Question

In: Operations Management

Given that companies often struggle with how to use benefits and rewards to support salary structures...

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.

Solutions

Expert Solution

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.

If you like my answer, please give an up-vote. It will be encouraging. Thank you!


Related Solutions

In the Benefits vs. Costs worksheet, you looked at how friends might exchange rewards in a...
In the Benefits vs. Costs worksheet, you looked at how friends might exchange rewards in a relationship. This exchange might occur more easily when friends live near one another, and would occur based on the proximity-attraction principle as we choose friends from those who live close by. However, technology has changed this pattern to some extent, giving us the ability to socialize easily from great distances. List three proximal friendships and three distant friendships and describe how you stay in...
What are the potential benefits for U.S. shareholders when investing in Chinese companies with VIE structures?
What are the potential benefits for U.S. shareholders when investing in Chinese companies with VIE structures?
list five arguments often given to support trade restrictions. How do economists respond to these arguments?...
list five arguments often given to support trade restrictions. How do economists respond to these arguments? What is your personal perspective on the trade?
As companies grow and expand, they often prefer to make use of mergers and acquisitions of...
As companies grow and expand, they often prefer to make use of mergers and acquisitions of existing companies instead of growing their businesses via organic growth. In this context they may also desire to reorganize their ownership structure or divest themselves of certain business activities or assets. Please explain why companies may decide to use M&A and the potential benefits of such actions. Then provide an explanation of the alternative types of reorganizations and how these transactions work to accomplish...
How does the lack of anterior structures in the exu and swa mutants support the idea...
How does the lack of anterior structures in the exu and swa mutants support the idea of bcd as a morphogen? (Hint: what role do exu and swa normally play in the graded localization of bcd, and how is this affected in those mutants?)
3. What are three problems with trade restrictions? What are three reasons often given in support...
3. What are three problems with trade restrictions? What are three reasons often given in support of trade restrictions? 4. Tariffs reduce the volume of imports. Do tariffs also reduce the volume of exports? Explain your answer. ` 5. Suppose that the comparative-cost ratios of two products-mangoes and sardines-are as follows in the hypothetical nations of Mangolia and Sardinia. Mangolia: 1mango = 2 cans of sardines Sardinia: 1 mango = 4 cans of sardines In what product should each nation...
There are many forms of business structures which Foreign Companies can use to start operations in...
There are many forms of business structures which Foreign Companies can use to start operations in Oman. As Brogan’s legal consultant you must recommend to them a suitable form of business organization.
Hypothesis test It is often useful for companies to know who their customers are and how...
Hypothesis test It is often useful for companies to know who their customers are and how they became customers. In a study of credit card use, random samples were drawn of cardholders who applied for the credit card and credit card holders who were contacted by telemarketers or by mail. The total purchases made by each last month were recorded. Can we conclude from these data that differences exist on average between the two types of customers? Test the claim...
Management and Organizations 1. In a brief essay, discuss how managers can use rewards to shape...
Management and Organizations 1. In a brief essay, discuss how managers can use rewards to shape team behavior 2. in a short essay explain how managers can shape behavior using positive and negative reinforcement
How does Simple, Functional, Multidivisional and Matrix Organizational Structures support the value chain activities of a...
How does Simple, Functional, Multidivisional and Matrix Organizational Structures support the value chain activities of a business?
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT