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
Please describe, why an organization of your choice (research), needs a strategic reward system for employees that addresses these four areas: compensation, benefits, recognition and appreciation.
Companies need to address all four areas: compensation, benefits, recognition and appreciation to have a well-designed strategic reward system. It is important that is well-balanced and aligned with the companys mission and vision.
The need for a well-balanced reward system also applies at Haney and Young, LLP, a small litigation law firm with less than 15 workers. Their core value is responsiveness to clients. Being a small firm, it might not be able to compete with bigger law firms, but they should be able recognize the need for a competitive compensation package with both tangible goods, as well as praise, bearing in mind that they should be able to sustain funding. A reward system should be put in place to recognize outstanding performance to motivate employees. According to Martocchio (2018), merit programs should be accurate, well implemented, and ensures all employees have equal access to all that the company offers. He continues that core compensation and discretionary benefits contribute to a companys competitive advantage like distinguishing itself from competition.
As people dont work primarily for money especially in these days, it is important that recognition of good performance should be encouraged with supervisors and managers for employees to feel appreciated. When an employee, comparing their salaries and other measurable benefits (e.g. bonuses) it with others in the same position and in different functions, feel that they are being treated then there is a tendency to decrease their efforts whether it is in productivity, participation, and even their presence. Srivastava(2017) posits that acknowledgement of the relative value of one employee over another is essential and siince rewards have a real cost in terms of time or money, small business owners need to confirm that performance has actually improved before rewarding it .
Martocchio, J. J. (2018). Strategic compensation: a human resource management approach. Boston: Pearson India.
Srivastava, R. S. D. R., & People Matters. (2019, March 7). Strategic reward system in SMEs. Retrieved from https://www.peoplematters.in/article/sme-talent/strategic-reward-system-in-smes-14966