Week 23 – Reward
Collaborate London is my step dads company and I am particularly
familiar with it. They strongly believe in rewarding employees for going the
extra mile and putting in effort. Reward is a fantastic way of motivating
employees and getting them to put in that extra bit of effort. Collaborate is
an independent office furniture dealership, providing consultancy, expert
advice, and product and service solutions tailored to meet their clients’
needs. Collaborate reward employees in a range of different ways, these are –
Financial rewards:
- · Bonuses – Collaborate is joint owned by three people, these three people make up the owners. They decide who deserves bonuses, if a member of the team manages to win a few big projects from competitors and manages to come up with a solution for them, they will get a bonus, the amount of the bonus given out depends how big the projects were and how much profit they yielded.
- · Pay rises – As collaborate grows and it hires more employees and gains a better reputation the employees pay will rise. In order to continue growing Collaborates employees will need to carry on working hard and beating their targets. If this is done and the business gets more successful, gains more assets and increases profits then the employees pay will rise.
Non-Financial Rewards
- · Recognition – The Collaborate office is based in London and all employees work in the same office, it’s a closely knit organisation of which most employees are well acquainted and friendly. Recognition is important, it can be used to motivate employees. When I have worked there in the past and an employee wins a project and they input it into the system, music comes on and cheers go round the office and the employee is congratulated. Although this is only a small thing, it can go a long way, it puts the employee who won the project on a high and will help motivate them to win more projects.
- · Opportunity to develop skills – Existing employees can become better at their jobs through developing their skills, Collaborate know this and reward employees with training. They have sent out employees all over Europe to attend furniture design shows, in which the employees can gain contacts and speak to people in the business and gain experience from talking to these people. As well as gaining new contacts they attend see ranges of different furniture which can be used as new suppliers, they also get to look round offices that have been designed by various companies. This information can be absorbed by the employee and used to pitch to potential clients back in England.
- · Promotion – There is also room for promotion in the office, lower level employees (mostly part time) who are mostly responsible for things like filing and answering the phones have the opportunity to learn from the design team who actually design the offices. So there is plenty of room for promotion. This definitely motivates the employees, as the designers are on a higher wage and nearly all people want jobs with higher wages.
Collaborate is a relatively small company so keeping rewards
fair is fairly straight forward, they are a diverse group and always hire or
reward employees based purely on performance as opposed to their race, gender
or sexual orientation.
Chief executives 99% of the time get rewarded regardless of
their companies performance, there are many arguments for and against this.
Some are –
For –
- · They might be doing the best they can and putting in as much effort as required
- · They need motivating to carry on doing their job
- · It might not be their fault the company underperformed
Against –
- · The chief executives are in charge of the business, and if its failing its their fault
- · Why reward someone for doing a bad job?
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