Pay and reward package benefit both employers and employees

Fatima F.

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Pay and reward package benefit both employers and employees

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Pay, reward package, employers, employees management, business performance, Google, non-financial rewards, workplace environment, company policies, psychological contract, employee involvement

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Abstract

Reward describe by (Bloom and Milkovich, 1996: 25) as "bundle of returns offered in exchange for a cluster of employee contributions" is a combination of financial and non-financial components that is attributed to the employees depending on several factors such as the legal, ethical and the overall situation of the organization. Demby (2003 p. 102) said in an e-research interview, "great incentives should be used to drive great business performance. Great performers will always perform. Great reward programs can help the whole organization to perform." The reward system is very important and can have a significant input in the achievement of the organization goals as well as towards the shareholders' benefits. This report analyzes the essential components of this package, but also discuss the impact it has on our behavior and how organization use this package to manage their employees.

Quantitative rewards
Non-financial rewards
Google's case

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[...] A car that come and pick them to go to work is available if needed. Within this organization, employees feel the pride of being part of a group with multiple development opportunities, working in such an inspiring environment. The reward to have access to some benefits in the workplace that not every organization has is considerable. They have access to development activities that help them grow and learn about themselves. These experiences are essential for the development of the employee and therefore for the company's. [...]

[...] (2018) Motivating people: Getting beyond money [online] The Online Journal of McKinsey & Co [viewed 22 December 2019] Available from: https://www.mckinsey.com/business-functions/organization/our-insights/motivating-people-getting-beyond-money Feather, N. (1990) Reactions to equal reward allocations: Effect of situation, gender and values. British Journal of social psychology pp. 315-329 Gov.uk. (2019) National Minimum Wage and National Living Wage rates [online]. Gov.uk [viewed 20 December 2019]. Available from: https://www.gov.uk/national-minimum-wage-rates Greenberg, J. (1978) Equity, equality, and the protestant ethic: Allocating rewards following fair and unfair competition. Journal of Experimental Social Psychology [HYPERLINK: https://www.sciencedirect.com/science/journal/00221031]. [...]

[...] Behavioral Research Service General Electric Company Crotonville, New York. Antonacopoulou, E. (2000) Employee development through self-development in three retail banks. Journal of Personnel Review, pp. 491-508. Armstrong, Michael. (2010) Armstrong's handbook of reward management practice improving performance through reward. London Philadelphia, Pa.: Kogan Page Bloom, M.C. and Milkovich, G. (1996) `Issues in managerial compensation research' in C.L. Cooper and D.M. Rousseau (eds) Trends in Organisational Behaviour, 3(1). Chichester: John Wiley, pp - 47. Brandt, R. [...]

[...] These opportunities to be recognized constitute a real motivation for employees. It gives them the recognition and the self-confidence to be part of a growing environment with a meaningful position within the organization. These significant feelings help them to push, excel, and to be more efficient and vital in their work. According to McKinsey & Company's survey (2009), the top three most popular non-financial incentives are to be praised by the employer, to catch the eyes of the leaders, and to have opportunities to lead projects or to do meaningful tasks. [...]

[...] By firstly discussing the basic features of a reward package, examine how it can benefit both an employer and employees. Your report should identify and describe a variety of financial and non-financial elements of a reward package and consider how these are implemented within an organization of your choice. Reward describe by (Bloom and Milkovich, 1996:25) as "bundle of returns offered in exchange for a cluster of employee contributions" is a combination of financial and non-financial components that is attributed to the employees depending on several factors such as the legal, ethical and the overall situation of the organization. [...]

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