Reward Managment Assignment Example | Topics and Well Written Essays - 2500 words

Reward Managment - Assignment Example To motivate employees, Armstrong and Baron (2004) argue that the director needs to introduce a contingent pay. This would entail establishing performance objectives for each employee and compensating them depending on the achievement of the objectives. This implies that employees will receive for instance 15% of basic pay as a contingent pay. In this way, the employees will not only be motivated but also they will improve their performance with an aim of getting promotion and receiving high contingency pay. Additionally, I suggest that the director introduces annual cash bonuses. This would entail evaluation of the bank employees by the mangers as well as customers followed by rewarding the high performing workers with cash bonuses that would be given during end of year parties. In the same way, it is essential for the director to establish a ratio that would be adopted in rewarding the employees by use of company shares. For example, during issue of shares, employees who have served the company for a long time might be given 10 more shares for every 100 shares they have (Perkins and White, 2010). In the same way, the bank can adopt profit sharing plan as a reward. However, this should involve prior communication with the employees on the ramifications of economic downturn on the profit sharing plan (Armstrong, 2002). In this way, the resentment and the backlash that would demotivate the employees will be highly avoided. Flexible benefits policy For the purpose of making the employees feel part and parcel of the London and Provincial Bank as well as strengthening the employee-employer relationship, a flexible benefit policy should be introduced. This way,... This paper approves that despite the fact that all rewards are geared towards improving the performance of the employees and increasing the profitability of the bank, Thorpe and Gill argues that it is vital to sequence the manner in which they are implemented. Based on the resources that are at the exposure of the bank, it is my view that the bank first implements the non-financial rewards before adopting the financial rewards. This essay comes to the conclusion that attaining employee’s motivation is a goal of every firm either operating locally or internationally. Financial rewards are not the only factors that motivate employees. To ensure that workers are part and parcel of the company, firm such as London and Provincial Bank are now focused at looking at employees at an individual level. As a major step, the company has established the post of Director of Rewards an indication that the bank is focused at retaining a productive workforce to outdo its competitors in the UK market. Based on the Towers Perrin model, the director is focused at implementing a new rewarding policy that will transform the current rewarding arrangements thus empowering the bank employees. Some of the major policies that I have suggested to the director to make his rewarding arrangements successful include effective pay structure and pay arrangements, flexible benefits policy, providing employees with total remuneration s tatements, sequencing the development of the rewards, involvement of human resources managers as well as bank auditors.

Business for fashion study Essay Example | Topics and Well Written Essays - 500 words

Business for fashion study - Essay Example Among all these, surveys and sampling are the major research methods that are used to obtain valid results. Through the use of primary research unlike secondary research method, the targeted issues are well addressed. The company asking requesting for the research usually has complete control on the research and the process as far as its scope and objectives are concerned. The company bestowed with the mandate to research can concentrate on a specific area of interest rather than a general area. Again through primary data, interpretation of the data collected is always easy. This is because the collected data can be interpreted and examined as per the researcher’s needs rather than depending on interpretations made through data collected using secondary method. Also through primary research, recency of data is always put into consideration. This is because secondary data is not usually so recent and again may not be so specific to the situation or place the researcher is targeting. The researcher can use the information for knowing how trends behave or find some relation with the current event under consideration. This makes primary data a more accurate method of use. Primary research is always involved with high costs. It is a very costly proposition. This is because the researcher has always to be involved throughout and also design everything. This is a costly endeavor. Again one can get inaccurate feedbacks when he undertakes primary research. There are very high chances that the respondents will give inaccurate responses or biased information that may lead to inaccurate data to the researcher. Also research using the primary method is a time consuming activity. This is because if the exhaustive nature of the activity. The time required by the researcher in order to collect accurate data is long as compared to secondary data. Again through primary research there is a large use of resources that