Employee Reward Systems Exam 1

Employee Reward Systems Exam 1 - CLASS#1 TypesofRewards...

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Rewards and Motivation 25/02/2009 12:57:00 CLASS #1     Types of Rewards 1. Intrinsic Rewards-  Factors related to growth needs. Ex. Job challenge, interesting work, opportunity for advancement. Can be given to self without control of manager. 2. Extrinsic Rewards-   factors related to human existence and relatedness to  others. Controlled by managers or peers. BOTH TYPES ARE IMPORTANT The mix of rewards communicate what  matters  in the organization. - Different people are motivated by different things. - Sometimes monetary rewards can cause problems for companies ($= respect  so those who do not receive $ feel disrespect.)  Reward Variables 1.Timing of reward-  schedule of reward. 2. Anticipation of reward-  Explicit or surprise. 3. Form of reward-   cash, stock, benefit, merchandise, etc. 4. Administration of reward basis of distribution- equality vs. equity procedures for determining reward 5. Disclosure of reward-  secret or public. - Some rewards can turn into entitlement by the way they are given- sometimes  causes lack of ‘hard work’, they know tey are getting it, why work hard?
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- Starbucks rewards both full and part time equally. - WFM work in teams – rewards are team based. “On the folly of rewarding A, while hoping for B” Example:  CEO pay in USA vs. Internationally (GM vs. Toyota).  CEO’s over  rewarding – usually whistleblowers get fired. Easily tracked by media or outside  corporate ‘watchdog’ companies. When reward systems misfire 1.   Politician:  Tell the Truth? 2.   Medical Practice:   Heal sick people 3.   Universities:   Reward for good research. What about teaching? 4.   Parents:  Reward students for good grades.  What about learning? 5. Team Sports:  Rewards for individual performance.  What about team  performance? 6. Sales:  Sales volume/ units are rewarded. What about customer service? 7. Restaurants:  Servers receive tips from customers.  What about busers,  cooks, and dishwashers? CLASS #2      Employee Motivation Definition of Motivation:  Factors which energize, direct an sustain employee  behavior. Motivation is goal directed behavior. 
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Motivation is NOT the same as performance. Performance = Motivation X Ability Dimensions of Motivation  o Form (people without goals cannot be motivated) o Direction o Duration (is it consistent?) o Intensity Learning Curve:  Time vs. Performance Outside factors (drinking, sickness, etc.) Theories of Motivation 1. Cognitive Theories:  POV= The Employee Expectancy Theory Equity Theory
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Employee Reward Systems Exam 1 - CLASS#1 TypesofRewards...

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