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Rewards are, in general, considered to be an element which helps a human feel better. The concept of using rewards to make employees feel better is also common in workspaces as it helps them in performing better and consequently affects the overall effectiveness of the company. The usage of rewards, be it monetary or non-monetary, are used in performance management within workspaces (Chaurasia, Verma and Singh, 2019) Performance management takes place between supervisors and employees which is initiated to reach the goals and objectives of the company.
1.1 (Slide 2) Intrinsic and extrinsic reward
Intrinsic rewards are abstract rewards which help recognize a person’s sense of achievement; feeling appreciated for doing something commendable and knowing that one has personally done something worthy of appreciation (Chen et al., 2018). Extrinsic rewards are those rewards that are tangible and are physically given for an accomplishment. For example, a medal of honour or a certificate which is awarded to people for something they have accomplished.
1.1 (Slide 3)
Intrinsic rewards are something personal and help an employee to feel better within themselves and that ultimately leads to a positive change within the behaviour of the employees. The employees being positive and motivated would affect the work environment in a positive way and make it more peaceful (Hariri Akbari et al., 2018). Extrinsic rewards on the other hand is also essential in moulding and altering the performance of the employees in a positive way and increases the participation of the employees.
1.1 (Slide 4) Reward and business objectives
Reward packages are one of the most important elements of performance management. Introduction of rewards and recognition helps in encouraging the employees to give their ultimate performance which consequently helps the company in getting their objectives and goals met in an efficient manner. Rewards and recognition are important parts of human resources and companies introduce reward packages and have their techniques of recognition for the employee’s solid performance. Recognition of the performance helps the employees in either staying consistent with their performances or improving it to earn more rewards and recognition (Huo, Boxall and Chuong, 2022).
1.2 (slide 5)
The primary requirement for introducing policies related to rewards or initiating performance management within an organization is to determine the goals and objectives of the company in a proper manner. Knowing the goals and objectives would help Home International in knowing the effort which would be required to be put in by the employees; the intensity of efforts would then help in determining the rewards (Hegner et al., 2019).
1.2 (Slide 6)
After the aforementioned steps, the company would also be required to assess the likings of the employees by conducting an organization-wide survey. If the reward package would be according to the likings of the employees it would help them to function in a proper manner. However, the reward packages must be within the ambit of the company’s resources; meaning, something which the company would be able to afford to give away in a comfortable manner. Therefore the company must present policies of reward which would be affordable for them and negotiation techniques can be employed to fix the policies (Li and Wen, 2019).
1.3 (slide 7)
The primary objective of reward or performance management is to improve the people and consequently organizational performance of a company. A company initiates performance management within its organization and includes policies of reward so that the staff would be encouraged to function in a way that would help them to reach the aims and objectives of the company. If the people and organizational performance is functioning in a smooth manner then it would be a positive reflection of the reward packages.
1.3 Slide 8
If improvement within the performance of people and organization is the positive reflection of awards then showing no improvement in the performance of the people and ultimately the employees is considered to be a negative reflection on the concepts of reward. If there is no improvement, then the company would gain a negative reward (Liu, 2020).
1.4 Slide 9
Home International offers a variety and combination of both intrinsic and extrinsic rewards. Intrinsic reward includes regular encouragement of the employees and leaving them a thank you note; small gestures help people feel better about their work. It also offers extrinsic rewards such as coupons for free meals in favourite restaurants or redeemable leaves in a month. Home International follows a combination of both types of rewards.
1.4 Slide 10
Another company Decor Woods offers extrinsic rewards such as gym subscription to their employees. They also offer other rewards such as paid vacation of a week to employees who perform well. Although this helps in some employees improving or maintaining their performances, the approach of Home International is more sustainable for the over organizational and people performance of the company. Home International's approach is something which encourages even the less extraordinary employees and affects most of the workforce (Malik, Sarin and Haon, 2020).
1.5 (Slide 11)
Intrinsic and extrinsic rewards are two ways in which the performance of the employees of an organization and the overall organizational performance is affected in a positive way and improved. Since intrinsic motivation is something which comes from something helping an employee to function in an efficient manner, intrinsic reward helps reduce the labour cost of the company. Labour cost is reduced because lesser employees function more and well. Extrinsic rewards help the supervisors to guide the performance of the employees in a considerable manner.
