Reward and Recognition Proposal to Enable Change
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1. Review the objectives from Week Two, and discuss additional insights and questions that may have arisen.
2. Problem Definition-Reward and Recognition Proposal to Enable Change
The learning teams will work on a project to develop a reward and recognition proposal to enable organization change such as decreasing time to market. The team will select a change initiative in an organization and develop a complete reward and recognition system around the change initiative.
In completing this assignment, you will:
a. Determine the business unit and change initiative for which the organization needs to develop a reward strategy.
b. Determine what performance levels the organization needs from employees in this business unit.
c. Determine what will motivate employee to perform in this change initiative.
d. Select a reward and recognition strategy that best matches the needs of the employees and the organization.
e. Design an integrated reward and recognition system.
The following are elements to consider in the reward system:
a. Skill levels and experience of employees in the initiative.
b. Linkage between this change initiative and the employee's future growth.
c. Job/project complexity.
d. Alignment of the reward system to the organizational objectives, structure and job fami-lies.
e. Future compensation trends.
f. Compensation and motivation issues for contingency workers.
g. The role of technology in this process.
h. Key incentive factors.
i. Linkages between performance and incentives.
j. Functional and team incentives.
When designing the monetary rewards section of your proposal, consider the following:
a. Pay ranges (e.g., minimum, maximum levels)
b. Incentives, contests, perks
c. What's your basis for compensation (e.g., team, individual, or organization)?
d. General relationship among and within levels of pay (e.g., exempt, non-exempt, over-time pay)
e. Will compensation levels be above, below, or equal to those of competitors?
f. Division of total compensation dollars between salary and benefits
g. Merit pay and pay for performance
h. What kind of benefits package will be offered?
The deliverable for this week is a 1,500-1,700-word approach paper for this reward and rec-ognition proposal. The complete solution for implementing this reward proposal is due in Week Six.
In preparing your approach paper, prepare an action plan to include key tasks (what you will do and how you will do it) and due dates. Be sure to include key resources such as people, data, reports, and articles, among others to be used.
The key word is approach. The assignment is asking you to identify how you will approach doing the assignment. While there is no minimum length for this assignment, a one- or two-paragraph response will most likely not provide the reader with sufficient detail to demonstrate that you have (a) thought in depth about the assignment and (b) have in place a work plan that will allow you to begin work on the project starting in Week Three and that will ultimately allow you to succeed.
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Reward & Recognition
Introduction
Reward and Recognition both are important for employees working in an organization. People are the greatest assets of an organization. Efforts should be made to maintain them in the organization, so that it can achieve high growth in the market. When the employees put in their efforts, their work gets recognized and they are rewarded for it. Employee recognition helps in increasing communication between the employee and the management. The actions and behavior of the people are recognized.
The recognition should be effective for the organization, as well as the employee. Rewards and Recognition help in creating a win-win situation in the organization. So, it is beneficial for all, if done in a proper manner. This will also help in increasing the efficiency and productivity of all the employees in the organization. Proper focus should be given to enhance the skills, knowledge and capabilities of the employees. Recognition helps in creating a positive and innovative work environment.
Need for Reward Strategy
The Business Unit of the organization that will be considered for a change initiative will be the marketing unit of the organization. The change initiative that the organization will introduce is to reduce the time given to the marketing projects. It implies to speed up the marketing of products among the potential customers. So, the organization plans to reduce the time taken to make the customers aware of their products in the market. The change initiative is to reduce the time taken to market the products. The organization will successfully develop a reward strategy for this change initiative (Mathis & Jackson, 2006).
Performance Levels
To introduce this change initiative in the organization, the marketing unit will decide a particular performance level. The performance levels will be decided to increase the skills and capabilities of the employees. The employees will strive to achieve the performance level set by the organization. This performance level will motivate the employees to improve their capability of doing a particular task. This will increase the efficiency of the employees to perform. They will put their best efforts for marketing a product and will help in reducing the time taken for the marketing activity of the organization. The employees who perform according to the performance standards will be appraised, their work will be recognized by the management through monetary and non- monetary rewards (Performance-related pay, 2008).
The organization should set various benchmarks for evaluating the marketing performance of the employees. The Performance Appraisal System should be totally based on the efforts put by the employee. The organization should introduce 360 Degree Appraisal System and MBO (Management by Objective) Approach. Both these appraisal systems will set up new performance standards and will provide as a source of motivation for the employees. In 360 degree approach, the performance of the employees is evaluated from all, including the peers, superiors and subordinates of the employee. His self evaluation is also considered for appraisal.
MBO is a system, in which a group of employees are given a specific task to perform. A particular time ...
Education
- MBA (IP), International Center for Internationa Business
- BBA, University of Rajasthan
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