Developing An Effective Rewards System Tied At Performance And The Company 's Strategic Goals
• Developing an effective rewards system tied to performance and the company’s strategic goals. Rewards need to be memorable to employees and should tap into both rational and emotional drives of employees. An example is the Toyota rewards system, where based on performance employees are placed in an elite category as a reward with membership at the circle of excellence being one of the perks. Members at the circle and their spouses get a chance to take a cruise with other members of the circle (McPhaul, 2005). A memorable experience like the cruise makes employees feel special and motivated in their performance as compared to when they get cash, which they spend and forget about.
• Promote an organization culture that fosters teamwork and employee empowerment. This will involve goal setting by assigning specific objectives for employee performance and Job enrichment, a technique designed specifically to increase intrinsic motivation where employee find the job enjoyable they are provided opportunities to learn, to be responsible, feel a belonging in the organization, and to experience a sense of achievement.
• Increase profitability- profitability will be increase by having motivate and empowered employee resulting in high productivity, which results in customer satisfaction and loyalty an important aspect in the success of the company
• Constant feedback and scheduled evaluation and…