1.5 (Slide 12)
The primary drawback of intrinsic rewards is that it is difficult to find employees who are easily intrinsically motivated as most employees work for physical incentives and benefits. The drawback of extrinsic reward is connected to the drawback of intrinsic rewards as it is extrinsic and physical rewards only which lowers the motivation within employees through intrinsic motivation (Russel et al., 2018).
3.1 (Slide 13)
Performance review meetings are when employees meet with the managers so that the manager may assess the level of their performance and give them feedback. Performance review meetings give employees the chance to get to know what the manager thinks of them in terms of their overall performance and how the employees can improve and do better.
3.1 (Slide 14)
360-degree feedback is when employees sit around and tell their perceptions of each other. This helps the employees to know what the coworker thinks of them and further helps them to either maintain or improve their performance. It increases the effectiveness of the workspace as it brings harmony among the employees.
3.3 (Slide 15)
Line managers are one of the most important elements of the organizational hierarchy and they oversee one or multiple staffs or members of the workforce. It is upon the line manager to judge the performance of the employee and rewards based upon the performance index of the employees. It is upon the line managers to oversee and evaluate the contribution of the employees (Serin, 2018).
The primary requisite for judging whether or not an employee deserves a reward or not is based upon their performance and that performance is overlooked by the line manager. The line manager knows the company's policies on the reward system and being the one who evaluates the performance of the employees, the line managers makes the decision and judgement related to rewards.
3.2 (Slide 17)
People professionals are the ones who look after the goals and visions of the organization and see if the employees or people working within the organization are working in accordance to those visiond and goals of the company. If the people are not working according to those goals and visions, then the people professionals intervene and try to alter the way. Since people professionals remain in direct touch and contact with all the employees and often intervene them, they can be a supportive ally of line managers in their endeavour towards the judgement of reward allocation (Wu et al., 2019).
Chaurasia, S.S., Verma, S. and Singh, V., 2019. Exploring the intention to use M-payment in India: Role of extrinsic motivation, intrinsic motivation and perceived demonetization regulation. Transforming Government: People, Process and Policy.
Chen, H., Nunes, M.B., Ragsdell, G. and An, X., 2018. Extrinsic and intrinsic motivation for experience grounded tacit knowledge sharing in Chinese software organisations. Journal of Knowledge Management.
Hariri-Akbari, M., Shokrvash, B., Mahmoodi, F., Jahanjoo-Aminabad, F., Yousefi, B. and Azabdaftari, F., 2018. Conversion of extrinsic into intrinsic motivation and computer based testing (CBT). BMC medical education, 18(1), pp.1-8.
Huo, M.L., Boxall, P. and Cheung, G.W., 2022. Lean production, work intensification and employee wellbeing: Can line-manager support make a difference?. Economic and Industrial Democracy, 43(1), pp.198-220.
Hegner, S.M., Beldad, A.D. and Brunswick, G.J., 2019. In automatic we trust: investigating the impact of trust, control, personality characteristics, and extrinsic and intrinsic motivations on the acceptance of autonomous vehicles. International Journal of Human–Computer Interaction, 35(19), pp.1769-1780.
Li, H. and Wen, H., 2019. How is motivation generated in collaborative consumption: mediation effect in extrinsic and intrinsic motivation. Sustainability, 11(3), p.640.
Liu, I.F., 2020. The impact of extrinsic motivation, intrinsic motivation, and social self-efficacy on English competition participation intentions of pre-college learners: Differences between high school and vocational students in Taiwan. Learning and Motivation, 72, p.101675.
Malek, S.L., Sarin, S. and Haon, C., 2020. Extrinsic rewards, intrinsic motivation, and new product development performance. Journal of Product Innovation Management, 37(6), pp.528-551.
Russell, Z.A., Steffensen, D.S., Ellen III, B.P., Zhang, L., Bishoff, J.D. and Ferris, G.R., 2018. High performance work practice implementation and employee impressions of line manager leadership. Human Resource Management Review, 28(3), pp.258-270.
Serin, H., 2018. The use of extrinsic and intrinsic motivations to enhance student achievement in educational settings. International Journal of Social Sciences & Educational Studies, 5(1), pp.191-194.
Wu, R., Wu, Z., Wen, J., Cai, Y. and Li, Y., 2019. Extrinsic and intrinsic motivations as predictors of bicycle sharing usage intention: an empirical study for Tianjin, China. Journal of cleaner production, 225, pp.451-458.
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