Reward Plans in Iceland Foods Limited

Reward system is indicative of monetary, psychological payments along with the nonmonetary payments which is provided by an organization to the employees which is in exchange of the work that is performed by them. Reward schemes include the intrinsic along with the extrinsic rewards in an organization.

Running head: REWARD PLANS IN ICELAND FOODS LIMITED
Reward Plans in Iceland Foods Limited
Name of the student
Name of the University
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Table of Contents
Introduction......................................................................................................................................2
Background of research...................................................................................................................2
Research objectives.........................................................................................................................3
Research Methodologies..................................................................................................................3
Proposed Reward Plans...................................................................................................................3
Employee Perks...........................................................................................................................3
Employee Learning......................................................................................................................4
Bonus...........................................................................................................................................4
Significance of Proposed Plans.......................................................................................................5
Timeline...........................................................................................................................................5
Conclusion.......................................................................................................................................6
References........................................................................................................................................7

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Introduction
Reward system is indicative of monetary, psychological payments along with the non-
monetary payments which is provided by an organization to the employees which is in exchange
of the work that is performed by them. Reward schemes include the intrinsic along with the
extrinsic rewards in an organization. Extrinsic rewards refer to the financial payments along with
the working conditions which is received by an employee. Intrinsic rewards can be said to be
related to satisfaction which is got by an individual after they perform a particular job. Iceland
Foods Limited refers to the British supermarket chain that has headquarters within Wales. The
company is instrumental in selling the frozen foods that includes the prepared meals along with
the vegetables (Iceland.co.uk., 2019). This proposal talks about the reward plans that can help
Iceland Foods Limited after the organizational changes. It talks about the importance of the
reward plans for the organization.
Background of research
Reward management deals with implementation of the strategies in an organization that
plays an important role in rewarding the employees in a fair and equitable manner. A workforce
that is motivated paves the path for success of an organization. Research has brought out the fact
that the employees in an organization being rewarded helps in motivating them that plays an
important role in increasing the efficiency of their performance in an organization. The recent
literature has talked about how the reward plans can help an organization in attaining the goals.
The managers understanding the importance of the reward systems can help in the growth of an
organization (Fisher, 2015). The reward plans in an organization can be instrumental in instilling
creativity and the problem-solving skills in the employees of an organization. Research has

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talked about the fact how the intrinsic rewards acts like an intangible award of the recognition
that helps in providing employees with sense of the achievement. The extrinsic rewards are
rewards that are extrinsic to performance of an activity in an organization.
Research objectives
 To determine the effect of the job perks on the employee attitude
 To understand the importance of recognition in relation to employee behavior
 To find the importance of bonus in encouraging the employees
Research Methodologies
There are two kinds of research: primary and the secondary research. Primary research
helps in gathering the fresh data and secondary method can be said to be a method that makes
use of data that has already been collected with the help of the primary research. Secondary
research method will be used that can help in gathering essential data pertaining to the
importance of the reward plans for Iceland Foods Limited. The journals and the books would be
used that can help in gathering important information about the effect of the reward plans on the
employee attitude along with the behavior (Johnston, 2017) The secondary data can help in
understanding the benefits of the reward plans and the positive effect it has on the creativity of
the employees.
Proposed Reward Plans
Employee Perks
Iceland Foods Limited can offer the perks that can help in increasing the job satisfaction
of the employees in the organization. The workers of Iceland Foods Limited can be provided

