Dissertation Reward Management Assignment Help
Dissertation Reward Management Assignment Help are the most important asset that any organisation has and how well an organisation manage its workforce that decides how well the organisation achieves its organisational goals and make the whole business profitable. In the existing scenario, it is quite clear that the companies are finding it hard to retain the talent. It is quite a disheartening sight to see an employee who have been trained and nurtured well leaves to another organisation. Thus, employee retention has become one of the keys of the whole process (Gellman, 2009). HR departments in various organisations have been pro active in determining how to nurture talent and retain them in the organisation. It is here where the importance of reward management comes into play.
Reward management is a management process that is being adopted by many organisations to understand the roles that a particular employee is expected to perform in a particular organisation and then measure the effectiveness with which a particular work is being performed by the employee. Based on the performance indicators, they have to design a reward management system so as to stimulate them to perform better and thus align them to the overall organisational goals. Thus, in a nutshell, it determines the motivational factors that can stimulate the performance of an organisation and then design their pay in such a manner that can be motivating them to work towards the organisational goals. In most of the organisations, the link between both the fields is made strong, i.e. the reward management is designed closely following the motivational factors of various employees and it has been seen that in many organisations where they have been kept separate, the effectiveness of reward management systems has been poor thus resulting in high employee attrition, low morale amongst the employees and high employee dissatisfaction (Druker, 2005).
Human Capital as mentioned above is the most important factor in any organisation and it is essential that the employees get a sense of belonging in the organisation and this is possible only if there is a cordial relationship between the employees and the employers. If the relationship between the two is good then the employees start taking ownership of the work that they do and thus, in effect, this would result in better performance of the employees and the organisation as a whole. This is because of the fact that productivity increases have been seen in organisations that had good reward management systems in place.
Before going any further, let us first describe reward management. It is a process followed in any organisation which involves development, implementation and monitoring of a systematic program which aims at motivating the employees of the organisations by means of rewards based on their performance in the organisation. Thus when you look at a broader perspective we can say that reward management is the measure that is used by the companies to grade the employees and then reward them for their valuable contributions to the company which would improve the productivity and overall efficiency of the employees (Lloyd, 2008). The HR department has to ensure that when they design the reward management program for a company or a department, it should be equitable and consistent across all the employees so that they feel that such a program actually is meant for the benefit of the employees.
The research aims at understanding the role of reward management in the productivity and performance of the employees of an organisation. It identifies various factors that stimulates the employees and motivate them to perform better under the given situation. It also aims at understanding ways in which the high performers can be retained in the organisation which can help the organisation reduce the costs and at the same time grow over a period of time. Finally, this research aims at understanding the importance of reward management in the overall development of the organisation and how by nurturing the available pool of talent, the organisation can gain a sustainable competitive edge over others in the market.
The research aims at understanding various factors that are critical for a good reward management program in any organisation. It also identifies how these factors affect the motivation level of the employees in the organisation and its effect on the overall productivity of the employees. Thus, based on the research aims, the research objectives can be stated as below:
- To understand various theories on Reward management and how they were effective in guiding the organisations to reach their organisational goals.
- The study aims at understanding the gaps in research which needs to be addressed by the academia for the betterment in the field of reward management.
- To identify various reward management strategies used by the companies and the degree to which each of them were successful in motivating the employees.
- To identify whether these reward management strategies have a direct correlation to the attrition and talent retention in an organisation.
- Format Of the dissertation
The structure of Dissertation would be as follows: The dissertation would start with a basic introduction about the concept of reward management and how this would be important to an organisation. This would be followed by a detailed literature review which can help the researcher understand the theories and practical examples of reward management across the globe. This would be followed by the methodology and ways in which data collection and analysis is done in this paper. This would be followed by data analysis to identify various factors and answer the research objectives I have set at the beginning of the dissertation. This would be followed by the recommendations and conclusion
Academicians in the recent past has been focusing more on this field because of the important role that reward management plays in motivating the employees and improving their productivity levels and thus improving the overall productivity of the organization as a whole. This focus in this particular field has begun after the entire competitive scenario has changed to a more dynamic one and when the companies have started realizing that it is important that they have to give stress to the development of the human capital more than anything else for gaining a sustainable competitive advantage over its competitors.
There have been many theories developed by the academicians explaining various aspects of reward management and then identifying various factors that stimulate the employees in performing their jobs and responsibilities in a better manner. One of those theories that have been popular amongst the academic circles has been the motivational theory, which states that the productivity of the employees is dependent on the factors that motivate him in doing a particular work. This motivation can be in several forms; some employees get motivated by monetary rewards while others get motivated by means of rewards and recognition. Thus it has been found out that most of the employees find motivation to work productively for an organization given that they are positively motivated by means of rewards and recognition rather than negative motivation by means of punishments (Lloyd, 2008).
