The report highlight good reward Motivating employees at the workplace has become a challenge for employers today. Profit sharing, Scanlon plan, Annual Bonus, Gain sharing and Merit plane these are employee incentive plan. With this in view, recommendations are made towards developing and implementing reward polices for employees in the different departments of the firm or company, Performance of management is also discussed as a way to enhance productivity. Incentive is good as well wrong decision for employees. In this summary I have define that incentive is most important for employees but on merit base. If any staff member working honestly and just for that company than company have a right to pay him incentive in the shape of bonuses. The total report is on manager and personal ideas about employee’s motivation. Does it is favourable or against off workers. If against why or if is it favourable than give related example, below of this report I have explain about each plan as well example of motivation. The challenge for management is to perform action new policies by means of endorsement and requirement plan provided at the end of this report.
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In this summary I have explain about motivation how employer motivate to workers and get extra work. In short term motivation mean any type of financial reward pay to employees, staff or worker whose production go beyond limits some arrange in advance level of quality. In motivation many factors have been identifying to influence employee attempt at their place of work and group. As well there are best size in consider method and series of action of motivation in organisations. These are the following factors that I am watching to examine. I believe to learn what motivation is about in complete self interest needs one to be motivated inevitably. Motivation in organisations is crucial for employees or workers. Many factors have been identifying to affect employee effort at their place of the work and organisations also there has been a great size in recognized acting technique and processes of motivation in firm. This type of areas which I shall be looking to examine. I believe learning what motivation is about in its self interest one to be incentive inevitably motivation in firm is vital for employees. Number of plan has been recognised to effect workers efforts at their place of work and organisation. I could also easily say this is better identifying method and process of incentive in organization. There are following plans which I shall look to analysis. I believe to learn about motivation thus give incentive to employees is better option for organization. As well analyse about inevitably motivation in organization play a vital role for employee.
There are too many theories which have been create to struggle to explain the concept of motivation these theory help to understand employees response in certain situation at work one or other to improve their regular payment reduce their effort. These types of theory help to understand which way motivate to workers in difference organization as well how best way used the movement of incentive to different types of individual. These theories see into workers or peoples, wants, needs and desire and what amount of needs have to achieve the give task or goal.
According to the research of CIPD most of the firms which are underdeveloped to communicate with their staff have seen motivation decrease during the time of recession.
According to the ‘Farren’ he speak about 12 human needs which is as follow education, shelter, family, wealth, work, community, mobility, safety, socialising, spiritually that’s all human need I believe that all human needs reach or faced by reward, we can get it easily if these factor put in at our place of work and company.
Personal ideas on motivation
My ideas about motivation is to increase the ability of individual, increase level of skill, as well better way of time knowledge that how to complete task work alongside incentive. I can also tell that personally the ultimate reward is special advantages of motivation in term of money; as well employee has the knowledge about particular task which he has done on time.
Employee Stock Ownership Plan (ESOP)
Employee stock ownership plans is totally companywide plans, in this plan company offer opinion share of its own stock. In this plan cash going to be used for bought such stock as a trust successful to buy shares of the firm’s stock for workers. In this situation company makes that contribution annually in part of whole to total workers compensation. ESOP plans are mostly used to provide market share of the set off owners successfully and very nearly held in t he companies, to motivate and reward of the workers. In short ESOP is not an employee’s purchase it is contribute of employees. Some of the company’s makes formal preparation for the workers participation is is called employee stock ownership planed.
In employees ownership employee can purchase any kind of stock directly, which is given it in bonus shape, or he can get a stock option as well be established through a profit sharing plan. Some of the employees they become an owner of the firm because of workers corporate in this situation everyone have an equal right.
The ESOP ASSOCIATION CANADA (Employee Share Ownership Plan) is a non-profit set up institution in November 1990 for the purpose of advance the concept of employee ownership for business in Canada. Employee ownership is an important advice for doing work for economic growth and reorganization business drawing new projects. ( ESOP Association Canada).
In 1974, almost 11000 companies have these types of plans with the help of this help they cover up to 13 million employees.
According to my ideas these types of plans couldn’t used in partnership an especially in most professional local governing authority. ESOP plans only used in S corporation. In this situation private companies they must be repurchase share of change workers. I am as well favourable of ESOP plans can increase their local authority performance if workers can participate in decision which is effecting on work.
Profit Sharing Plan
It is better way to give incentive company workers profit sharing is most beneficial for both company as well for employees. In this situation both company and staff play a role as win. Profit sharing such commonly used for share profit programme that used for the company productivity as well stock reward to workers. In profit sharing plan all or most workers receive share of the firm’s annual profit is most popular today. We could easily said in this plan profit are divided between company and workers. Each worker gets percentage of that profit which is based on company earning or company revenue.
