Recent orders
True Incentives, Reward Programs and Organizations Strategy
True Incentives, Reward Programs and Organization’s Strategy
Author’s name
Institutional Affiliation
AbstractIn the contemporary global and competitive workplace, successful organizations utilize diverse strategies in order to attract qualified candidates, maintain top talent, as well as maintain an exceedingly motivated workforce. Thus what might an organization as well as managers do to draw, maintain and inspire talented personnel? Successful organizations have various styles reward programs that identify and strengthen high-quality employee performance. This paper posits to investigate how true incentives, rather than just pay-for-performance reward programs are utilized in organizations in supporting the organization’s strategy and help fulfill its mission.The content of this paper is helpful for human resource professionals, managers, as well as organizational leaders in considering the execution of a variety of reward systems as well as pay programs.
Table of Contents
TOC o “1-3” h z u Abstract PAGEREF _Toc321138594 h 2True Incentives, Reward Programs and Organization’s Strategy PAGEREF _Toc321138595 h 3Introduction PAGEREF _Toc321138596 h 3Pay and Performance PAGEREF _Toc321138597 h 4Rewards Systems PAGEREF _Toc321138598 h 5Performance-Based Pay PAGEREF _Toc321138599 h 6Strategy-Based Pay PAGEREF _Toc321138600 h 6Recognition and Rewards PAGEREF _Toc321138601 h 7Conclusion PAGEREF _Toc321138602 h 8References PAGEREF _Toc321138603 h 9
True Incentives, Reward Programs and Organization’s StrategyIntroductionEffective, timely, appropriate, as well as market-driven rewards may be motivational for employees and managers alike. Research and experience in the science of achievement supports the concept that timely and effective feedback motivates morale as well as enhances productivity. Several studies demonstrate that a positive link between the resources accessible to human resources, fairness in compensation, amount of information flow between the workforce and management, workers’ degree of stress as well as exhaustion on the job. What organizations as well as managers obtain is usually commensurate to what they reward. In the event that an organization strongly values something, then the behavior of the employees’ will be motivated by these values.
Pay and PerformanceAccording to Tortorella, Helm, and Holladay (2007), performance management may be regarded as a complete system which entails an organization’s goal alignment, communication, continuous feedback, and education, that leads to the identification of top performers in an organization. This recognition is essential as an organization endeavors to retain its top talent and develop the performance of its entire workforce in an effort to optimistically influence the client’s experience. According to the authors, efficient performance management that involves an inclusive system of training, goal setting, communication, as well as continuing feedback is a practice through which research regularly has imperative implications. However, current research has largely focused on one factor of this subject, namely; the relationship between performance and pay. Tortorella., et.al (2007) makes the several points on the subject of pay and performance:
Pay-for-performance policies are in position in numerous organizations, but just a few organizations indicate the objectives of their performance management scheme, evaluate the realization of goals, or align these goals to the organization’s strategic plan.
Merit pay is a policy that determines conflicting reward amounts in the context of the workers’ performance level.
An increasingly huge number of organizations in diverse industries have scrutinized how rewards, particularly compensation, can be connected to performance. This leads to extensive and ever-increasing development of pay-for-performance factors in performance management programs.
This performance management program is a noteworthy step toward realizing the organization’s ultimate goal of becoming an employer of choice, whereby top performers are acknowledged, and for granting documented study that other organizations may learn from and employ in their performance management initiatives. As organizations experience the challenges of employee turnover, having a pay-for-performance program may attract high-quality potential candidates while nurturing the retention of top performers as well as talented employees (Tortorella., et.al, 2007).
