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Analyze and evaluate the following Reward Strategies: Incentives and Motivation, Pay and Performance, Team Rewards and more...

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Analyze and evaluate the following Reward Strategies:
- Incentives and Motivation
- Pay and Performance
- Team Rewards
- Benchmarking
- Multi-Skilling and "Adding Value" To Jobs
- Flexible Benefit Packages
- Family Friendly Policies

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REWARD STRATEGY

CONTENTS

INCENTIVES AND MOTIVATION - PAY AND PERFORMANCE
- ANALYSIS 2
- EVALUATION 2
TEAM REWARDS
- ANALYSIS 3
- EVALUATION 3
BENCHMARKING, MULTI-SKILLING AND "ADDING VALUE" TO JOBS
- ANALYSIS 3
- EVALUATION 4
FLEXIBLE BENEFIT PACKAGES
- ANALYSIS 4
- EVALUATION 5
FAMILY FRIENDLY POLICIES
- ANALYSIS 5
- EVALUATION 6
REFERENCES 7

INCENTIVES AND MOTIVATION - PAY AND PERFORMANCE
Analysis
Research indicates that there are two fundamental approaches towards company incentive schemes - either financial or non-financial. The reality is that most are a combination of the two. The mix and content varies from organisation to organisation and between employees within an organisation, from the most senior directors to the janitor that locks the doors at night.

In terms of 'company incentive': what exists is an 'IF / THEN' scenario that is specific to the individual employee. It attempts to capture the psyche of the employee in an expectation/obligation loop that will act to the benefit of the organisation and the employee. The objective from a management perspective is to align, optimise and harmonise the performance of the company as a whole; to develop and harness the synergy created by a motivated workforce at each level of the company and between the teams and departments on each. In order to achieve this, employees must clearly understand what their role or job function is and what is required of them. They must understand the company philosophy and share common values. In terms of incentives, employees must know a) what they are and what is required of them to achieve them, b) that they are worth the effort, and c) that if they meet the requirements driven by the incentive they will in fact receive the reward on offer. In addition, it has been made clear from the research that money is much less effective than non-cash incentives as an inducement to improve company performance.

Evaluation
Incentives must be tailored, realistic and have an inherent value for the individual employee that they apply to. More specifically the employee must be (extrinsically) motivated by the incentive to satisfy a deeper personal need (as outlined by the work of Maslow - personal needs, and Hertzberg - achievement, recognition, the work itself, responsibility, advancement and growth). They must also promote the sustained development of company values and positively impact on the culture of the company; ultimately they must align with the overall business strategy. If incentives are applied sensitively and pragmatically then they drive sustainable synergy from the workforce in terms of company performance. If they are applied crudely, they are a waste of money and can act as a disincentive adversely affecting morale and negatively ...

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