In profit sharing manager play a very vital role for employees. Because they paid money to employees just for check or related to the output. Management provide or motivate management benefit received attempt. In this situation incentive are paying to employees just related of output and to the scope to which he shares in the rise value of stock that he produces.
Ford motor company introduce a profit sharing plan for salaried workers. And General Motors increased its profit sharing payout when profit was improved or increase. Its mean each company pay profit sharing reward to his workers when they get extra profit. This incentive in the shape of company shares. (Dessler, 2005)
According to my ideas these type of programme are planned to benefit of employees for the firm increasing its earning or income. In profit sharing or these type planned designed because of bonuses paying to employees, in this situation check before pay hence the performance of company is better in the given time period, month, annual and compared to the current or present year. Profit sharing programme immediate provides to workers and reward paying benefit as well.
According to the ‘Dar – El’ profit sharing is an effective incentive, which have added benefit of being a need that is usually never meet condition. With some relating to the law reward system serves to give something support the motivational process which is employee working smarter. (Dar – El, 1991)
One of the biggest basic structures of the appreciation is to treat workers as they are employers of the company. That’s act of future responsibility to the specific person.(Bob Nelson, 1997)
Annual Bonus Plan
Annual bonuses mean bonus which is paid end of the year. Such bonus are paid to worker behalf of his work performance or time which is up to one year. In this situation employees only allowed to take 9 days leave in each year. Many firms have annual bonus plans aim to motivating the very short term performance of managers and senior managers mean executive level.
According to the BBC news they advertise recently network rail chief executive is to give up his annual bonus for this year saying he does not want it to could discussion of the firm’s performance. (BBC, 14 May 2009)
Displeasure is supporting device over a new bonus scheme at Tesco that will reward chief executive Sir Terry Leahy with a £11.5m windfall if the supermarket group’s US venture Fresh & Easy succeeds.(the independent business).
My ideas but other members of the Network Rail executive committee are still being considered for payments which could total hundreds of thousands of pounds.
The news that holiday bonuses are not so traditional anymore comes in a global survey by HR services firm ‘Hewitt Associates’.
Up to 207,000 staff at Tesco is shovel share bonuses worth a total of £98m after the retailer’s record annual results, it was exposing today. Tesco managers said all staff from checkout employees to store managers which have worked with the supermarket for at least a year by the end of February is valid for the free shares contributes 3.6 per cent of salary, up to a maximum of £3,000.
Gain sharing plan
The best system of high level management in which organization search high level of performance through the concern and participation of his workers or employees. As improve in performance and in the profit employees share financially. Gain sharing plans is an motivation plan which engage all workers or staff in a very common struggle to get a organization productivity based on bias. ( Garry Dessler, 2005)
In this reward we could said company achieve maintenance in addition key measure performance. That type of reward are payee for increase in performance improvement. Gain sharing reward is increase the feelings of employers as well accountability. Gain sharing motivation feeling of superiority, as well most positive attitude or work towards company.
According to my idea gain sharing reward are paid to the performance of team performance not for the performance of individuals. Raise the level of company problems from everyone has a more financial stake for the company success. In gain sharing management require a participative management style which is most stress for each organization.
Pay for performance
Pay for performance is the best sources of help to date on the issues of whether these concepts work how they can be practical most effectively in the workplace. This important volume looks at pay practice. Performance pay refers to the process of analyse workers amend this is based on bonuses and wages, salary in this situation manager can determine that how much better number of employees performance on work. In simply performance pay make sense to incentive more production of employees for their rise in contribution to the company.
The best example of performance pay is NHS, AGENDA for CHANGE has successful make something easier pay system of parts for the NHS with the intention of enabling greater able to adapt to new situation and addressing incessant equal pay to failure match. (NHS Executive, 1999)
According to the civil services, existing performance – related (PRP) secret plot have been reviewed and performance as well Makinson report (2000) has suggest a shift to team bonuses which will also be part of chain into target ability.
In Education health teacher were integrate on to new scale form performance small in quantity in (1999) and pay review body endorsement that classroom teacher should be included in this scheme (93 percent) were successful in achieving awards. Which in perfect form were pay award linked to performance and talent.
According to the Cabinet continuities from the previous period of market based reform are notable with responsibility to long pay with performance maintain and indeed, intensified. (Cabinet Office, 1999)
At the very first comprehensive spending review progressed through 1999, the chancellor announced higher than expected general settlement for health and for education, but press sure on pay was maintain now money was tied definite to funding capital projects, such as improve in information technology. Such as hospital waiting lists.