Dissertation Reward Management Assignment Help
Manger in any organization has the difficult role of co-coordinating the things as per the holistic vision that he may have about the organization and getting the work done from his employees. He has to make sure that his employees are being directed towards working for the larger organizational goal which is possible only if he can motivate them properly. This essentially requires him to understand the nature of his employees so that he may be able to identify the factor that stimulates his employees. Thus he needs to understand the basic human nature in identifying these factors. From the periphery one may feel that this is difficult job to execute, but it is known fact that most of the successful managers are good at identifying what actually drives his employees and works towards achieving the same. Thus according to the motivational theory, employees who are motivated by the employers are more productive compared to that of those who are not motivated or negatively motivated (Druker, 2005).
There are many ways of motivating the employees in an organization. But one thing that needs to be taken care while designing the reward management program is that it should be equitable and at the same time it should be consistent over a period of time. There is no point having a reward management system if it is partial in nature or if it is not consistent over a period of time. According the academicians, it is clear that an employee would be doing what he wants to do and if we put him under the restrictions, then again, in an effort to break the shackles, he might end up working unproductively for the organization. This is exactly why reward management and employee motivation plays an important role in the organizational success.
Theories of Motivation
There are many theories that are existent and are popular in the academic circles. Even though most of them aim at proving the same point, the proponents and arguments used for proving the same are different in all these theories. Some of the most popular theories which has been used most commonly by the academicians are McGregor Theory of X and Y, Hertzberg’s hygiene theory and Mayo’s motivation theory.
McGregor’s theory states that there are two kinds of managers (Gellman, 2009). The first category feels that the employees are not motivated to work and given a chance they would leave the work and do something else. The managers of this sort generally resort to negative techniques such as punishments to get their work done. The other kind of mangers feels that the employees are motivated to work and they just need an extra motivation to perform better under the given circumstances.
Hertzberg’s theory explains various factors that are existent in the work place that can affect the way in which the employees react to. He terms these factors as satisfiers and dis-satisfiers. In plain terms, we can say that the satisfiers are those factors that stimulate the employees to work better in a given working environment and dis-satifiers are those factors that can affect the employees in a negative manner and de-motivate them in working productively in an organization.
One of the theories that best explains the correlation between rewards and the performance of the employee is the Vroom’s Valance Expectancy theory. This theory tries to understand the mental processes that a particular employee undergoes in a work place and the choices and decisions that he makes in an organization (West, M.A., 2011). According to this theory, any employee is motivated to work towards a particular cause or act in a certain manner given the motivation that he draws from the environment which is directly related to the rewards that he is expected to get for performing the job. Thus, in an organizational context is that an employee is expected to perform well in a particular job if he finds that by doing that job more effectively and efficiently he is going to be rewarded for the same. The rewards that are offered in this context are of personal importance and would help him in attaining his personal goals. Thus, we see that here the personal goals are being translated into the rewards that are being offered to the employee better.
Thus basically vroom’s theory can be summarized into three basic points:
- An employee feels that by putting in more effort he can better the work that he is doing or he can improve the productivity.
- Employees have a feeling that if the job is performed well, then he would be rewarded with something which is of personal importance to him. This may be recognition or promotion or any monetary benefits such as increase in pay or bonuses.
- The reward being offered to the employee should motivate him to work productively which means that if the employee finds a particular reward system more effective than other, then he should be rewarded in that manner so as to satisfy him. An example in this case may be: an employee feels that promotion is a far better reward than a pay hike; now, if he performs better than the benchmark for a particular year, then he would not be motivated to beat the bench mark if he is offered an increase in pay at the end of the year.
This theory makes it amply clear direct correlation between the rewards and the performance of employees in an organization. Thus, it is necessary for the top management to design a reward management program in such a way that it stimulates the employees and thus establish a direct correlation between the rewards and the performance. This theory also points out the importance of giving the right kind of rewards that can make the employees feel that they are actually rewarded for the efforts that they put in. This relevance of the rewards that are being offered to the employees can be found out only by closely interacting with the employees and understanding what they value (Vernon, G., 2007).
Another theory that is relevant in case of reward management is the expectancy theory which states that the behavior of an employee in an organization is dependent on various alternatives that he can have and it is always a tradeoff between the gains that he can make for the efforts that he puts in a particular work. Expectancy theory is a more scientific theory which tries to explain the whole concept based on three variables; Valance, Expectancy and instrumentality. Before going any further let us look at what these terms actually mean and put things into perspective. Valance is the expectation that an employee may have after achieving a particular outcome, which may be positive or negative in nature. Instrumentality means that a particular outcome may lead to a second one and the employee is well aware of the same (Hesketh, A, 2009). For example we can say that if the employee performance is above the set bench mark then he is bound to get a recognition which would lead to a promotion in his job. Expectancy is the degree to which the employee believes that by doing a particular job, the outcome that he is expecting is going to happen. For example, if the employee is sure that he is going to get a promotion once he becomes the top performer, then expectancy is said to be high.
According to the expectancy theory, the motivation that an employee can have in performing a particular task can be quantified by multiplying these three factors. This theory gives a quantitative reasoning compared to that of other theories which deals more or less with the qualitative aspects of rewards management