1. How well does your organization's reward system meet the seven questions to consider in designing a compensation/rewards system?
1) Is it appropriate for our type of organization?
2) Does the reward component support our organization's mission?
3) Does the package fit within our organization's resources?
4) How does it meet the values and expectations of our organization's employees?
5) Will it attract and retain the quality of employees needed by our organization?
6) Is it flexible to change?
7) Can management tailor it to a department or individual needs as appropriate?
2. In your organization, is work team performance rewarded? Explain how. If work teams are not currently utilized, how would you propose their use and compensation/reward?
My organization's rewards and compensation system effectively meets the seven questions outlined below. First of all, the reward component is quite consistent with our organization's mission of becoming a market leader in our industry and establishing benchmarks in terms of innovation and quality. Our organization rewards individuals for setting extraordinary performances in terms of customer service and quality. Further, innovation and out of the box thinking is rewarded and recognized via our rewards and compensation system, which is totally consistent with the overall organization's philosophy.
Secondly, the reward and compensation package fits organization's resources in the sense that organization sets apart budgets for compensation and rewards in advance. A major portion of rewards and incentives is performance driven, the better the performance in terms of revenues and profitability, the better the rewards. Therefore, rewards ...
How well does your organization's reward system meet the seven questions to consider in designing a compensation/rewards system?