School of Business and Law (SBL)
|Serial |Contents Name |Page No | |1 |Introduction |3 | |2 |Part A: Management and Rewarding Employees with Merit Issues |4 | |2.1 |Motivation Theories |4 | |2.2 |Employee Reward and Recognition |5 | |2.3 |Merit pay plans |10 | |2.4 |Effectiveness of Merit Pay |10 | |2.5 |Merit based pay |11 | |2.6 |Employee Stock Ownership Plan |13 | |2.7 |Gain sharing |15 | |2.8 |Scanlon Plan |16 | |2.9 |Profit Sharing |17 | |3. |Part B: Business Restructuring Process |19 | |3.1 |Factors Involved in Employee Pay Increases |21 | |4 |Conclusion |22 | |5 |References |23 |
Motivation is based on giving people an appropriate combination of rewards and employees need an awareness of the possibilities for them at work and the freedom to choose options and goals. Most individuals need to feel they have responsibility and the power to influence results by their actions. People have their own priorities in relation to the rewards they get from work. Rewards may include money, recognition, friendships, security, the challenge of new projects or a sense of doing something worthwhile and 'making a difference'. For many people, the chance to achieve ambitions is a major motivation.
Motivation or Incentives one of the most common way to increase staff motivation, incentives are given when a person or group of people have reached a particular goal or objective. Incentives can take a variety of forms and can consist of thing like a monetary reward such as a Christmas bonus, employee benefits, or non-monetary rewards such as gift vouchers.
Managing Human Capital is a deliberate and logical method that involves a company’s most appreciated treasures, the individuals performing who is independently and jointly donates to the achievement and goals of the company.
In this paper, a discussion will occur in regards to rewards and recognition programs that are frequently offer in today’s companies, and if they are a good idea, or not. This paper will recognize several companies that use reward and recognition programs to motivate employees, and offer additional suggestions for the readers.
Job Analysis will be identified and discussed, along with Human Resource planning contributions. Lastly, the paper will discuss the factors of increasing employee pay rates.
2. Part A: Management...