MGT Critical Thinking. Organizational Reward Program. Management Essay

ORGANIZATIONAL REWARD PROGRAM
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In coming up with a proper reward program, it is of interest to identify the rewards that need to be included, the reward criteria, the need for each reward, and also the expected outcome. That means that we also have to talk about pay for performance and the risks that will come along with the program. What are all these? A reward refers to anything given in recognition of service, effort, or achievement. In every organization, it is essential to have a reward system because rewarding serves to motivate and to encourage all the employees to maximize their output to the best of their potential. That makes it right that rewarding improves the whole organization's production and efficiency. Also, depending on the reward criteria, rewarding brings in play an aspect of competition. Internal competition remains a commonly accepted means to promote innovation, efficiency, and performance (Siciliano,2015).
Rewards are mainly intrinsic or extrinsic. Essential rewards are feelings of satisfaction and pleasure independent from awards and material objects. The rewards, therefore, can be described as non-physical as they cannot be seen or touched but are connected with the employees' emotions. They are feelings of contentment. On the other hand, extrinsic rewards are those that come from external sources, mainly employers. In the organization's reward program; therefore, we will consider both the extrinsic and intrinsic rewards.
The extrinsic to be included are salaries, commission, promotions, fringe benefits, and improved working conditions. The intrinsic rewards are expected to come as a result of the division of labour and specialization, offering some working freedom and introduction of the wall of fame. In the extrinsic rewards, all employees are entitled to salaries according to their respective employment contracts. In addition to their wages, however, every employee should be entitled to a commission according to their performance for the respective trading period. The commission will be set and decided upon by the board of management.
In addition to the commission, there should be introduced a chief of staff post was the best-performing employee is automatically promoted to serve in the following trading period. This will serve two primary purposes; one, it will introduce an aspect of competition among the employees, which will improve performance and output. Secondly, it will create a closer link between the management and the staff. This will make it easy for the administration to roll out changes and newer systems without abrasion. On the fringe benefits, the organization should consider starting a health insurance scheme for the employees. Every employee will work best if they know their health is taken into consideration by the organization. Besides, the employees will feel more obliged to dedicate themselves wholeheartedly to service since it will also give a sense of belonging. It is also essential that regular servicing is done to improve the working condition of the employees.
On the intrinsic ways of rewarding and motivating employees, it will serve well to divide and assign every employee a task they can do alone and take pride in the succ...