Reward Management Essay
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Recently, Reward Management is an important role in Human Resources Management. Many organizations realized the benefit of the reward system , in a way that it could reinforce the employee’s performance, enhance motivation and gain their commitment. For example, when employees know that rewards are tied to their performance, they will try to perform better and take ownership of their jobs. Also, it is a motivation that makes employees evolve a sense of accomplishment and take pride in their work, which in turn increases ownership.
Remuneration is a major feature for employment. It is the reason that why people are working. The contribution of employees to the organization can be compensated in terms of monetary or non-monetary terms. Remuneration does not just compensate employees for their efforts, but also affect the recruitment and retention of talented people. There are three recommendations for improving performance by using modern reward management techniques.
First, we would recommend that remuneration to be linked to performance, linking to the pay to the quantity of the employee’s output or productivity charts, and therefore the remuneration with be depending on the result, whether the outcome is to be of good quality or outstanding quantity.
Another type of performance-linked remuneration is performance related pay, where the performance of employee is measured against previously set objectives, or compared with the various tasks listed in the job description by using performance appraisal system. Based on the above features, we propose to add in these kinds of features into the reward system. We can hold some reward planning, which is related to pay that to encourage most of employees.
Secondly, staff motivation can be enhanced through the reshaping of working routines and hours. Nowadays, many employees have complaint about the long working hours and the private life being invaded. However, reducing working hours is not always possible due to the huge amount of workload. In order to deal with the problem, we would recommend flexi-working hours. The concept of flexi-working is to suit the convenience of the employee without influence the organization’s functioning. Nowadays, many people are busy on working, studying and managing their family life. To such extent, flexi-work allows flexible entry and leaving times for employee, which is beneficial for employees in managing their time schedule. Being able to manage their work, study and family life, they are able to obtain a work-life balance, and thus being able to increase their productivity, decline in absenteeism, and reduction in employee turnover and increases their moral.
Thirdly, competition among work increases vigorously, and employees tend to undertakes different training courses or opt for further study. As a result, we would recommend the linking of training or education sponsorship with the performance. For example, if the employees opt for a course related to their job nature, the company can sponsor their cost of training. In order to enhance performance, we suggest the amount of sponsorship to be linked with the employee’s performance, and the payment is to be made upon the successful completion of the course. To such extent, the employee’s motivation to perform is enhanced, and they are more willing to equip themselves with the necessary skills related to their job.
In conclusion, reward management is essential in managing the performance of the employee. Remuneration is the major and yet the most essential element in employment term, and therefore managing the reward system can effectively enhance the employee’s performance and motivation. Yet, both monetary and non-monetary reward can be used for the aforementioned purpose.