Analysis of Reward Systems: A Motivational Strategy for Companies

This report delves into the effectiveness of reward systems as a motivational strategy within organizations. It highlights the importance of employee motivation and its direct impact on organizational performance, emphasizing the need for companies to implement strategies that foster employee engagement and dedication. The report outlines the benefits of reward systems, such as increased productivity and a positive work environment, while also addressing potential issues such as the disconnect between rewards and company objectives. The report uses Tesco as a case study to illustrate how both intrinsic and extrinsic reward systems can be successfully implemented to boost employee morale and drive business growth. The conclusion underscores the significance of well-designed reward systems in fostering a competitive advantage and achieving long-term success.

ACADEMIC AND PROFESSIONAL SKILLS

 Motivation is important in order to withstand the pressures that
are existing in the organisation as well as it will also stand as one
of the beneficial factors for organisational growth.
 Employees are to be motivated at regular intervals of time for the
work they have performed because this motivation will result in
aspects that are knowingly contributing towards the performance
of the company.
 Therefore for the company to reach great heights employees must
be motivated and strategies will have to be inculcated upon
motivating them.
INTRODUCTION

 Motivational strategies that is chosen in this regards is
the form of reward system.
 It is important to appreciate the value of work that is
committed by an employee.
 There are different multinational organisations that are
working ahead of all the technological implementations
as well as the growth prospects only because of
adopting the technique of reward system.
 Reward system will help the employees to create
wonders.
THE STRATEGY

EFFECTIVENESS
 Reward system is considered to be very effective in terms of increasing the effectiveness of the
organisation.
 Organisational performance will have to be at times regarded as the key criteria that is to be
resolved at regular intervals such that the company can compete in the race.
 While employing this strategy of reward system in the organisations there will be scope for
employee to contribute more than that which is usually being put by them in the processes that
they make for the organisational growth.
 If the performance of the employees is doubled then probably the growth prospects will also be
doubled.

ISSUES RELATED
 The organisational management will move ahead with the rewarding process at the employees
do not know the reason behind how they are being able to recognise.
 This will develop a kind of negotiation in the employee mindset and therefore they cannot be
able to sometimes accept the award in the better possible manner.
 Rewards are not usually linked to that of companies business plans and the designing programs.
 Without this being linked to the business policies it will be a hectic scenario for the organisation
level management as well as to the employees to digest the fact that these are the sudden
precognition factors.

EXAMPLE
 Example of the reward system is from the company Tesco.
 The company follows motivational strategies of rewarding its employees every now and then we
can contribute for betterment of the company.
 There are different factors in the organisation which are to be tackled with hectic work schedule.
 Employee is cannot stay dedicated if not they are awarded at regular intervals. Therefore, the
company has identified this prospects and design policies that will provide them rewards based on
their approach.
 The two kinds motivational rewarding policies that are followed by the company Tesco are
intrinsic and extrinsic.

EFFECT CREATED ON EMPLOYING
 Effects of inheriting this policy is that employer contribute even in odd working
hours in order to move ahead with the growth of the company.
 The policies that they put in the company Tesco seems to be in a flourishing format
and beneficial aspect for the company.
 This seems to be a kind of positive energy that is generated in the company and
therefore with this prospect the company is striving to move ahead by being one of
the biggest competitive in the retailing industry.

CONCLUSION
 The report concludes of on explaining the aspects of motivational
rewarding policy that is put forth in the organisation.
 The strategy will help the company to move ahead with prospects as
well as to attain good reputation in the coming competitive prospect.