Non-Monetary Reward and Recognition and Team- Based Incentives
It can be assumed that in any organization, the success of the Performance Management System depends on the ways in which the performance has been linked with the various values and the missions and the vision, and in the strategic objective of the entire organization. The manager or the leader of the department or of the Project Team that has been given the responsibility of designing the monetary award system within the organization, and with a certain limited control over it, must keep in mind the several most important key processes that would be utilized for designing and implementing an effective and an efficient performance management system. Therefore, it is imperative that he remember that there are three important levels of goals within any organization, and these are: organizational, team level, and at an individual level. (ECS, HR and CM: Performance Management)
All measures that are taken for the development of the designing of the non-monetary reward system must therefore be based at the three levels outlined, upon which the different measures to be taken can be determined. Furthermore, at each level, there exist goals that have different dimensions, and the creation and the development of an integrated set of measures would mean that there must also be a perfect alignment of the several different goals, which may be either team goals, or individual goals, or organizational goals. When at the organizational level, there can be several differential goals, which depend on what exactly the organization values the most. The first dimension in this goal is the 'people dimension', which means that the employees of an organization veritably become the most important part of the organization. This type of organization would...
This dimension within a company would mean that that company would be constantly striving to improve conditions, and also to improve the profits of the company, as well as increase share prices, and concentrate on the growth of the company. When taken at the teamwork level of the framework of the organization, there may be in existence the phenomenon of differentiated goals for the various departments within the company, like for example, the marketing, the product development, the purchase and for the marketing departments. When taken at the individual level, whatever measures are adopted for the improvement of the organization would more often than not be based on the various key result areas, and on competencies and on values. (ECS, HR and CM: Performance Management)
However, the point is that when an employee is to be recognized for any achievement of his within the organization, and he must also be rewarded for the same. However, if the company lacks in sufficient resources, monetarily, then it must be noted that non-monetary rewards can be given as well. Just like, for example, a child is given a large chunk of chocolate cake as a reward for any achievement of his, rewards and recognition for achievement can be very powerful motivational factors for those employees who have worked hard to achieve something commendable in the organization. Many types of rewards have; however, direct costs associated with them, like for example, cash bonuses and stock awards, as well as a large range of company paid perks,…
