Team Performance Reward

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Team Performance Reward
Hoang Thi Bich Chi
Nguyen Huy Hoang
Nguyen Thi Hoa Hong
Nguyen Thai Hung
Pham Trong Kha
Huynh Thi Anh Thoa
Human Resource Management
January 26th, 2013
Dr. Lam Nguyen

Team Performance Reward
In the competitive market nowadays, what is the most critical element to business success? Is it the cutting-edge technology? Perhaps having a nice office or having many new ideas? Wrong, wrong, and wrong. A prior study indicated, “many organizations find teams to be important to their success” (Lucy, 2001, p. 73). Indeed, we could have the most modern equipment, the perfect workplace, and the extremely creative thoughts, but if we do not have a good team, we may fail. Hence, how to encourage the employees so that they may perform better and even over expectations? As a matter of fact, a company is just successful when it has a good performance. To be more precise, a business will not perform well when the teams do not work together in an effective manner. As a consequence, some organizations have motivated their employees by implementing the team-based reward. Thus, a question is posed here that “should companies implement the team performance reward to motivate employees”? What is “team performance reward”? Team performance reward is understood as the reward system based on team performance to encourage employees to “coordinate their actions, share information, and help one another” (Rankin, 2004). Actually, there are two kinds of rewards used commonly today: monetary and non-monetary rewards. Depending on the job profile, however, both of them can motivate employees to contribute and devote more to the organization. An important thing should be mentioned that these rewards would be allocated equally to individual team members because their outcomes are positively linked. It means that all work together, all gain together. It is difficult to deal with this matter that it “should” or “should not”. As such, this study will be to discover how it has an impact on team performance as well as business performance, the cooperation and competition of team members, the competitive advantages, diversity of the company, and last but not least, the responsible awareness of individuals. Supporting Arguments

Team Performance Reward Increases the Possibility of Achieving Team’s Goals Nowadays, thanks to globalization and technology advances, business environment has transformed. Qualities that characterizes modern business environment are complexity, task interdependence, knowledge-based, and specialized. Technically, teams have to employ standardized processes in carrying out their tasks. First, teams need to define their goals. Those goals need to be realistic and specific. Second, strategies and tactical plans must be carefully developed. Third, teams implement those strategies and plans effectively and efficiently. Finally, teams need to constantly monitor the processes, feedback and take corrective action if necessary. In team-performance-reward-based organization, reward interdependence characterized working and appraisal mechanism. Employees have benefit in common. They take equal shares. Assists teams build well-defined goals. Since, team members are unconscious about their personal benefit, they are team’s goals oriented. They have broad minds and think strategically. They deem that achieving team’s goals is their priorities. All team members deeply think and active contribute to the goals building process. As a result, team’s goals have been well defined. Helps teams develop strategies and plans by encouraging knowledge sharing. Information is crucial for developing strategies and plans. “Knowledge sharing is the fundamental requirement of a knowledge-based organization” (Milne, 2001, para.1). Unfortunately, significant amounts of employees consider information and knowledge that they have as their own asset and advantages. Team performance reward can solve this problem. Since team members are...
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