Reward Plans in Iceland Foods Limited

Running head: REWARD PLANS IN ICELAND FOODS LIMITED
Reward Plans in Iceland Foods Limited
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1REWARD PLANS IN ICELAND FOODS LIMITED
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

2REWARD PLANS IN ICELAND FOODS LIMITED
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