Rewards and motivation ppt

Views:
 
Category: Others/ Misc
     
 

Presentation Description

No description available.

Comments

Presentation Transcript

Slide 2: 

Rewards as a motivation @ workplace

Slide 3: 

UZMA ASIF AD-512082

Total Rewards : 

Total Rewards Total Rewards: All of the tools available to the employer that may be used to attract, motivate and retain employees. Total rewards include everything the employee perceives to be of value resulting from the employment relationship.

Elements of Total Rewards : 

Elements of Total Rewards There are five elements of total rewards, each of which includes programs, practices, elements and dimensions that collectively define an organization's strategy to attract, motivate and retain employees. These elements are: Compensation Benefits Work-Life Performance and Recognition Development and Career Opportunities

The Exchange Relationship : 

The Exchange Relationship Total Rewards Strategy = Leveraging Five Elements to Attract, Motivate, & Retain EMPLOYER PROVIDES: Total rewards valued by employees EMPLOYEE PROVIDES: Time, talent, effort and results

Compensation : 

Compensation Pay provided by an employer to an employee for services rendered (i.e., time, effort and skill). Compensation comprises four core elements: Fixed pay Variable pay Short-term incentive pay Long-term incentive pay

Benefits : 

Benefits Programs an employer uses to supplement the cash compensation that employees receive. These programs are designed to protect the employee and his or her family from financial risks Social & group Insurance Pay for Time Not Worked

Work-Life : 

Work-Life A specific set of organizational practices, policies, programs, plus a philosophy, which actively supports efforts to help employees achieve success at both work and home. There are seven major categories of organizational support for work-life effectiveness in the workplace.

Work-Life : 

Work-Life Workplace flexibility Paid and unpaid time off Health and well-being Caring for dependents Financial support Community involvement Management involvement/culture change interventions.

Performance and Recognition : 

Performance and Recognition Performance involves the alignment of organizational, team and individual effort toward the achievement of business goals and organizational success. Acknowledges or gives special attention to employee actions, efforts, behavior or performance.

The value of recognition plans : 

The value of recognition plans Reinforce the value of performance improvement Foster continued improvement, although it is not guaranteed Formalize the process of showing appreciation Provide positive and immediate feedback Foster communication of valued behavior and activities.

Development and Career Opportunities : 

Development and Career Opportunities Development A set of learning experiences designed to enhance employees' applied skills and competencies; development engages employees to perform better and leaders to advance their organizations' people strategies.

Career opportunities : 

Career opportunities A plan for an employee to advance their own career goals and may include advancement into a more responsible position in an organization It includes: Learning Opportunities Coaching/Mentoring Advancement Opportunities

An Integrated Total Rewards Strategy : 

An Integrated Total Rewards Strategy Culture Environment Attraction Retention Motivation

Motivation : 

Motivation The force within us that activates our behavior. It is a function of three distinct components, Intensity, Direction, and Persistence.

Motivation - Intensity : 

Motivation - Intensity Intensity refers to the amount of mental and physical effort put forth by employee. Motivation Intensity

Motivation - Direction : 

Motivation - Direction The extent to which an individual determines and chooses efforts focused on a particular goal. Direction Motivation

Motivation - Persistence : 

Motivation - Persistence The extent to which the goal-directed effort is put forth over time. Persistence Motivation

Motivation: Intrinsic vs. Extrinsic : 

Motivation: Intrinsic vs. Extrinsic When rewards such as pay and formal recognition act as motivators When doing the job is inherently motivating

Two Basic Categories of Rewards : 

No compensation rewards: Those beneficial factors related to the work situation and well-being of each employee. Two Basic Categories of Rewards Compensation rewards: Those given in return for acceptable performance or effort. They can include nonfinancial compensation.

Financial Compensation:Straight Salary : 

Financial Compensation:Straight Salary Advantages Salaries are simple to administer Planned earnings are easy to project. Salaries can provide control over salespeople’s activities, and reassignments are less of a problem. Salaries are useful when substantial development work is required. Disadvantages Salaries offer little incentive for better performance. Salary compression could cause perceptions of inequity among experiences salespeople. Salaries represent fixed overhead.

