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Reward Management Essay

364 words - 2 pages

REWARD MANAGEMENT
WHAT MOTIVATES YOU TO STAY WITHIN THE ORGANISATION?
Reward and motivation are highly interrelated.
* Rewards can come in financial and non-financial forms such as
* Wage
* Salary
* Bonuses
* New office
* Company car
* Mobile phone
* Or even a simple pat on the back
* Plays a crucial part in the strategic management process
* Integrates strategic implementation tool for continually reinforcing and fostering the right performance
* Helps organisation attract, motivate and retain employees
* Pichler (2004) believes that a reward system is strategic when it (a) supports an organisation’s ...view middle of the document...

INTRINSIC VERSUS EXTRINSIC REWARDS
Different people perceive rewards differently. A manager who fails to take this into accounting may, unknowingly, foster an ineffective organisation.
* Non-financial rewards
* First choice
* Receipt of valued things
VERSUS
* Direct/indirect
* Base wage
* Bonuses
* Commissions
* Individual + group incentives
* Gym
* Childcare
* Leave
* Car
TRANSACTIONAL SYSTEM VERSUS HUMAN RELATIONS
* ‘linking effort to pay’ – individual’s output determines how much they should be paid
* BUILD 3 PAPER PLANES IN 30 SECONDS
VERSUS
* Emphasises on work quantity and quality, instead of focusing on output
* Encourages employees to develop a sense of ownership and pride when completing work tasks
* According to Mayo, to achieve its goals, the organization must attempt to understand and respect the emotions, sense of recognition and satisfaction of non-monetary needs of the workers.
Scientific management treated the worker as a ‘human machine’. While, the human relations movement held that the satisfaction of the worker was its main objective. According to the human relations movement, “satisfied workers are motivated workers and therefore effective workers”. (Adair. J, 1998)
So which type of reward do employees prefer?
* Depends on who it is (which generation)
* Values of rewards change overtime
* Managers must be aware of this because of everyone’s unique and diverse meanings of rewards (pat on back...)

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