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BUS-1-1664-1/2010 1
26/03/2010.
Reward Management Systems in Financial Institutions
Reward management has been an issue in organizations in the past. It is known to play a major role in modern organization performance in terms of profitability, market share and competitiveness. Managers are required to review the reward systems that are in operation in the organization every now and then in order to ensure that they do not affect organizations performance negatively.
Reward presumes that employees, in addition to playing a specific job role, also contribute to the welfare, goals, business development and general well being of organizations. For this valuable contribution, organizations are obliged to appreciate and thus reward employees input towards its business success, image and culture in the pursuit of its social environment.
It implies that whatever the employer returns is only a token payment as there is no absolute method of calculating payment of individuals for their total contribution to a business. Reward encourages individuals to be productive through motivating them to efficiently and effectively play their role to attain organizational business role and attain organizational business goals.
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It recognizes, evaluates and compensates individuals for their contribution and role in the success of the enterprise, reward managers designs systems, channel and distributed business resources to equitably pay, compensate and remunerate employees for their services contribution hence performance. They also design, implement and maintain human resource processes and systems geared to the improvement of organizational performance. Reward managers should ensure that the appropriate human resources have attracted their contribution appropriately valued, rewarded and retained.
According to Manasseh N. Paul, a text book of Principles of Auditing, employees should be trained in human behavior management or public relations in order to minimize supervision frustrations, supervisors should be also trained to have a human outlook towards employees, the management should allow employees to have access to the management so as to air their grievances thus good employee performance.
According to Armstrong Michael and Helen Murlis in their text book, ‘Reward Management’ a handbook of remuneration strategy and practice, ‘Revised 5th Edition’, Financial rewards need to be considered from three steps of view; Effectiveness of money as a motivator, reasons why people are satisfied and or dissatisfied with their rewards, criteria which should be used when developing financial rewards system.
Thus money is very important to people because it satisfies a number of their pressing needs. It is also a tangible method of recognizing their worth and this improves
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Their esteem and attracts people to join an organization, therefore a good pay will definitely motivate the employees thus improvement in their various duties.
Non financial rewards like promotions, employee recognition, good working environment, adequate working facilities and frequent trainings will put the employees in a position whereby, they will feel some sense of belonging and pride, you will realize that when all the above reward management systems are made available to the employees, good performance will be realized in the company and definitely earn itself a good name.
Poor reward management systems demotivates the employees, they lack working morale and this leads to their poor job performance. Due to this, the organizations performance also goes down. All organizations that will to succeed and maintain their good name should always strategize on the above reward management systems.
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Works cited
v Paul Manasseh: Principles of Auditing. ‘How employees should be trained on human behavior and relations’.
v Michael Armstrong and Helen Murlis: Reward Management, a hand book of Remuneration strategy and practice, ‘Revised 5th Edition’, Consideration of Financial and Non-Financial rewards.
