3. Reward Management
The HR Management of “COFFEE BREAK” comprehends the importance of strategic encouragement of the employees and as a result, has developed a reward management system for the company which is going to be applied for several purposes:
➢ Attract the best personnel to the company
➢ Create positive working environment
➢ Retain the best employee, prevent high turnover
➢ Promote productivity and creativity
➢ Design company culture & ethical code
The HRM’s objectives are to ensure productivity, initiative and devotion of the staff to the company, that’s why reward management will help to achieve the aforementioned objectives through making the “COFFEE SHOP” employees experience:
➢ Self-meaningfulness to the company, better intergration (feel worthy, respected, and have status).
➢ Sense of accomplishment and self-respect due to the successful performance at work (receive recognition and reward).
➢ Favourable atmosphere for friendship and good relationships with the coworkers (as achievements are praised as individual ones at the same time they are considered to be a part of the overall success).
The HR Department of “COFFEE BREAK” has scheduled to apply NON-material and material reward types, both are used to praise employees who have made from a minimum to the greatest contribution to the company, such rewards help to create commitment to the enterprise.
➢ When rewarding an employee, his/her personal characteristics, the individual needs and interests must be considered.
➢ The rewards should be concrete, based on performance or skills of the rewarded. Staff should know exactly what they (or their colleagues) are praised for.
➢ The CEO of “COFFEE BREAK” should sometimes reward his personnel even for small achievements as it will favour future productivity improvement of the encouraged employee and his colleagues.
➢ The encouragements should be applied IMMEDIATELY and unexpectedly as well as irregularly for achieving a surprising effect and be remembered for a long time.
|EVALUATION | REWARDS | REWARDS | |(1 is min, 5 is max) |NON-Material |Material | |Good |individual and public verbal | _ | |(score 3) |acknowledgements | | | |personal parking space/education/ | | |Prominent |training course/ earn new skills/free dinner/increase | salary increase | | |autonomy/tickets | | |(score 4) |for concerts, operas, musicals, theatres, sport events/ | provision with a cell phone | | |gym membership, vouchers to a yoga class/ involvement | | | |into company’s | | | |improvement, etc. | bonuses | | | | | | ...
Please join StudyMode to read the full document