Market manipulation by the Prime Minister made it clear that Government did not expect to see pay levels increasing at the same rate as general money spent unless they were linked to result. (Peston and Timmins 1999).
The organization needs to be recognized requirement and maintain paying policies, method and practices that are reliable with and support effective risk management. There have to be link between response and reward and the incentive system needs to reflect this. I could easily explain financial reward with the help of my ideas this against or favourable of employee as well for organization. There are number of incentive system that a firm could use to motivate its employee.
- Wages and salary
- Portion or services rate
- Benefit of faction
- Merit pay
- Share owner
WAGES AND SALRY
Wages and salary is simply paying for staff performance. Mean work of employee and given reward such as a wages and salary. We could easily said simply used for business.
Staff may modern existence paid the same as a fellow workers who they seem to yourself is not so productive.
PORTION OR SERVICE PAY
Portion or services pay such pay paying to worker on each item which they produce in set period of time. That type of payment paying to staff for the behalf of work which they did in couple of time. We could easily said with the help of services pay increase speed of work so that’s why increase in productivity.
According to my ideas or opinion if services paying to worker they do not cluster together on quality of work as important on speed of work. As well for portion pay worker or staff they ignore the rule of company such as, health and safety. Because they trying to increase output just for portion payment.
BENEFIT OF FACTION
These type of financial reward mostly paid to workers such as extra their normal wages or salary. Benefit of faction paying to staff for extra ordinary work. These type of reward mostly pay to all level of managers. Such as car, free food, house, private health insurance, medical treatments etc.
According to my ideas these type of benefits going against and favour of company. Such help to worker and provide human and social needs. Encourage employee because he can stay or work more and better for company. And i am against because of common use to a majority of employees will increase cost able to cut or pointed.
SHARE OWNERSHIP PLAN
This is also financial reward for employee these type of incentive paying to senior or middle level managers who are given able to give share in company, on contrary than accurate membership of a profit sharing scheme.
According to my point of view if share are paying to worker they will work harder as they have share in company if company is running on profit this is also beneficial for workers. In this case worker they don’t like to leave the company. As well I am against of share ownership because of this other staff in panic mean these type of benefit just paying to senior
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Non Financial Reward
Non financial reward mean range in which money is motivator to increase performance corpse piece of an unresolved argument. Information technology held that all staff likely to over reported significance of pay in any employee critical inspection. Non financial reward inspection sign display the failure to match between people point of view what they have to be said and did with respect to pay and concluded that although pay is not same important in all individuals, we could easily said such an important general motivator that many mangers make too below estimate its importance. (Tim claydon, 2007) There are following non financial reward which is below of this line.
- Four weeks or monthly annual leaves
- Flexible benefits cash sum
- Flexible working as meets the needs of the business.
- Share save schemes
- Contributory pension scheme
- Discounted/preferential rates on a whole range of products from loans to mortgages
Abraham Maslow Non Cash Incentive
RECOMENDATION AND IDEAS
In each point of my topic I have already give my ideas. In both condition I have represent why incentive is important and why not for organization. I have some more words to say that all combination of my whole topic which I am going to give my ideas this incentive is necessary for employee if yes so I have to explain about this.
According to my point of view employee must believe producing performance I could easily said this is certain specified behaviour which have to lead known reward.
The employees of the organization they must have believed that reward offered are interesting. Some employees they want edging benefit, such as pension, house rent allowances as well medical allowances because they are old workers and they want retirement security. But some employees they desire promotions because they are looking for power.
Employees they must trust a set of level in individual efforts which will lead to achieve the local governing authority standard of performance.
The total rewards strategy for the organization will speak distinctly the overall plan for the rewards that will be offered to the employees in swap for excellent work and responsibility from them. That type of strategy is full set of rewards, both financial and non-financial, and will also develop plan which focus on performance of management. This doesn’t mean that incentive at work places does not better actually according to my personal experience I proffered that it is crucial to get the best out of employees. Managers just have to find the best suitable processes to apply to the exceptional organization.
REFERNCE AND BIBLOGRAPHY
- Julie Beardwell Tim Claydon (2007). Human Resource Management. 5th ed. london: FT Prentice Hall. 499.
- Dar-El, E. (1991, November 22). The productivity option.
- Nelson, B. (1997). 1001 ways to reward employees.
- Gary dessler (2005). Human resources managment. 10th ed. London: Pearson. 453.
- Dressler (2005). Human resources management. 10th edition. London: Pearson. Page no 455.
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