I need to propose a reward and pay strategy which will motivate employees - can you help me?
Reward and Pay Strategy Plan
Kellogg Company is a business organization involved in the manufacturing of cereal products which are ready to eat and such as cookies, cereal bars, meat alternatives and waffles (Company Spotlight: Kellogg Company, 2006). Kellogg Company is known to be a world player in the production of quality food products as well as offering of advanced carrier opportunities, rapid advancements, responsibilities and exceptional rewards.
As much as the organization is serious about rewards, it is also serious about the success of its employees since the organization believes that the employees are the ones who have made the company a real leader around the globe in the food industry. The organization has therefore continued making advancements are reviews in its reward and performance strategies to ensure that the company provides a package of salary and benefits (Kellogg Company Ireland, 2011).
Goals of the Strategic Reward and Pay Plan
'Reward' is a term used to cover financial provisions which are provided to an employee including both the cash pay and benefits such as pensions, paid leave and so on. Reward may also be used to refer to a wider employee provision with the term total reward encompassing elements such as training opportunities (reward and pay, 2011).
The reward and pay strategy which is available for Kellogg company is put in place to meet certain goals of the company with employee motivation being one of the main goals the plan is put in place to ensure. Reward and payment strategies are usually put in place to ensure alignment with the strategy's objective, business strategy and evaluating an employee's performance. An organizations business strategy and its financial goals should be inline with the goals of the pay and reward strategy plan.
Other goals of the compensation and pay strategy for the business is to ensure increased customer productivity, ensure an improvement in the way employees engage with their customers, linking Kellogg's strategic directions and business goals, and rewarding the employees who achieve set targets and rewards (Gallup, 2011).
Kellogg Company operates in the food industry since it is involved with the sale of cereals which are ready to eat and convenience foods such as cookies. The company is known to be the world market leader in the production of cereals and pastry foods globally. In addition to this, the company offers a high brand equity which is as a result of its prime brands such as corn flakes, Krispies, and Murray among others. The brand varieties contributed to the boasting of revenues generated from sales by the company. The company recorded strong returns in the past few years. This has strongly reflected the organization's ability to manage and ...
This solution proposes a reward and pay strategy that will motivate employees for Kellogg Company.