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¶ … Rewards Incentive Program: Export Car Company
A properly developed reward and incentive strategy can enable employees to perform their jobs efficiently and effectively. Many people automatically assume that a compensation-based reward and incentive program is the most likely to influence employee performance and achievement on the job. However there are many studies that suggest that management should adopt other incentive programs that are non-compensatory based. These ideas are explored below.
On reward and incentive program the company could adopt is an incentive pay program, where employees are paid incentives to facilitate more business (Cocheo, 1997). The merits of a compensation-based reward program have been called into question time and time again. If this perspective were adopted it is likely that business might improve, however a pay based incentive program is often not possible or feasible as the costs associate can be prohibitive.
There are numerous other studies...
This approach suggests that compensation in the form of a bonus may motivate an employee to perform well. Like the above suggestion however, if this proposal is adopted the company may not necessarily realize increased profitability due to the prohibitive nature of offering compensation based incentives only.
Another problem with compensation based only reward and incentive systems is that typically only extreme performers are rewarded (Zenger, 1992). It is important that employees are rewarded however on many levels. If only an elite group of employees is rewarded time and time again, chances are employees will perform less cohesively than if employees were all rewarded for doing their best at many different levels.
Thus, one may conclude that a comprehensive reward and incentive program that is not solely based on financial incentives is most likely to…
Reference:
Cocheo, S. (1997). "Variations on the carrot theme; community banks tinker with incentive programs to encourage front-line employees to sell." ABA Banking Journal, 89(8): 18
Lopez, E. (1981). "Increasing intrinsic motivation with performance- contingent reward."
Journal of Psychology, 108(1):59
Zenger, T.R. (1992). "Why do employers only reward extreme performance? Examining the relationship among performance, pay and turnover." Administrative Science Quarterly, 37(2):198.
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