Corporate Corruption and the HRM Function: Legal, Ethical, and Moral Perspectives
February 12, 2025
Networking for Management Graduates If you are in a business school or college, chances are that networking would be useful to you to make a difference in your eventual career. For instance, networking can be a great method of knowing about how the real world companies work and this is especially important for those business […]
The Future is upon us and Are We Ready for It? Most of us realize that the future would be a forbidding place due to the dwindling job opportunities in the traditional sectors such as Manufacturing, and the needed skills in the New Economy firms requiring added work and enhanced resilience. With the exponentially accelerating […]
What is Corporate Corruption and how pervasive it is? While we are all aware of corruption in the governmental and public sector entities, the lesser reported aspect of corporate corruption is something that does not yet get the coverage and attention it should. This is because unlike corruption in other spheres and walks of life, […]
For an organization to do well and earn profits it is essential that the high potential employees stick to it for a longer duration and contribute effectively. The employees who spend a considerable amount of time tend to be loyal and committed towards the management and always decide in favour of the organization. When you […]
Competence has been long understood as a person’s ability or capacity to do a job. It was devised in the 1970s by the US Company McBer to identify the specific personal characteristics which resulted in effective and/or superior performance. So, what exactly is the idea behind competencies ? Every job has a requirement of specific […]
Ask yourself the importance of a chocolate or a muffin to motivate your child to finish his homework or clean his room. Same way, the rewards and recognition can prove to be extremely beneficial to keep your employees motivated to perform extraordinary, achieve the targets and stick to the organization.
The power of employee recognition can not be underestimated especially when they have thousands of lucrative opportunities in front of them.
Who doesn’t want to attract, hire and retain the best talents of the industry?
Why not explore the new ways to foster employee motivation and drive them to achieve their targets then?
After all an organization’s performance is directly related to the performance of its human resources. This is a simple logic; if you make their day, they make your organization.
Employee rewards and recognition system is not just a positive thing to do with people but communicating it effectively is an efficient tool in encouraging them to create and bring business for you. Treating your employees like your assets and maintaining harmonious relationships with them doesn’t only yield business in present but also an effective strategy for future. Employers and management need to be pro-active to develop a talented and dedicated workforce that can take you to your goals.
Fulfilling employees’ needs, recognizing their efforts and presenting them with monetary and non-monetary rewards help you create a right workforce for your organization that can be your partner in success. Recognition of their efforts and boosting their morale results in increased productivity and decreased attrition rate. It is a proven fact that the motivated and dedicated workforce can change the fate of a company.
After all, human effort is the biggest contributing factor in success of any organization. It is just next to impossible to achieve organizational goals only by the efforts of top management. It’s the workforce who executes their plans and helps them achieve their financial as well as non-financial aims.
Establishing and implementing a reward system needs careful analysis of the company policies and procedures. Deciding how to recognize employees’ efforts and what to provide them requires thorough analysis of responsibilities and risks involved in a particular job.
Reward system of an organization should also be in alignment with its goals, mission and vision. Depending upon the job profile, both monetary and non-monetary rewards can encourage employees to contribute more to the organization.
A combination of monetary and non-monetary rewards can work wonders and drive employees to perform well continuously. A proper and efficient employee reward and recognition program can establish harmonious relationships between employees and employer.
Your email address will not be published. Required fields are marked *