Business Report Proposal : Assignment
Added on - 12 Nov 2020
1. Report title:" Investigating the potential effect of reward on employees' performance. A case on LEGO”.2. Business Context:According to Gupta, (2013),key to success in an organization totally depends upon customersatisfaction. Therefore, servicing consumers as per their needs is being considered as apriority for a company. As firms have kept their focus on consumers but failed to act uponthe satisfaction of the employees of the company.Employees are a very important part ofevery organisation. The success, the failure everything of an organisation is based on thestaff members only because if they will perform well then company will grow and earnprofits but if they will perform badly then companies might get closed as well due to badperformance. So, it is necessary for every company to make sure that their employees arehappy and satisfied so that they give their best performance in the company. Therefore,company needs to plan to give rewards and compensations to their employees for the hardwork they do for it. In case of Lego, they should also provide their employees with benefitsand compensations other than just salaries as this will motivate them more to give goodperformance in the company.Aim:“Investigating the potential effect of reward on employees' performance. A case onLEGO”Objectives:To identify the concept ofreward system.To analyze the issues which occurs that impacts upon employees performance level.To examine the benefits of financial reward system on overall LEGO's performancelevel of staff members.
3. Project Questions:To identify the concept ofreward system.According toKnickrehm, Berthon and Daugherty, (2016),rewards refers to positiveoutcomes earned by employees in accordance with their performance. In this context, it isnecessary for LEGO to reward or compensate its employees in accordance with theiroutcomes arises from assigned task. There are two types of reward system, first is financialand second one is non financial. In financial reward system, organization compensate itsemployees in terms of money. On the other hand, in non financial reward system includesmotivation from top level managers, guidance and support. In this regard, it help a businessentity in motivating its employees towards achieving their specific goals and objectives.To analyze the issues which occurs that impacts upon employees performance level.According toHorlacher and Hess, (2016),it is essential for organization to make itsworkforce efficient for increasing their overall performance. There are many issues whichcan effect performance level of employees like cultural issue, incentives issue, workenvironment issue etc. in this regard, it is necessary for LEGO to provide an appropriatework environment to their employees and also proper guidance related to their work. Thiswill help employees of LEGO in getting job satisfaction, which indirectly helps anorganization in retaining its productivity for a longer duration. It is also necessary for thechosen organization to formulate effective business strategies that will helps employees inimproving their skills and competence regarding their particular task.To examine the benefits of financial reward system on overall LEGO's performance levelof staff members.According toDeichmann, Goyal and Mishra, (2016), rewards and compensating employeeswill help a business entity in improving overall performance of their workforce in acompetitive business environment. In this regard, it is necessary for leaders of LEGO tomonitor their employees performance with a motive to reward its workforce in according tothe task assigned. The financial reward system will helps organisation in creating a healthycompetitive business environment, which leads in enhancing their overall growth. In this