Analyzing Reward Systems at Iceland Foods Limited: Key Insights

This presentation provides an overview of the reward system implemented at Iceland Foods Limited, a British supermarket chain known for its frozen foods. The presentation categorizes rewards into financial (salary, wages, incentives) and non-financial (career advancement, job security, employee empowerment) types. It further discusses performance-based rewards such as incentive systems and group bonuses, as well as membership-based rewards. The benefits of an intrinsic reward system, including building a high-engagement culture, fostering a sense of purpose, reducing labor costs, and promoting employee creativity, are highlighted. The presentation also addresses the disadvantages of extrinsic rewards, such as their unsustainable nature, potential for diminished returns, lack of permanent change in employees, and reduction of intrinsic interest. The conclusion emphasizes the importance of a balanced reward system for organizational success. Desklib is a platform where students can find study tools and solved assignments.

Reward System in Iceland Foods Limited
NAME OF THE STUDENT
NAME OF THE UNIVERSITY
AUTHOR NOTE

Iceland Foods Limited
 Supermarket chain from Britain
 It has headquarters in Wales
 It is popular for frozen foods

Reward System in
Organization
 The reward system helps in
rewarding employees based on
their performance
 It is a positive course of action
that is employed by a company

Reward System for Iceland
Foods Limited
Financial Rewards in Iceland
Foods Limited
 Salary
 Wages
 Incentive

Non Financial Rewards in
Iceland Foods Limited
 Career advancement
 Job Security
 Employee Empowerment

Performance Based Rewards in
Iceland Foods Limited
 Incentive System
 Group Bonus
 Membership Based rewards in Iceland
Foods Limited

Membership Based rewards in
Iceland Foods Limited
The employees of the company can
be provided rewards on the basis of
membership that can be useful for
the organization

Benefits of Intrinsic Reward
System for Iceland Foods
Limited
 Builds high engagement culture
 Helps an organization in having
purpose

 Reducing the labour cost
 The employees can be more
creative

Disadvantages of Extrinsic
Rewards
 Unsustainable in modern age
 It can pave the path for the
diminished returns

 Does not bring about permanent
change in employees
 Reduction of intrinsic interest of
individuals

References
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extrinsic rewards on employee attitudes; mediating role of perceived organizational
support. Journal of Service Science and Management, 8(04), 461.
Bhuvanaiah, T., & Raya, R. P. (2015). Mechanism of improved performance: Intrinsic
motivation and employee engagement. SCMS Journal of Indian Management, 12(4),
92.
Gogia, S. K., & Soni, M. (2017). Impact of reward management system on organizational
performance with special reference to hotel industry in Jaipur: a literature review. Journal
of Modern Management and Entrepreneurship, 7(4), 115-124.
Iceland.co.uk. (2019). Online Food Shopping | Iceland Groceries. Retrieved from https
://www.iceland.co.uk/
Noe, R. A., Hollenbeck, J. R., Gerhart, B., & Wright, P. M. (2017). Human resource
management: Gaining a competitive advantage. New York, NY: McGraw-Hill
Education.
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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