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with the medical insurance plans that can help in the retention of the employees in the
organization. The employees of the company can be provided with the health insurance that can
play a crucial role in motivating the employees of the organization. The organizational change
taking place in Iceland Foods Limited will impose additional responsibilities on the employees
and hence the added benefits can be useful for providing support to the employees (Taufek,
Zulkifle & Sharif, 2016). The employees of the company can be provided with child care
benefits along with paid vacation leaves which can help in increasing the engagement of the
employees. Iceland Foods Limited can also introduce the facility of the pensions along with the
housing benefits that can be advantageous for the company.
Employee Learning
The employees of Iceland Foods Limited can be recognized by cultivating culture that
helps in improving the employees. The employees of the company can be provided with the
opportunity of learning that can help in developing the employees of the company. It can play a
significant role in increasing the skill set along with the knowledge of the employees that can
help in the success of the organization (Holston & Kleiner, 2017). The learning can be
incentivized in the organization that can provide encouragement to employees of organization.
The workers of Iceland Foods Limited can be provided with the recognition gifts that can help in
the appreciation of the employees.
Bonus
The bonus pay can be integrated by Iceland Foods Limited that can help the employees in
achieving the specific goals. It can play a crucial role in increasing the productivity of the
employees within the company. There can be contracted bonus payment that can be paid to the
employees in the event of the company being able to meet the revenue target. It can be on the

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basis of the specific criteria like the sales along with the meeting of growth goals of the
employees (Burke, 2017). The bonus should be offered to the employees of Iceland Foods
Limited who were working below that of the executive level that can improve the overall
performance of employees of organization. The incentives can be provided to the employees on
the basis of their personal performance that can improve the creative skills of the employees
(Rose, 2018).
Significance of Proposed Plans
The added benefits and the recognition that the employees of Iceland Foods Limited get
can help in increasing the profitability that is made by the organization. It fosters positive attitude
on the employees that creates a positive culture in the organization. The recognition that the
employees receive on account of successful learning in the organization can be instrumental in
bringing about the positive changes in the society (Fisher, 2015). The additional duties that the
employees of Iceland Foods Limited have to carry out after the organizational change plan can
be managed by providing the employees with the appropriate rewards and the recognition
programs. It can instill the problem solving skills in the employees that can help them in
achieving success in the long run (Caza, McCarter & Northcraft, 2015).
Timeline
Tasks to be accomplished Timeline
Researching on the background of the proposal 1st week
Finding Research Objectives 2nd week
Finding out about the research methodologies 3rd week
Researching on the reward programs 4th week

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Figure: Timeline of Research
Source: Created by the author
Conclusion
Reward system refers to monetary along with the psychological payment that are
provided by company to employees. It is provided to the employees in exchange of work that is
done by the employees. Reward system is inclusive of intrinsic and that of extrinsic rewards
within the framework of an organization. Reward management implements strategies within
organization which plays significant role in rewarding employees in a fair manner. An
organization that has a motivated workforce can turn out to be successful. Iceland Foods Limited
can offer benefits which can be instrumental in increasing job satisfaction of employees. The
employees should be able to get the facility of the medical insurance plans that can help in
retention of employees. The employees should be able to learn in the organization that can pave
the path for professional development of employees in Iceland Foods Limited. Bonus pay given
to employees can help in the achievements of goals of employees within the company. It can
increase productivity of employees in company. The employees being provided with benefits
along with recognition can increase profits that are made by company.

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References
Burke, W. W. (2017). Organization change: Theory and practice. Sage Publications.
Caza, A., McCarter, M. W., & Northcraft, G. B. (2015). Performance benefits of reward choice:
a procedural justice perspective. Human Resource Management Journal, 25(2), 184-199.
Fisher, J. G. (2015). Strategic Reward and Recognition: Improving employee performance
through non-monetary incentives. Kogan Page Publishers.
Holston, C., & Kleiner, B. (2017). Excellence In Reward Systems. Global Education
Journal, 2017(1).
Iceland.co.uk. (2019). Online Food Shopping | Iceland Groceries. Retrieved from
https://www.iceland.co.uk/
Johnston, M. P. (2017). Secondary data analysis: A method of which the time has
come. Qualitative and quantitative methods in libraries, 3(3), 619-626.
Rose, M. (2018). Reward Management: A Practical Introduction. Kogan Page Publishers.
Taufek, F. H. B. M., Zulkifle, Z. B., & Sharif, M. Z. B. M. (2016). Sustainability in
Employment: Reward System and Work Engagement. Procedia Economics and
Finance, 35, 699-704.

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