Designing a Rewards System Essay Example for Free

Designing a Rewards System Essay When designing a rewards system within an organization there are several factors. First, look at the organization and focus on what matters most for that particular organization. Then focus in on the employees and what needs they have in particular. After breaking down the focus, you can move forward into creating a rewards system that not only fits but also everyone benefits from. † Reward management is concerned with the strategies, policies and processes required to ensure that the value of people and the contribution they make to achieving organizational, departmental and team goals is recognized and rewarded. It is about the design, implementation and maintenance of reward systems (interrelated reward processes, practices and procedures) that aim to satisfy the needs of both the organization and its stakeholders and to operate fairly, equitably and consistently. † (Armstrong, 2010) Look at the organization. What does the organization promote or goals it is working toward? Next, make sure the needs of the organization are being met. â€Å"Currently, many organisations are implementing or planning to implement, reward and/or recognition programmes believing that these will help bring about the desired cultural change. In some organisations, large amounts of money are being invested in these types of activities and some managers are required specifically to set aside a certain amount from their budgets for this purpose. † (Milne, 2007) If they are not met focus on creating a rewards system to include meeting the goals that at the moment are not being satisfied. Now to look at the employees and what they need. What will motivate them to perform better work? What is the age range within the organization so we can focus on what will better serve that population? After looking into the age check their work progress and see where there needs to be more and focus on setting up goals to get that area where it needs to be. â€Å"Recognizing employees for a job well done isn’t superfluous or magnanimous. It’s necessary. † (Zemke, 1988) â€Å"There was a study done with four groups that answered a questionnaire with twenty-five factors as to what would motivate them to work hard on their job. From the four groups only nine of the twenty-five factors were selected. The nine factors that were selected by these four groups are: 1. Respect for me as a person . Good Pay 3. Chance to turn out quality work 4. Chance for promotion 5. Opportunity to do interesting work 6. Feeling my job is important 7. Being told by my boss when I do a good job 8. Opportunity for self-development and improvement 9. Large amount of freedom on the job† (Kettner, 2002) All nine of these focus on how to build up the confidence of the employee and all owing them to know how well they are doing. Treating the employee like a person and not a machine is very important because it gives the employee a feeling of self and knowing it’s ok to be who you are as a person. This makes them comfortable to be there on the job. Providing good [ay is also very important because it shows the employee that you care and are rewarding them for their hard work while on the job. It also will make the employee want to stay with the organization because they do not need to go elsewhere. Giving the employee a chance to do the best quality work for the organization will give them a sense of pride in their job. If the employee knows that, there is a chance for them to be promoted through the organization they will work hard to be considered for promotion. Being able to do interesting work will keep the employee coming back because they are able to do different things which makes the job more interesting because they are not consistently performing the exact same job daily which will also make them feel that their job is important. Everyone loves being told good job! So as a boss, make sure you are informing your employees how well they are doing. Offer to the employee ways they can grow as people whether it is education or exercise. Giving them the opportunity for more development or just some improvement, they will be appreciative. Giving the employees freedom makes them more independent and lets them know that the organization trusts them to perform their job the way it is supposed to be done without someone standing over them constantly. After gathering this information, we can move forward with creating our own rewards system. First, we would create a chart showing the work and the progress being made. Then with that chart, incentives can be created for the employees to get to top of the list by making the most progress. In addition, incentives will be created for those that make the lowest amount of mistakes while performing their job function. This gives the employees some freedom to work hard on getting their performance up. Incentives will be in place for attendance also. Competitive pay will be based off performance and attendance. The better your performance is the better bonus and pay raise you will get. Your attendance will also affect your bonuses and pay raises. Keep your attendance up and consistent and you will be able to gain better pay bonuses. With bettering attendance and performance there will be opportunities for growth within the organization. The starting pay will be marginally based on experience and education. It will be fair and equitable to every employee. After setting up the chart with performance and attendance based incentives we can focus on creating a fair and free workplace for the employees. Set up the management center so they are accessible to the employees for guidance. The management system will also be in place for overviewing the employees from a distance without taking away from the employees ability to work as an individual. The management system will also be able to delegate tasks out to the employees that are performing at a faster or more effective rate. This will also allow the employees to be treated as individuals and not as a singular group. Next we would set up a system for growth and development that would include furthering your education and health needs. We work to offer help and assistance to other now we need to help and assist our employees. For education we will offer education breaks where you will be reimbursed for half of the amount spent on your college courses and supplies. This will allow the employee to re-enter school without fear of inability to pay. The stipulation will be that we will only reimburse as long as the course taken he employee completes and passes the course. The employee will be required to submit the final grade for the class and the receipt for the payment of the course and the supplies needed for the course. Next there will be a gym facility placed within the workplace that is available for the employees use before and after work and also during lunch or breaks. With offering the employee open use of a gym without having to pay will give them the help of not spending a lot of money on a gym membership that they may not be able to use regularly. It will also give them flexibility to use the gym whenever they want to without fear of it closing before they can get there to workout. With this rewards system in place every aspect of the employee and organizational needs are being met. The organization is running efficiently and effectively with each employee working hard to reach the incentive goals. The employees are working in an environment where they are comfortable and know they have every option available to them with movement and growth within the organization.