Rewards SystemsThere is a rising demand on organizations to develop appropriate reward programs that motivate employees to work increasingly harder. These programs generally encourage and educate workers to become increasingly productive, valuable, and efficient individuals in the organization in regard to the bottom-line. However, owing to the pressures associated to incentives and performance or ineffective procedures of implementation, in a number of cases, these programs may promote unethical behaviors. Therefore to attract and retain committed and qualified individuals, organizations require having suitable pay systems that promote and reward workers to always continue being focused on the production of quality products in an proficient manner, as well as to constantly do the acceptable thing. In the mean time, managers ought to be moving toward better alignment between organization’s strategies and performance management, values, as well as quality measures.
The reward systems ought to be associated with employee development, goal-setting, competency measures, as well as team performance. This approach decentralizes the decision-making process down the chain of command to give power to those executing various tasks. This translates into enhanced reward systems as well as enhanced morale amongst employees. To facilitate the creation of a competitive edge, a lot of organizations today are doing more with smaller numbers of employees. Therefore it is essential that workers are rewarded for employing ethical and effective decision making and problem-solving skills.
Performance-Based PayThis entails variable pay to encourage and reinforce performance improvements through sharing the benefits or profits of improved performance. The contemporary pay for performance approach can be an outstanding stratagem if it focuses on results, rather than merely on the means. This approach would works well with manufacturing and technical jobs. However, jobs that necessitate decisions of ethics and morality cannot be left to individual since they represent the organization and their opinions may not of necessity match that of the organization. Ethical and moral decisions ought to be a concern of all stakeholders including the corporate executives as well as management. Individuals ought to be provided with the necessary resources, training, as well as the means of realizing results within stipulated limitations.
Strategy-Based PayThis refers to the base pay which may reinforce new wide-ranging jobs, development of skills, and performance. The strategic base pay must be determined due to skill as well as the external market. All jobs must have a base salary compatible with the market or industry. Every job must be described and analyzed founded on its work behaviors as well as distinctiveness of the work environment. Every position ought to be slightly different from the preceding one and must include extra responsibility of new skill or knowledge. Therefore, the base pay ought to be different for every job and must represent the level of knowledge or skill. All employees ought to be presented with the opportunity to train in new knowledge and skills requisite for assuming increased responsibilities. Pay rises as well as promotions ought to be founded on a 360 degree evaluation whereby every individual, can evaluate as well as recommend their colleagues for promotions and pay increase. It is particularly important that individuals are trained in the process of evaluation and educated on the impact of their appraisal on the individual being evaluated. If performed appropriately peer evaluations usually are the most precise judgments of a worker’s behaviors.
Recognition and RewardsConventional methods of running organizations have transformed rapidly and will most likely continue at an even more rapid pace as the labor force changes. The transforming workforce needs new as well as flexible reward programs that can enhance as well as produce positive conditions in the work milieu. Recognition programs may be geared toward the two extroverts, namely; those who require incentives in order to be motivated, as well as introverts, namely; the workers who are motivated as a result of internal gratification of pride in responsibility and workmanship. Human resource professionals ought to devise recognition programs that serve introverts as well as extroverts in order to make the job increasingly fulfilling. Fulfilling and challenging jobs keep employees contented and motivated internally to perform their jobs with personal integrity and commitment.
Cash awards may be excellent; on the other hand, the marginal utility of every dollar diminishes as the award rises. Cash awards are provisional awards and the impact normally ends at some stage the next day or the next paycheck. Consequently cash awards generally are not very effectual in the long-term, and may not be equally popular either. The majority of employers concur that they would realize more mileage from various non-cash awards than would be the case with cash awards. The non-cash awards may be less expensive and they ought to be given directly, and increasingly often, to constantly strengthen positive behavior. Several studies show that every twelve cent in cash award costs merely four cents in recognition in comparison to non-cash awards. These rewards have a propensity to be approximately 38% a blend of non-cash and cash, 15% being cash, and 47% being non-cash for the majority of large organizations.