Nonfinancial Compensation : 

Nonfinancial Compensation Opportunity for Promotion: The ability to move up in an organization along one or more career paths Sense of Accomplishment: The internal sense of satisfaction from successful performance Sales managers should facilitate salespeople’s ability to feel this a sense of accomplishment

Nonfinancial Compensation : 

Nonfinancial Compensation Opportunity for Personal Growth: Access to programs that allow for personal development (e.g., tuition reimbursement, leadership development seminars) Recognition: The informal or formal acknowledgement of a desired accomplishment Job Security: A sense of being a desired employee that comes from consistent exceptional performance

Monetary/non-monetary rewards : 

Monetary/non-monetary rewards

SMART-Rewards : 

SMART-Rewards  Specific  Meaningful  Achievable  Reliable  Timely

Money is the best reward : 

Money is the best reward Pay for performance specially money act as the most efficient reward for the employee motivation for the goals of the organization to achieve

Different kinds of rewards : 

Different kinds of rewards

Luxurious apartment as a reward : 

Luxurious apartment as a reward

Rupali Polyester Ltd : 

Rupali Polyester Ltd The Rupali Group is a leading business group in Pakistan with diverse commercial interests ranging from manufacturing, exporting and indenting to banking and trade financing. The Rupali Group is also the largest producer of polyester filament yarn and a leader in production of staple fiber in Pakistan. Managed by the Feerasta family, the Group's activities reflect the changing business environment and emerging needs of the economy. The philosophy of the Group is to build on its the strength and quality while maintaining reliability. Products and services offered by the Group are acknowledged by customers with the highest standards.

Rupali Polyester Sheikhupura : 

Rupali Polyester Sheikhupura RUPALI POLYESTER LIMITED was incorporated at Karachi in May 1980 as a Public Limited Company and is listed on all stock exchanges of Pakistan. It owns and operates composite facilities to manufacture Polyester Fiber and Filament Yarn. It produces quality products by using latest technology and best quality of raw materials. The Company has the privilege of being one of the pioneers in Pakistan for manufacture of Staple Fiber of highest quality. Since its inception, the Company has been growing steadily through expansion and diversified operations. The assets of the Company have increased to over Rs. 2,931 million from the initial capital outlay of Rs. 150 million.

SWOT Analysis : 

SWOT Analysis Strengths Rupali Polyester is one of leading 50,000 companies of the world. It produces high quality fiber & Polyester Yarn. Single largest producer of filament Yarn in Pakistan. It has a traditional Organization design and simple structure which is fast, flexible, inexpensive to maintain and clear accountability.

Strengths : 

Strengths Management focus on results. Department managers are responsible for what happens to their products and services. Strict quality control parameters according to Japan recommendations

Weaknesses : 

Weaknesses Organization is not starting any expansion plan to increase its production capacity especially of Staple fiber. Strict rules and regulations to follow by the employees, which sometimes create embarrassment to employees. It is low salary paid organization as compared to its competitors like ICI and Ibrahim Fiber Faisalabad. Promotions of employees are very difficult but very rare. Very low or negligible motivation and no rewards system.

Opportunities : 

Opportunities Due to rising prices of Polyester staple fiber Company has the opportunity to start up new projects for increasing its production capacity. Management is striving to improve operational efficiencies and increase in profit margins. With the setting up of gas engines, the power generation cost will improve resulting in reduction in cost of production.

Threats : 

Threats ICI & Ibrahim Fiber Faisalabad Increase prices of raw material High prices of Cotton, Staple fiber & Yarn filament Import of all materials is quite expensive Strict rules and regulation of Rupali Organization & high turnover

Motivating & rewarding employees : 

Motivating & rewarding employees Compensation & Rewards: Rupali Polyester Ltd strictly follows the rules & regulations imposed by the Govt of Pakistan under Factory ordinance and Labor Laws implemented by the Government of Punjab. According to the minimum salary announced by the Federal and Punjab Govt for the unskilled operators must be given as a fixed pay to the newly appointed or temporary employees.

Compensation & rewards : 

Compensation & rewards Short Term Incentives: An overtime double basic pay is paid to employee as per company policy, if an employee stays on overtime, pick n drop service is provided by the company. There is subsidized canteen for employees. Subsidized breakfast and tea coupons are given to employees Long Term incentives: Two basic salaries as annual bonus to employees is given. Company pays 5% of the annual net profit to employees (only labors) annually. Annual increments are given as per recommendations of their head of the departments.

Benefits : 

Benefits Social security leaves, annual leaves, sick leaves, casual leaves, social security medical facilities and Maternity facilities. Life insurance in the form of any mishap. Old age pension & gratuity after retirement. Provident fund ,leave encashment, Car or motor cycle facilities are also provided.

Performance & recognition : 

Performance & recognition Annual increment is given according to performance, as recommended by the head of the dept. Promotion if HOD recommends for an extra ordinary achievement otherwise ordinary promotion are given according to company policy.

Work-Life : 

Work-Life Strict rules and regulations are followed by the employees and punishment is given if they commit any fault or violate the company policy and their punishment effects the annual increments, bonuses and monthly salaries of the employees.

Conclusion : 

Conclusion

Slide 46: 

Do not do your work as a ritual. Bring in Spirit in what you do – make it Spiritual

Thank you : 

Thank you

authorStream Live Help