goal-directed behavior, and then rewards him or her in a fashion that hopefully makes sense both in terms of the company's needs and the person's career aspirations. The idea is to make sure that these elements are internally consistent, and that they all make sense in terms of what the company wants to achieve.

Giving different kinds of benefits and rewards boost the morale of an employee making them more productive and ultimately lead to the organization's growth.

Some of the benefits/rewards that the company can provide to its employees are follows ( Non -monetary) -

1. Offering flexible working arrangements like providing work from home
2. Provide extensive training
3. Provide a day off (outside annual leave)
4. Provide an opportunity for staff to engage in volunteer work.

Some of the Monetary rewards are follows-

1. Pay and Allowances
2. Bonus
3. Profit-sharing
4. Co-partnership/stock option
5. Retirement Benefits
6. Perquisites

According to me, companies should invest in rewards and benefits to make their employees productive. Above given Monetary and Non-Monetary benefits and rewards are the most effective and would help employees to boost their morale and motivate employees for improving their performance.

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