ConclusionManagers ought to think concerning building an efficient as well as a value-based organization, since it is essential for their immediate success, as well as the management’s future. If the mangers reward ethical conduct and pay workers a fair wage, consequently, their workers will perform ethically. In the event that organizations as well as managers reward quality improvement and, quality products, then workers will commonly consider quality in their work which would consequently lead to improved ways of performing the job. In the event that, organizations reward consumer satisfaction and intimacy, employees are prone to adjust and transform their behavior to create a good relationship with the clientele, in order to recognize and gratify the customers’ needs. Appropriate reward systems for employees, as part of an all-inclusive performance management program, helps in enhancing performance as well as productivity in the workplace.
References
To what extent is the use of animal testing in scientific research acceptable
To what extent is the use of animal testing in scientific research acceptable?
Name:
Professor:
Institution:
Course:
Date:
Introduction
Animal testing is the use of animals such as lab rats to test the reaction of a certain type of medication. These types of procedures have been used for a long time to test the credibility of new drugs. When drugs are made, there is a possibility that some of them may give the user a negative reaction due to the different chemicals that are used. It is thus important to ensure that the drugs are tested so as to verify whether they are fit for human consumption (Machan, 2007).
Without the invention and innovation of drugs, human beings would not have a means of protecting themselves when the fall sick. Research carried out on drugs has proved to be important to the sustainability of the human life. Some of the conditions that human beings are faced with cannot be cured by ordinary treatment. The continued research of new drugs has given hope for the treatment of conditions such as cancer, and other life threatening conditions. This in turn has given hope to the hopeless by giving them a second chance to live (Miles, 2005).
Over the years, various movements have been formed to address the needs of different groups. These movements fight for the causes of the abused minorities who are helpless in that they do not have a voice. The animal rights movements have not been left behind in the fight for the proper treatment of animals by human beings. The issue of animal testing has therefore been debated due to the number of animal lives that have been lost in these procedures. This situation has put medical researches between a rock and a hard place because the decline of animal testing could reduce the probability of human life in the long run. Research has shown that new innovations in the area of medicine have improved the lifespan of human beings. For the there to be more innovations, more animals need to be used to conduct the tests. If the doctors continue to conduct these tests, the number of animals will have to succumb to the testing. This dilemma has been the cause of debates on whether animal testing is ethical (Smee, 2000).
Human beings have more authority in the ecosystem in that we are the guardians of the environment. This means that the priorities of the human beings have to be considered before the ones of the animals. If doctors are not allowed the freedom to carry out their research, new treatments will not be derived and many lives would be lost as a result. Since there is no way to go around the issue, something has to give and in this situation, the animal testing has to continue. Although medical research cannot be separated from animal testing, doctors should be more responsible in the way they handle the animals. The number of the animals tested needs to be reduced so as to avoid extinction of the animals in question (Machan, 2007).
Conclusion
Medicine is one of the most important industries in any economy. It is through medicine that cures are derived for conditions that have proved to be incurable. It is ironic that a life has to be taken so as to give life to another. Human beings should therefore change their approach on the procedures of the animal testing which in turn would remove the stigma that comes with the research.
References
Machan, T. R. (2007). The Morality of Business: A Profession for Human Healthcare. Boston: Springer.
Smee, C. (2000). “Department of Health Special Section: Reconsidering the Role of Competition in Health Care Markets”. Journal of Health Politics, Policy and Law, 25 (5): 945–951
Miles, S. (2005). The Hippocratic Oath and the Ethics of Medicine. Oxford University Press.
The 19th Century Business Boom
The 19th Century Business Boom
The Gilded Age lasting from the 1870’s to 1900 is an American transformational era where Americans juggled with political corruption in following the Civil War along with Industrialization, and Inventions that led to Expansion, and Growth.The most impactful development attributed to the Gilded Age was the rapid urbanization and industrialization of the U.S.
