Today’s challenging environment requires an innovative solution to rewarding and recognizing talent. Rewards have been found to be a great motivator to enhance performance, increase employee commitment and sustain competitive advantage. …
Extract of sample Rewarding employees performance through reward
The study finds that the line managers in the West do try to introduce innovative strategies for rewards such as employee stock options, employee-of-the-month rewards to ensure employees remain motivated. If the line managers can evaluate what motivates the employees, employee performance and turnover could be reduced to a large extent. Seniority is rewarded in Nigeria whereas in the West performance is rewarded. However, in Nigeria the line managers are unable to effectively implement reward strategies. The employee perceptions of rewards also differ in Nigeria from those in the Western countries. In the West people seek intrinsic rewards such as inner satisfaction, praise and recognition from supervisors and co-workers, and challenging assignments. However, in Nigeria people are still in the developmental stage and seek only monetary rewards. Even if the reward system is instituted in Nigeria, it is not effectively communicated to the employees. The West has performance-oriented culture and employees prefer to work for organizations that link pay to performance. In Nigeria employees do not like variables and seek fixed pay. Culture does not appear to make any significant difference on rewards systems. Nigeria, one of the most populous countries in Africa and conducive to foreign investments, has a very poor reward system which negatively impacts workers’ morale and productivity....
Nigeria has abundance of human resources and with proper training and HR policies including an effective reward strategy, Nigeria can achieve competitive advantage and successfully compete in the global market place. Table of Contents Chapter I Introduction 1.1 Background 1 1.2 Nigeria – country background 1 1.3 Rationale for Research 2 1.4 Research Aims and Objectives 3 1.5 Research Questions 3 1.6 Structure of the Study 3 Chapter II Literature Review 2.1 Reward System – theories and practices 5 2.2 Rewards and Commitment 8 2.3 Reward system in Western countries 9 2.4 Rewards and Culture 11 2.5 Summary of Literature Review 13 Chapter III Methodology 3.1 Research Philosophy 14 3.2 Research approach 14 3.3 Data Collection 15 3.4 Data Analysis 16 3.5 Ethical concerns 16 Chapter IV Findings and Discussions 4.1 Findings from Primary Data 17 4.2 Discussion 26 Chapter V Conclusion & Reflection 5.1 Conclusion 33 5.2 Reflective Statement 35 References 37 Appendix 40 Charts Chart 4.1 Fairness in Wages 19 Chart 4.2 Essential Benefits 20 Chart 4.3 Satisfaction with Rewards & Recognition 22 Chart 4.4 Communication with Management 23 Chart 4.5 Job Security 23 Chart 4.6 Monetary Incentives 24 Chart 4.7 Other Incentives 25 Chart 4.8 Compensation against work responsibility 26 Chapter I Introduction 1.1 Background Globalization of businesses has impacted the human resource practices in most countries. Today’s challenging environment requires an innovative solution to rewarding and recognizing talent. To complement remuneration, organizations have to design innovative solutions to sustain employees’ motivation and retain them in the organization. This has become ...
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