The introduction of policies and strategies within the business environment fairly and consistently in employee reward is known as reward management. In my organization, a reward management programme motivates the employees to perform their best in their chores, thus promoting a work-life balance. When the business requires the workers to go the extra mile, they can do so once they are motivated. Unmotivated employees avoid additional work, and they exert little pressure at work (Fatima, 2021). These rewards can be grouped into two: intrinsic rewards and extrinsic rewards. The intrinsic rewards are composed of the daily work, while the extrinsic rewards are composed of the rewards that fade the rest of the time into the background. These particular reward schemes are used when standards are being set, and there are certain principles that the managers incorporate (Trevino et al. 2000 par 130). These are achievability, ownership, and equity. The purpose of this essay is to discuss the factors involved in the motivation of employees, the evaluation of the job, and the organizational drivers as key reward management in the Mark Henry company.
The main factor that strengthens the employee-organization relationship is the reward system that exists in the Mark Henry company. Currently, the business environment is highly competitive and dynamic; thus, many major concerns exist for employee engagement, motivation, and retention. Herzberg’s motivation theory model outlines the factors that remove employees’ dissatisfaction and increase their motivation (Dartey-Baah and Amoako., 2011 par 7). These factors can be grouped into two: the motivation factors and the hygiene factors. These motivation factors include recognition, growth, achievement, and responsibility. The hygiene factors include company policies, working conditions, security, salary, a remuneration. Some strategies are designed to cater for both the non-financial rewards and the financial rewards. The financial incentive is considered the greatest motivating factor for employees in increasing their effort. It has a long-term effect on the labour turnover rate since it has a comparative value for alternative employment. On the other hand, the non-financial incentive poses a lesser effect than the financial incentive, but its main aim is to have a sustainable impact on the organization’s employees. The limitation of the Mark Henry company is limited innovation, which limits the business environment to a particular scope. Breaking the monotony in the company allows the manifestation of ideas and makes the employees more passionate (Hjorth, 2005 par 390). The recommendation that can be affected in the company is to create awareness among the employees on how they acquire their rewards.
The Mark Henry company has a rewards strategy that has been set to ensure that it promotes beneficial, developmental, and monetary rewards for achieving the company goals. The rewards strategy has a four-step process that includes the assessment, design, execution, and evaluation (Gradl-Dietsch et al 2016 par 7). In the assessment stage, the project team assesses the current benefits and compensation system and determines the effectiveness of the system in the achievement of the goals of the company. The considered factors include the behaviours that should be rewarded, the people eligible for the rewards, the most effective rewards and the company’s funds involved in achieving goals. The design stage is where the top management determines what would work best for the company. In addition, it determines what will be rewarded and what rewards will be offered to the employees who achieve their goals. The execution stage comprises the implementation of new rewards into the system. There is the provision of education to the managers for the effective measuring of the achievement of employees, and employees, in turn, comprehend what they require to obtain the rewards. The evaluation stage comprises how the plan will be affected and the communication of the plan to the employees (Kim, 2002 par 240). The main limitation in determining the reward strategy is the increase in costs. This occurs when multiple employees are given gifts at a time. This can be affected by incorporating a solid strategy that has lesser costs.
Comparing a job against other jobs within the organization is called job evaluation. In my company, job evaluation is determined by two factors that is the internal job evaluation methods and the external job evaluation methods. The internal job evaluation methods include the point factor, factor comparison, custom factor comparison, job ranking and job classification (Milkovich et al., 2014 par 79). The external job evaluation methods include market pricing. The principles of job evaluation include the consideration of a job, the clarity of Job Information, the pooling of knowledge, the grouping of jobs, and the selection of job factors (Viswesvaran and Ones., 2017 par 250). The limitations of job evaluation include human bias that cannot be entirely removed from the equation. The recommendation for this limitation is to provide the job evaluators with the knowledge that will aid in the job evaluation process without bias.
Employee surveys are essential for attracting, training, and rewarding employees that are comprised of the workforce in the company. There are three common types of employee surveys in the Mark Henry company. First is the employee culture survey, which points to the employee’s views and is designed to align with the company’s goals (Vallejo et al., 2020 par 1270). Second is the employee opinion and satisfaction surveys that measure the company’s attitudes, perceptions and views. Lastly, the employee engagement survey measures the motivation, commitment, a sense of purpose and passion of the employees and the company. The survey design should include questions such as why are we polling people? What and why are we measuring? Who will develop the inquiries? Who will be contacted to take the survey? When will the survey be conducted? Will and how will all results be shared? Who will be responsible for enacting the changes suggested by the survey results? Are there any survey questions from the past that shouldn’t be asked again? Do any survey questions from the past need to be revised because they were unclear or difficult to understand? Mark Henry’s company’s HR department conducts an employee satisfaction survey every quarter to identify staff intrinsic and extrinsic motivators. Reward systems are created to balance the expectations of the workforce and the company based on the data gathered, the financial state of the business, and the company outcomes to be attained (Kaplan et al., 2001 par 3). According to the surveys, staff feels that there should be more reward schemes for the employees to motivate them more.
In conclusion, the Mark Henry company’s reward system is the primary element that improves employee and organisational interaction. The two types of rewards are extrinsic rewards and intrinsic rewards. The strongest motivating element for employees to exert more effort is thought to be financial compensation. While non-financial incentives have less of an impact than financial ones, their major goal is to have a lasting effect on the organization’s staff. The four-step approach for the rewards strategy entails assessment, planning, execution, and evaluation. The increase in costs is the biggest obstacle to choosing a reward approach. When several employees receive gifts at once, this happens. This can be changed by using a reliable technique with lower costs. Employee satisfaction surveys are crucial for attracting, developing, and rewarding the business’s personnel.
List of References
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