The primary factors that stimulated industrial and agricultural growth in the 19th century was an influx of immigrants from a myriad of European nations, the expansion of the national railroad, and industrialization. With the influx of immigrants, there was a surge in American population and more able bodies were available for employment and economic consumption. Prior to 1890, American immigrants were skilled anglo-saxon workers from Northern Europe. New immigrants on the other hand, came from Eastern Europe with significant cultural differences, difficult languages, and faced severe discrimination. The expansion of the railroad produced a great measurement of industrial success. The national railroad network grew and industrialization expanded use of electrical power. Cornelius Vanderbilt pioneered the railroad industry prior to the Civil War. He presided over shipping business throughout the country, as the on-going war disrupted sea trade and transportation, Vanderbilt invested in railroads. He continued to add and it grew to over 4,500 miles of railroad worth over $100 million, extending from Ohio to New York. Industrialization is the process of economic transition where factory and efficiency are dominant. Industrialization caused the growth of cities, increased world trade and problems such as monopoly, labor issues , and pollution resulted from it.
Leading entrepreneurs who pioneered the growth of big businesses include John D. Rockafeller, Andrew Carnegie and, J. Pierpoint Morgan. John D. Rockafeller was the founder of Standard Oil Company. He owned barrel factories, oil fields, oil storage facilities, pipelines, and railroad tanker cars. He had everything that had to do with the oil industry. This made him able to vend oil at a more appealing price than his competition through what is called Horizontal integration. Horizontal integration is one company’s control of other companies producing the same product. Andrew Carnegie was a successful philanthropic steel baron who grew up poor and worked his way up. Carnegie invested money acquired loans to invest in stock of steel bridges, iron, oil, railroads, and telephone lines. He became wealthy by buying in bulk and producing mass quantities, which in turn lowered production cost and increased profits. He used vertical integration in which he acquired companies that provided materials and services upon which his enterprises depended on. Lastly, J.P. Morgan was a banker that bought the Carnegie Steel Company for a whopping $500 million in 1901.
Amid the Gilded Age the government practiced Laissez-Faire until eventually they did not. Congress imposed high tariffs on imported goods, used the homestead act to industrialize the west, and implement laws such as the Sherman Antitrust Act of 1890 which outlawed all monopolies and trust that restricted trade. It was difficult to enforce because it didn’t define what constitutes a monopoly or trust. Because of this monopolies and trust continued to grow in size and power. This was bad because it did not allow for competition and kept prices fixed.
Social class structure and lives of women changed in the late 19th century. At this point, women were on the brink of achieving the long time sought right to suffrage and political activity. With the help of Susan B. Anthony and others, women were able to attend college, took business and professional jobs, and participated in other public activities. At the same time, society still struggled with the controversial idea of child labor. The first child labor bill, the Keating-Owen bill of 1916, was based on Senator Albert J. Beveridge’s proposal from 1906 and used the government’s ability to regulate interstate commerce to regulate child labor. The act banned the sale of products from any factory, shop, or cannery that employed children under the age of 14, from any mine that employed children under the age of 16, and from any facility that had children under the age of 16 work at night or for more than 8 hours during the day. Although the Keating-Owen Act was passed by Congress and signed into law by President Woodrow Wilson, the Supreme Court ruled that it was unconstitutional in Hammer v. Dagenhart (1918).
Growth of Labor Unions and the rise of American Labor Movement occurred because of the alienation of workers in factory settings. The growth of the Labor movement led to the formation of first labor unions in America. The Haymarket Riot was a disturbance that took place on Tuesday May 4, 1886, at the Haymarket Square in Chicago, and began as a rally in support of striking workers. An unknown person threw a bomb at police as they dispersed the public meeting. The bomb blast and ensuing gunfire resulted in the deaths of eight police officers and an unknown number of civilians. Although there were many advantages to labor unions, some protests and demonstrations disturbed social tranquility and caused more harm than good.
In conclusion, the gilded age was an era of great social and economic change. Monopolies ran amuck, business was booming, and the economy was whipped into shape by the government from hands off to a more hands on approach.