Reward and Performance Essay Example | Topics and Well Written Essays - 3000 words

Reward and Performance - Essay Example In contrast, survey carried out by Kenneth Kovach depicted that employee's ranked good wages fifth among their top ten job reward factors. Therefore, there appears to be a difference in ideology of what motivates employees (Kovach, 1995). Motivation revels when in an organisation considers all factors affecting performance. (Ruebusch, 2003). These factors include individual needs, nature of the job i.e. degree of job challenge and goal clarity, job design, job security, organisational climate, a sense of personal significance, stability of expectations, recognition, trust, honest communication, dignity and respect, as well as an equitable reward system which will be discussed in great detail in the proposed thesis. The exigency to motivate employees with desirable rewards has hitherto salvaged a significant level of importance; this is because rewards can serve as motivators but could also have negative reactions should that supposed merit falls below employee's expectations. Therefore, this thesis seeks to examine the impact of valued rewards on performance in the banking industry utilizing the expectancy theory and two factor theory of motivation framework, while introducing other factors that influence the activity levels of performance. From my critical research on the literature on motivation, as well as the growing need by managers to find solutions to the question how do they motivate employees, I discovered a few conjectures that need to be addressed and elaborated upon in this dissertation. One aim is to ascertain the impact of valued rewards on individual and organisational performance and its effect on productivity and profitability. Then, conjuring strategies that improvises and sustains performance through the establishment of feedback channels, employee training and a friendly work environment can provide a breeding ground for trust. The examination of other variables besides rewards that affect performance such as the aforementioned job security and recognition among others must be in order so that variables can withstand and make a difference through the test of time. Finally, the determination of what rewards employees consider valuable enough to influence behaviour will allow management to be very sel ective to rewards that can profit the workers. Business organisations still face a lot of difficulties in the area of employee motivation. This poses a dilemma for employees' control of other factors of production in order to achieve goals, greater productivity and higher profits. In order to motivate people you must appeal to their deepest desires (Ruebusch, 2003). Managers should not expect a standard compensation plan or incentive program to have the similar effect on every employee. To procure top performance, compensation plans and incentive programs must be deftly tailored to meet the specific needs of each employee because employees of different ages and generational cohorts have varying needs over time (Jeffords et al, 1997). It has also been observed that extrinsic rewards have effect on employees to work proficiently. Therefore, this study will provide managers within the banking industry with a deeper insight into the needs of today's employees and rein them towards other reward trends which appear to boost employee mo rale and productivity. As highlighted by Herrera (2002), managers need to be concerned of the creation of workplace culture that