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Rewarding Employees - PowerPoint PPT Presentation

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Rewarding Employees
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  1. Rewarding Employees

  2. Motivation • The willingness to exert a persistent and high level of effort toward organizational goals, conditioned by the effort’s ability to satisfy some individual need • What will motivate you to do well in your internship?

  3. Purpose of Rewards System • Attracting & retaining good employees • What will make you stay with a company? • Reducing absenteeism • Link rewards to attendance systems • Agree??? Disagree??? • Motivating to enhance performance

  4. Purpose of Rewards System • Developing employee skills • Tie recognition to skill building • Paid master’s • Travel $$, • EE investment

  5. Types of rewards • Intrinsic vs. extrinsic • Monetary vs non-monetary • Performance based vs membership based • Formal vs informal

  6. Types of Rewards • Intrinsic • Engagement in a behavior for its own sake without external incentives • Leads to personal satisfaction • Extrinsic • Engagement in a behavior is done for external incentives • Examples of each??

  7. Types of Rewards • Intrinsic • Environment of teamwork & collaboration • Meaningful work/challenges • Positive reinforcements • Mentoring ee’s • Autonomy to try new ideas • Decision making authority • Fun work environment • Extrinsic • $$ • Co. car • Others??

  8. Types of Rewards • Monetary • Salaries • Bonus • Stock options • Healthcare • Tuition reimbursement • Professional development • Professional involvement • Non-monetary • Office furnishing • Parking space • Laptop/tools for job • Title • Exec restrooms • Corner office

  9. Types of Rewards • Performance Based • Linked directly to performance & ability • Merit pay • Bonus • Membership Based • Indiv. Membership to a group • Cost of living based on % of salary • Seniority based increases • Education based increases • Base salaries for specific job classes

  10. Job design as reward • Job rotation • Builds skills • Variety & novelty • Agency flexibility

  11. Job design as reward • Flexible scheduling • Shorter work week ( 4, 10’s) • Staggered daily schedule (8-4, 9-5, 10-6) • Flextime • Set core hours (ie. 10 a.m. – 4:00p.m.) with other floating hours • Work from home • Good & bad • Should P & R use it?

  12. Job design as reward • Job enrichment • New learning opportunities • Conferences, workshops, certification • Increased responsibility • Control over resources • ie, budget, staff, interns • Variety/variability

  13. Herzberg’s Two Factor Theory Context of the work Content of the work

  14. Maslow’s Hierarchy of Needs

  15. Value of Intrinsic & Extrinsic rewards • The more of an ER received, the lower the value • Salary • Bonuses • Higher value placed on reward when reward & performance are directly linked High Intrinsic Rewards Value of Rewards Extrinsic Rewards Low Less Frequency of Rewards More