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Lect 9 Reward & Recognition

发布时间:2014-03-09 09:04:17  

ORGANISATIONAL DILEMMA
BM036-3-2

Rewards & Recognition

Learning Outcomes
At the end of this module, YOU should be able to:
?Identify the behavioural objectives of a Reward System.
?Identify and rewards. Explain Extrinsic and Intrinsic

?Define Recognition. ?Identify the Positive Outcomes of Reward and Recognition Approach.
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Rewards & Recognition

Introduction

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Rewards & Recognition

Reward & Recognition Statistics
? Recognition Program in Place?

20 84% 06

20 87% 07

? Nearly 9 out of 10 companies offer some sort of recognition programs for employees
(CNBC survey - 2008)

? Reward and Recognition programs are generally less expensive than base pay, benefits, stock options and bonus

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Rewards & Recognition

The Nature of Reward system
? Reward refers to all of the monetary, non-monetary and psychological payments that an organization provides for its employees in exchange for the work they perform. ? An organization can provide two types of reward: extrinsic and intrinsic. ? The mix of extrinsic and intrinsic rewards provided by the employer is termed the reward system, the monetary or economic element of the reward system is termed the pay system.

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Rewards & Recognition

Reward Objectives
Any organizational reward system has three behavioral objectives: 1.membership behaviour to recruit and retain a sufficient number of qualified workers. 2. task behaviour to motivate employees to perform to the fullest extent of their capabilities.

3. compliance behaviour to encourage employees to follow workplace rules and undertake special behaviours beneficial to the organizations without direct supervision or instructions.
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Rewards & Recognition

Types of Rewards
1. Extrinsic Rewards: types of rewards that arise from the context of the job.
Eg. company policy, administration, working conditions, job security and salary

2. Intrinsic Rewards: types of rewards that arise from the content of the job.
Eg. job recognition, achievement, job responsibility, career advancement, challenging work and personal growth.
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Rewards & Recognition

What is Recognition?

“Recognition is any thought, word, or deed towards making someone feel appreciated for who they are and recognized for what they do.”

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Rewards & Recognition

Why Focus on Recognition?
? Employees identify recognition as one of the most effective motivators.
? Even small increases in supportive practices are associated with increased sales/profitability. ? Employees who feel that their organization values them are more likely to value their customers. ? Appreciation and/or praise are among the top three drivers of employee motivation and engagement across a variety of industries and companies.

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Rewards & Recognition

Recognition Types

? Peer Recognition

? Formal Recognition

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Rewards & Recognition

Peer Recognition
? Program designed by staff ? Nominations from staff ? Award selection by committee ? Limited involvement of administration

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Rewards & Recognition

Formal Recognition

? Awards Ceremony.
? Citation, certificate and cash award. ? Luncheon. ? Pictures on webpage, magazines.

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Rewards & Recognition

Positive Outcomes of Reward & Recognition Approach
1. Reduced level of employee turnover – down to 10% on average; 2. Reduced levels of sickness absence being sustained per yr;

3. Improved recruitment into HR practises;
4. Reduced business mileage due to travel for work plans being integrated into reward strategy;

5. Improved employee satisfaction levels: 73% satisfied;
6. Improved employee advocacy about the Council as an employer: 50% speak highly; 7. Satisfaction with reward and benefits (excluding salary): 67% satisfied.
(Source Ipsos MORI 2007 Survey)
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Rewards & Recognition

Trends and Best Practices
? Rewarding teams and individual; ? Realisation that some employees value recognition as much as merit increases and bonuses; ? Employees recognising employees; ? Greater use of informal/spontaneous awards; ? Improved publicity of winners; ? Biggest obstacle to success:
i. Communication ii. Management support

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Rewards & Recognition

Questions ???

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Rewards & Recognition


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