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Reward and Motivation History Paper

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Reward and Motivation History Paper- Teachers
Virtually every business organization has been able to improve their products, services, and solutions dramatically in four areas: (1) quality, (2) production costs, (3) time-to-market, and (4) innovation. Reward and recognition systems are an integral part of these strategies. These systems have evolved through time because of changes in the business environment. Human Resources strategies are one of the most important aspects of successfully implementing organizational change and aligning performance to business strategy.

Prepare a 1,050-1,400-word paper on the history and the role of rewards (e.g., compensation, benefits, non-monetary recognition) in your organization or one that you are familiar with. Use section one in the text as well as other peer-reviewed resources. Examine the shift from compensation to rewards. Discuss whether you believe the current reward system motivates employees to achieve the organization's goals and how it has evolved in comparison the history of reward systems. Discuss the effect the system has on employees and their pride. Are the employees satisfied with the reward system and based on the history of rewards, what would you do to improve the development of the current system to make it more effective? Identify a motivational theory that underpins the organization's reward system. Analyze whether this theory is consistent with the values and expectations of the employees and the organization.

Include the following components, or attributes, common to benefit and reward systems in your paper:
a. Indirect financial rewards, typically health and welfare benefits, paid time off, retirement plans, prerequisites, and recognition. Together with direct financial rewards, this represents what is typically referred to as total compensation.
b. Work content relates to the quality of the work itself (e.g., variety, challenge, autonomy, and meaning) and this, by extension, includes the quality and impact of performance feedback.
c. Career value is the opportunity for personal growth, capability improvements, organizational advancement, and employment security.
d. Affiliation refers to the rewards that accrue from association with the company. This can be a sense of status that comes from working for a reputable organization, or it might relate to access that the organization provides to colleagues or other groups of people.
e. Direct financial rewards refers to pay components including base salary, cash allowances, incentives, and company ownership. This is the foundation of the total reward package.
Your paper must include at least three recent, peer-reviewed sources from the University of Phoenix library.

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The response addresses the queries posted in 1348 Words, APA References

Reward & Motivation

Introduction

Rewards are an important motivational tool for an organization. It helps to maintain the workforce and increase the efficiency of the employees. Rewards and compensation have their own history in the business world. Many a times they have been used as the effective tools to manage the performance of the employees. The compensation system of an organization should always aim at establishing a just and equitable wage and incentive system. It should treat men and women as equal and should aim at the development of both. The reward and compensation system also helps in maintaining the quality of the products and continuous innovation of new products (Mathis & Jackson, 2006).

History & role of rewards

In my organization, rewards have played an important role and have led to the success of the business. It has led to the timely achievement of goals and objectives set by the organization. My organization has always focused on giving monetary as well as non-monetary benefits to the employees. Rewards have also led to an increase in the motivation level of the employees and help in effective business management in the organization.

It has helped in increasing the profit of the firm by reducing the cost of labor. It has also helped in minimizing the extra capital investment and increasing the earnings of the worker without developing a high wage rate structure. It has also led to the better utilization of the manpower resources in the organization. It has also managed the performance of the employees and led to a better production scheduling.

There are basically two types of rewards that my organization offers for its employees, extrinsic and intrinsic rewards. Intrinsic rewards are a result of the great efforts that the employee puts in his job. They include participation in the decision making process, greater job freedom, more responsibility, opportunities for personal growth, diversity of activities etc. Extrinsic rewards include direct compensation, indirect compensation and non-financial compensation.

Direct compensation includes basic wage or salary, overtime, holiday premiums, performance bonus, profit sharing and stock options. Indirect compensation includes pay for time not worked, ...

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The response addresses the queries posted in 1348 Words, APA References

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