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OSHO TOLULOPE ADEKOLA MANAGEMENT PROCESS ASSIGNMENT.docx -...

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REWARD SYSTEMS IN ORGANIZATIONASSIGNMENTBYOSHO Tolulope Adekola(PG/20/0119)MANAGEMENT PROCESSBSAD 862M.Sc. Business AdministrationSUBMITTED TODR AKPA, V. O.BABCOCK UNIVERSITY,ILISHAN-REMO, OGUN STATEMAY, 2021
BACKGROUND OF THE TOPICWhen we are talking about reward system in organization, it is the centerpiece of a company’sattainment of its organizational goals. The process of effectively managing reward system in anorganization is undoubtedly one of the most complex and problematic issues in human resourcesmanagement. Given the whole ambits of human resource management, hardly is any issue moreimportant, relevant and crucial to an employee than what he receives as reward in exchange forhis labour and services to the organization. Rarely had any matter led to attained labour-management relations or led to violent strikes, picketing or work stoppages much more thanreward- related issues.In today’s highly competitive business environment, firms need to invest in their most importantresource: People, as they are the backbone of any organization. As Tom Beele, the one-time chiefexecutive of United States Delta Airline once declared, when asked about the secret of hiscompany’s huge success, that ‘’the name of the game in today’s business is People. You can’thope to show a good financial or operating report unless your employees are in order and I don’tcare what kind of a company you are running. A chief executive is nothing without his people.You have got to have the right ones in the right jobs and you have got to be sure employees atevery level are being rewarded fairly. You can’t fool them and any chief executives who tries it isgoing to hurt himself and his company. ‘’. The attainment of highly organizational productivitymust recognize the need to inspire and motivate the employees via the design, establishment andimplementation of a robust reward system that calls out the best in the employees in terms oftheir performance commitment, dedication and loyalty.A motivated workforce can be a significant factor in organizational success. When employees aremotivated to work together at higher level of productivity, the organization as a whole run moreefficiently and is more effective at reaching goals. This is in contrast to an unmotivatedworkforce, who can negatively disrupt an organization and distract employees from their work.For this reason, it is imperative that managers understand the power of reward systems inorganization and how they are used to influence employee behavior.Reward system in an organization boost the motivational level of employees to achieve highquality performance. It helps to attract and retain highly skilled workers. Reward systems
promote fairness and equity by rewarded employees according to their contribution and effort tothe organization. It is important for a company to align the company’s goals with those of theemployee and as such reward systems are usually developed around this.

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Management, reward systems

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