Performance Related Reward System
It is true that when well executed, performance based related reward system will enhance the organization performance as emphasized by the authors provided the rewards system are link to the employees work performance. The important of business strategies as the fundamental to performance related rewards system is not discussed in this articles. Without a good business strategies in place, performance related reward system failed to contribute significantly to the performance of an organization. Rewards are one of the most important items in motivating employee to enhance their work performance subsequently boost organization performance. When rewards are given to a team or work group basis, it will help in promoting knowledge sharing among …show more content…
The rewards can be monetary or non-monetary, intrinsic or extrinsic. The article also highlighted the advantages and disadvantages of performance related reward system which an organization needs to fully aware of in ensuring the effective implementation and monitoring of the reward system. I strongly support author’s view that performance based related reward will bring positive effect to the performance of an organization and rewards shall be given to those employee with outstanding performance through performance appraisal process. The authors also acknowledged that it is not easy for an organization to develop and implement performance related reward system effectively without strong commitment from the management team. The challenges faced in implementing reward system were not discussed in this …show more content…
Performance appraisal as one of the key component in reward system, playing a very crucial role in assessing the effectiveness of the implementation of performance based related reward system in an organization. Performance appraisal is a process to objectively measure and rewarding good performance employee based on measurable objectives set. His or her superior will continue review and feedback on the progress, advice and guide employee towards achieving the objectives set. Number of key techniques used in performance appraisal process are highlighted by authors including critical incidence file, management by objective (MBO), rating scales, ranking method, behaviorally anchored rating scale (BARS) which are crucial in determining the success and effective implementation of performance related reward system. The authors also encourage involvement of employee in the design of performance related reward system in ensuring employee’s needs and expectation are fulfilled and resulted in higher work performance. The authors did not present the problems associated with conducting performance appraisal which can cause a total failure of performance based related reward
Comparing The Ramifications Of Chasing Traditional Rewards
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Incentive Summary
449 Words | 2 PagesThe article, “Cheating report confirms teacher 's suspicions,” examines the Atlanta Public School system’s Georgia state Criterion Reference Competency Test scandal. CNN author, Paul Frysh, discusses former East Lake Elementary school teacher, Julie Rogers-Martin, account of events involving her fellow colleague’s involvement in the artificial inflation of their students’ standardized test scores in attempts to fulfill the requirements necessary for continued federal funding, job security, as well as bonuses. The economic idea that figures prominently in the article is Incentive, particularly the positive aspect of financial rewards and the negative aspect of fraud and depriving the most vulnerable groups of children their right to an education. In an ethical sense, I believe that the economic foundation of Opportunity Cost applies as well
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410 Words | 2 PagesIntrinsic Rewards keep individuals motivated. If you are passonate about something then you will give yourself intrinsic rewards to sastify yourself and to keep yourself motivated, even if nobody else sees your progress or motivation. As an individual you don't need to prove anything to anyone, intrinsic rewards are rewards we only feel ourselves and don't feel dissapointment when they are not seen by others. Artists are a great example of individuals who thrive off of intrinsic rewards. A true artist begans creating artwork soley by passion, without the intention of making money for their artwork.
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2237 Words | 9 PagesIntroduction 1) Extrinsic rewards when delivered appropriately work to create a positive environment. Extrinsic rewards such as stickers and stamps can help to create a positive environment, in two ways in the classroom. However care needs to be taken to deliver them in a particular way. Firstly rewards will increase positive behaviour when they are delivered in recognition that something has been achieved or effort has been made, and are paired with an autonomy supporting statement (Deci, Ryan & Williams, 1986)(Chance, 1996). For example a teacher may reward a student with a stamp for finding a unique way of solving a problem in group work.
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Performance Management: Criticisms And Negative Arguments
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797 Words | 4 PagesAs per Brickley, the reward system must encourage the employees to stick to the organisation for longer periods as well as increase the motivation and commitment to the company therefore lead to the increase in productivity and profit maximising. [ct. Brickley 2002, pp.172]. On the contrary, Holmes stated that, there are many negative significances lead by reward system if not used properly. Sometimes,
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