Explain the relationship between performance and rewards Essay

Explain the relationship between performance and rewards - Essay Example When I was working at the sales department of Nestle Company I was offered three types of rewards: money, promotion and a vacation. Before these rewards could be offered, the goals of the department were clearly stipulated and aligned to organizational goals. Then we sat with the departmental manager to set individual goals which if achieved, reward would be given. We met periodically with the manager to review our performance and revise the goals if unachievable before performance was evaluated at the end of each year. Those of us who achieved our targets got monetary rewards and this made us to work harder for extra cash. I was also promoted from sales representative to sales manager and this motivated me to worker harder so as to climb up the ladder and achieve self-actualization. A vacation was also welcome to spend time with family away from the stress of work. This made me feel fresh on reporting back to work hence increased morale, job satisfaction and consequently improved pe rformance. If such rewards were not offered, then many employees would not go out of their way to ensure organizational goals are achieved or work beyond the expected performance. This is in line with the expectancy theory of motivation whereby employees expect to be given something in return for their extra effort (Hegar, 2012, p. 12). If they do not expect anything, the likelihood of losing morale is high. The most likely type of rewards to result in improved productivity are intrinsic rewards such as recognition, increased responsibility, challenging work, sense of accomplishment and belonging. These come from inside the person rather than from external source such as money given by a boss hence have more power to motivate (Hegar 2012). An employee is most likely to get used to external rewards hence views them as a norm thus reducing his/her motivation. For intrinsic rewards, an employee is not forced to

Business Conditions Analysis (1) Essay Example | Topics and Well Written Essays - 500 words

Business Conditions Analysis (1) - Essay Example During this time span, there is considerable amount of decline or downfall in the economic activities. On the other hand, the definition of expansion, which is used by the committee, is that it is the time span between the trough and peak of the economic cycle. During this time span, the economic activities increase by a considerable rate (NBER(a)). The method used by the committee for determining the dates of the important events of the business cycle is inefficient in terms of identifying temporary shifts in the recession and expansion. As, the committee only take its decisions on the basis of the pre-defined definitions and has no method of identifying that the contraction or expansion are only temporary interruptions or actual (NBER(a)). Along with this, there is no appropriate definition of economic activity. For this purpose, the committee takes help from different economic measures which are used to determine the overall broad activity. Some of these measures, which are used by the committee, are product based real Gross Domestic Product (GDP), income based real Gross Domestic Product (GDP), and the real income of the economy (NBER(a)). Apart from these broad economic indicators, Business Cycle Dating Committee also sometime uses the narrow economic indicators which are not able to cover the whole economy, for example the industrial production determine by the index of the Federal Reserve and the real sales. Although, use of these narrow economic indicators along with the broad economic indicators can result in the problem of double counting the of the industries and sectors included in both indicators but still these narrow economic indicators can be beneficial when there is conflict between the broad indicators (NBER(a)). It is also important to establish, that the method used by the committee for the determining peaks and troughs is completely different from the two