Rewards and incentives could facilitate in improving motivation of employees and improved motivation would lead to better work performance and collectively aid in boosting company profits. Attractive reward packages are particularly effective in retaining employees and Marks and Spencer uses reward packages as an effective tool in retaining its employees. This research focuses on a particular case study within Marks and Spencer, a major UK superstore to understand the impact of rewards, incentives and performance appraisal on employee motivation and performance. Marks and Spencer is a leading name in retailing within the UK. The company maintains that the rewards package given to its employees is flexible, competitive, focused on superior results and is aimed to support personal choices of personal lifestyles. The elements of the reward packages of the company include fixed and competitive pay rates, variable performance related pay and a wide range of other benefits (marksandspencer.com, 2006).
In this study we prepare a detailed questionnaire to understand the impact of these benefits, payment and reward systems on employees and we also determine whether these rewards actually help in improving motivation and how this would relate to improved company performance. Marks and Spencer has boasted of 73% employee retention over 2004-2005 and retention may be considered as an important indicator of employee satisfaction and motivation (MarksandSpencer.com, 2006). Questionnaires are distributed to employees of Marks and Spencer to determine whether rewards systems given to them have a positive impact on their motivation and performance levels and aid them in heir decision to work for one company for a long period of time. The participants are employees of Marks and Spencer working in customer service divisions and 100 completed questionnaires are obtained and the data compiled are analysed for employee motivation and satisfaction levels that provide an indication of the employee retention level within a company. Marks and Spencer claims a high percentage of employee retention. The questionnaires are aimed to determine employee expectations, rewards given, job satisfaction, employee motivation, years of service and performance levels.
Companies use different means of rewarding employees and Brody et al (2001) discuss merit pay plans used by companies to motivate and reward employees. The theory of motivation would highlight that rewards and reinforcement for individual accomplishments should produce positive results although there may also be negative outcomes (Brody et al, 2001). Brody et al suggest in their study that when individuals are involved in hiring and merit allocation for employees, their prior commitments have significant effects on rewards allocated to the employees. This shows that a manager's personal involvement with employees can lead to increased merit allocation and rewards. This study highlights the factors that determine merit allocation and rewards which may not be completely dependent on employee performance and also large depends on interpersonal relationships within the workplace.
Rewards could be largely based on performance ratings and it would be important to understand how employees perceive these ratings of their performance. Smith and Rupp (2004) state that a major purpose of having performance appraisals of employees is to determine individual merit which in turn help in determining whether merit pay or benefits would be given to
This study is based on a critical examination of the role of reward systems to improve employee motivation, employee retention and general company performance. Reward packages for employees are seen as a contributory factor in employee retention and an example considered here is the employee reward system used by the retail giant, Marks and Spencer superstore. …
The company offers range of food products. It includes wines, fresh products, part-prepared meals etc. The company comprises nearly 703 stores all over the United Kingdom. These stores are located in retail parks and high streets, as well as airports, stations and other locations.
Marks & Spencer and performance analysis. Marks & Spencer is a diversified business entity that considers multiple elements of product and customer service related practices in order to align the organisation to meet its long-term strategic goals. The organisation currently operates with its core brand concept, fashion and home-related merchandise, acting as the foundation for its business success over the last six decades.
Morrisons 9 8.Financial Statements Ratios 9 9.References 11 1. Introduction This report analyzes the financial statements of Marks and Spencers Group over the past 5 years and draws conclusions about the financial health throughout the time period. It also evaluates the firm’s performance vs.
L'Oreal is the world's largest beauty products company including makeup, perfume, hair and skin care as well as conducting cosmetology and dermatology research. It also owns a number of brands such as Maybelline, Lancome, and Redken and several European brands.
Answer: Before answering the given question, it is crucial to acknowledge the aim of this case study analysis, which is to find the mistakes committed by Company A in implementing total quality management in the business and manufacturing processes of the
Marks and Spencer Group plc is the holding company of the Marks & Spencer Group of companies. Established in 1884 by Michael Marks and Thomas Spencer in Leeds, the company is well known as a provider of womenswear and lingerie in UK. Its
This led to increased marketing opportunities that Europe represents. Burnes (979) explains that Europe has emerged as a very important trading block, and it accounts for approximately 40% of the trade that occurs all over the world. It is therefore important
Needless to say, its market level especially in the international profile has been gradually growing due to its strong marketing strategy and the ever increasing demands of its products especially in the
The author states that highly effective selection and recruitment process are used by both the companies, i.e., M&S and Tesco. Career planning and motivation, hiring according to the required skill set maintained by the companies, are some of the main aspects that reflect upon the effectiveness of recruitment process of both the companies.
3 pages (750 words)Assignment
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