reply to the students’ response and not the question in 150 words minimum and provide 1 reference. Respond to the students response as though you are talking to them, use name
What are your preferences on employee reward systems and why? Be sure to tie into internal and external motivation factors.
Employee reward systems refer to programs set up by a company to reward performance and motivate employees on individual and/or group levels. They are normally considered separate from salary but may be monetary in nature or otherwise have a cost to the company.
My preferences on employee reward systems not only will depend on the nature of the business and the job but will also depend on if Im the employer or the employee. For this discussion purposes, I will assume that I am the employer of Engineers (which is the job I picked for my paper) and the goal is to create an attractive and nurturing workplace environment so that I can get the best of the best and retain them. For core compensation, I will employ merit pay programs that will reward excellent efforts (Martocchio, 2018), and combine it with a person focused pay that reward employees for learning new curricula. For benefits, it goes without saying that all legally required benefits will be provided for. Top three discretionary benefits to be provided for are: Retirement Plans, Robust holiday and vacation plan, and family assistance programs which included flexible scheduling and ability to work from home.
All three are great enhancements to the compensation plan. Retirement plans help employees save for retirement and offer tax breaks for the employer. This both can fuel intrinsic or extrinsic motivation depending on the employee as younger employees tend to be externally motivated more with a higher compensation than benefits. A high salary doesnt sustain long-term engagement thus burnout is all too common, which creates a high turnover rate.
Employees dedication is unique to their own preferences and drives thus it should be a goal for employers to be able to illicit passion for work and pride and satisfaction in their jobs from their employees to be able to have a healthy work environment. Vacation time helps employees to be happier as it provides a good balance of work and play. Research shows that Vacation plans have health benefits such as lowers stress and improves mental health, which in turn in turn improves productivity. According to Frye (2019), companies who encourages vacation have happier employees compared to those who have jobs where vacation is discouraged, or managers are ambivalent about taking time off.
Offering flexible scheduling also supports having a healthier and happier life. According to Howington (2019), flexible scheduling builds trust, and aside from increased productivity, it also saves companies money because absenteeism decreases. A feeling of being trusted by employers creates motivated employees because they feel valued and in return they become more loyal.
Frye, L. (2019, August 16). More People Are Taking Time Off, and That’s Good for Business. Retrieved from https://www.shrm.org/resourcesandtools/hr-topics/employee-relations/pages/workers-taking-more-vacation-.aspx
Howington, J. (2019, February 25). The Benefits of Allowing Employees a Flexible Schedule. Retrieved from https://www.flexjobs.com/employer-blog/the-benefits-of-allowing-employees-a-flexible-schedule/
Martocchio, J. (2017). Strategic Compensation: A human resource management approach (9th ed.). Upper Saddle River, NJ: Pearson.
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