What are the objectives of compensation programs? The main objectives of a compensation program are to attract and motivate employees to achieve retailer’s objectives and reward them for their effort that they have contributed to the company. In the developing process of a compensation program, the store manager must strike a balance between providing attractive compensation to retain the high quality good employees and the labor costs control. Compensation plans are most effective for motivating and retaining employees if the plan is fair and compensation is base on the employees work productivity that they have contributed to the company. There are several types of compensation plans.
The PMP certification offers a competitive advantage; open avenues for better work opportunities and enhances the potential to draw more salary than the Non-Certified project managers. To make an investment in this professional certification will be a wise long-term decision for a successful
Benefits CPD activities enable CPAs to showcase their skills and knowledge and make the best of their career. It can also be of great benefit to employers establishing frameworks for recognizing achievements of the employees. In the 2000 study on expectancy-value theory of achievement motivation, Wigfield and Eccles explain how an individual’s choice, persistence, and performance are affected by motivation. The motivators for partaking in the CPD programs are diverse and complex. Individual professionals and governments’ motivations are similar and to some extent shared with employers.
2. Motivating with instant feedback, encouraging peer connection and providing tangible rewards will help to boost employee engagement with ease and efficiency. Improvement in talent engagement and efficiencies Employee efficiency can be improved by putting employees in a more productive mindset. In order to do that the organisation can use the following strategies: 1. Designing economic incentives so employees at all levels of an organisation can benefit from
It thus calls for an individual to work toward balancing of the equilibrium. I resonate with the fact that incentives have to be offered to the executive committee through members. The marginal productivity ensures that individuals deliver to their maximum at the workplace. Maximum productivity leads to higher revenues for a company making it possible to provide more incentives. There are additional allowances besides incentives such as hardship allowances, which are offered to CEOs.
Motivation is the force that pushes us to do things: It is a result of everyone needs being satisfied so that employees have the inspiration and ability to complete the respective task given. So will employees be motivated and perform to their capability by giving them good welfares, benefits and money? Money makes the world go round, it can be considered as an engine to push human’s limits but peers motivation and intrinsic desire to a good job are the real motivators in today’s workplace. Intrinsic and extrinsic motivation There are two types of motivation, intrinsic or extrinsic. Intrinsic motivation being employees are interested on the work because it is personally interesting, rewarding, challenging.
Pay for Performance and Employee Incentive are two compensation systems an organization may choose to adopt in designing a compensation package for their employees whereby monetary rewards are based on measured performance within the control of participants and groups.. Pay-for-performance is by far one of the most popular forms of compensation that employees can offer their workforce, even with its popularity, the question of whether or not it is the best way to compensate remains. The term “pay for performance” refers to a pay strategy where evaluations of individual and/or organizational performance have significant influence on the amount of pay increases or bonuses given to each employee. It makes major contribution to performance through
Expectancy is defined as how much effort an individual decides to exert toward successful job performance; it is a perceived probability (Pool, 1997). If an individual believes their behaviour impacts their performance, then expectancy is considered high (Pool & Pool, 2007). For example, “Improving my performance will lead to me making more money”. Managers should increase belief among employees that they are capable of performing successfully. Expectancy can be influenced by managers by selecting individuals with particular skills and abilities, providing training, and providing support to achieve a particular level of performance (Ugah, 2008).
However, a cheaper alternative would be to sincerely hold workers’ appreciation day every year. Workers of exemplary performance would receive employee benefits in the form of paid leave or extra percentage of wages for the year. A more effective method is to tie the workers’ wages with the performance of the company. Showing appreciations to the workers would effectively build the motivations of the workers. While tying their wages with the company’s performance would improve their efficiency.
they possess the required skills to perform that job. (Kinnie et al., 2004). Performance management enhances overall job satisfaction of the employees and induces leadership traits among them. This not only benefits the employees but entire organization. Performance management succors an organization to realize that which employees are high performers and are assets for that organization.