Virtually every business organization has been able to improve their products, services, and solutions dramatically in four areas: (1) quality, (2) production costs, (3) time-to-market, and (4) innovation. Reward and recognition systems are an integral part of these strategies. These systems have evolved through time because of changes in the business environment. Human Resources strategies are one of the most important aspects of successfully implementing organizational change and aligning performance to business strategy.
Prepare a 1,050-1,400-word paper on the history and the role of rewards (e.g., compensation, benefits, non-monetary recognition) in your organization or one that you are familiar with. Use section one in the text as well as other peer-reviewed resources. Examine the shift from compensation to rewards. Discuss whether you believe the current reward system motivates employees to achieve the organization's goals and how it has evolved in comparison the history of reward systems. Discuss the effect the system has on employees and their pride. Are the employees satisfied with the reward system and based on the history of rewards, what would you do to improve the development of the current system to make it more effective? Identify a motivational theory that underpins the organization's reward system. Analyze whether this theory is consistent with the values and expectations of the employees and the organization.
Include the following components, or attributes, common to benefit and reward systems in your paper:
a. Indirect financial rewards, typically health and welfare benefits, paid time off, retirement plans, prerequisites, and recognition. Together with direct financial rewards, this represents what is typically referred to as total compensation.
b. Work content relates to the quality of the work itself (e.g., variety, challenge, autonomy, and meaning) and this, by extension, includes the quality and impact of performance feedback.
c. Career value is the opportunity for personal growth, capability improvements, organizational advancement, and employment security.
d. Affiliation refers to the rewards that accrue from association with the company. This can be a sense of status that comes from working for a reputable organization, or it might relate to access that the organization provides to colleagues or other groups of people.
e. Direct financial rewards refers to pay components including base salary, cash allowances, incentives, and company ownership. This is the foundation of the total reward package.
Your paper must include at least three recent, peer-reviewed sources from the University of Phoenix library.