Many organizations have made cuts or alterations to benefit programs in recent years. One suggestion
Many organizations have made cuts or alterations to benefit programs in recent years. One suggestion has been to link benefits to individual, group, or organization performance. The race to base benefits on staff performance is becoming popular. Although still in its early stages, the concept highlights the lengths organizations are willing to go, to ensure they are getting the best from employees.
Having a pay for performance or incentive program within an organization’s structure could influence employee commitment and overall organizational performance. Employees who feel recognized demonstrate a stronger desire to help the organization grow and succeed. Incentivising high performing employees helps give low performers a reason to improve, and also encourages employee engagement within the organization. If employees know what they stand to lose if their performance doesn’t make the grade, it can be a powerful incentive to try harder. People should be paid for how good they are at their jobs. Basing employees’ reward packages on their level of performance is a good idea. I recommend this strategy within an organization. Individual high performers lead to a group of high performers which in turn lead to an organization of high performers. It works hand and hand and each has a major impact on the organization.
However, before this particular incentive or rewards program is added to the organization’s structure, the organization’s core purpose should be clearly outlined. Leaders must establish the goals, line up the rewards to meet the organizational needs and make sure the incentive programs are practical and achievable by the employees.
The benefit that I would most likely link to individual high performers would be paid time off. I would give a few extra vacation days each year. This let’s employees know that their hard work is recognized and shows appreciation. The benefit that I would link to a high performing group would be a quarterly bonus or the option to receive extra tuition reimbursement. This gives employees something to look forward to and a financial boost. Finally, the benefit that I would link to entire organization of high performers would be promotions, leadership roles or maybe the option to choose a flexible work week. Promoting from within the organization instead of hiring from the outside, shows the employees that you have confidence in them and see potential for growth. Allowing a flexible work week gives employees a little more freedom and wiggle room to accommodate their busy schedules in everyday life.
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- Posted: 4 years ago
- Due: 06/12/2015
- Budget: $3