Rewards are seen as key when looking to motivate there staff. When I previously worked for a organisation I experienced the rewards they offer. The previous organisation I worked for have may different ways of rewarding staff for their performance. The range of rewards varied depending on the action or performance that they were rewarding, this was done so it would be seen a fairer was of receiving rewards. Below is shot list of some of the rewards that were used.
Vouchers: Shop vouchers were giving to employees who highlighted a potential safety issue. How ever the reward was only given if the issued raised was sufficient enough for the company to act on it. This was done so that employees only raised the issues that needed addressing, this prevented employees using this reward to gain fee vouchers. The vouchers were always kept at the same value, even if it was a large safety issue or a small safety issue. This was because the company saw every safety issue as important as each other.
Team Bonus: A team bonus is given every quarter. The same amount is given to every member of the team, and is given as long as the team meet targets and also if there is no accidents which required external medical attention and time out of work. The organisation keep each amount the same for every team member in order to encourage team work rather than individuals working just for themselves and their bonus.
The organisation also changed the rewards they offered depending in the departments. This is because each department will have different targets and different work. The organisation offers the rewards for reaching goals and going further in the relevant work the team or individual does. This is done to keep it fair for each departments and each site across the whole company.
Chief Executives Bonuses
It is portrayed a lot in the media that even though companies are making losses and banks are in debt the bankers and Executives still receive a large bonuses. There is a split of people who agree and disagree with these bonuses.
My view is the grey area is what the term “under performed” is. If a company makes a loss does that mean its under performed? I personally believe that a company can still make a loss but over performed for example if company x is forecasted to make £50m profit but makes £25m profit and company y is due to make £50m loss but makes a £25m loss personally I think that company X and under performed and company Y as performed better than forecasted executives are entitled to bonuses. But however companies should look at what bonuses they are giving at the same time as if the company are making job cuts etc. Below is a list of for and against the bonuses
FOR AGAINST
Motivates executives Causes bad press if people disagree
Encourages better Performance More cost to company
Subsidise salary for bonuses Takes away from profit and potential investment
Can frustrate share holders
No comments:
Post a Comment