International Journal Hospitalet Management -Myassignmenthelp.Com

Question: Discuss About The International Journal Hospitalet Management? Answer: Introduction A reward is considered as something which is given to an employee or individual in return of some good behavior, attainment and service. On the other hand, performance recognition is considered as some special acknowledgement, attention and notice. In several companies, reward and performance recognition programs are regarded as a motivator that helps in enhancing the performance level of an employee. The reward systems must affect the behavior of the employees measurably, improve and enhance results and deliver intangible and tangible awards that every employee can earn and enjoy. The human resource managers of a company are highly responsible for implementing and designing the reward systems for motivating the employees and staff members (Armstrong Taylor, 2014). The purpose of the report is to discuss about the performance management and rewards of Samsung Company in order to manage and retain the staff members. A good reward system is regarded as a pulling strategy. The reason behind this is reward systems pull people to give their best shot at the organizations. Samsung Company has been facing troubles since the year 2015, despite having good reward system. One of the major reasons can be lack of motivation. The report throws light on the overall objectives of reward systems and the factors considered while implementing and designing a reward system. The employees of Samsung must be encouraged as well as motivated by giving rewards on the basis of their achievement level. They must feel good about what they are achieving. It should be kept in mind that a positive attitude of the associates always yields better outcomes for the organization. For integrating this culture, the employees got to be patient and consistent with their performance level (Barrick et al., 2015). In simpler terms, right rewards given to the right associates, with right reasons will yield right results. Discussion On designing a reward program, it is important to consider the Samsung Companys goals, which the reward program must support. Identifying the desired behaviors or performance of the employees will help in reinforcing the goals of the organization. The key measurements of the behavior or performance must be determined on the basis of the groups or individuals previous achievements. For reaping benefits like increased productivity and performance level, the organization must design a reward and recognition program which must identify Samsungs goals (Beardwell Thompson, 2014). Types of Reward Programs Majority of the organizations have a number of reward programs which are aimed at both team and individual performance. Samsung Company can apply some of these strategies, which are listed as follows, in order to improve their level of performance; Variable Pay Paying for performance or variable pay is a type of compensation program, where a portion of the employees pay is regarded at risk. A variable pay can also be tied with the companys performance, resulting from a business unit or an employees accomplishments or the combination of these both factors. It can take different forms like bonus programs, one time awards, stock options and others. Some organizations choose to pay the employees lesser than their competitors, but however, attempt to encourage them through variable programs (Bratton Gold, 2012). Bonuses The bonus programs are usually a reward for individual accomplishment and quite frequently used in the sales organizations, in order to motivate the salespersons for generating higher profits and additional businesses. Bonuses can also be utilized for recognizing the companys group accomplishments. These programs are generally considered as short term motivators. However, bonuses are to be carefully structured in order to ensure that the program is motivating the employees to give their best shot in the company (Chun et al., 2013). Profit Sharing Profit sharing is a type of strategy of creating huge sum of money to be given to the employees by taking a particular amount from the companys overall profits. The percentage given to the employee is equal to the percentage of the individuals salary, which is disbursed after the business closes its tenure for the year. The benefits are provided via contributions to the individuals plans or in cash. The aim behind sharing profits is to reward the individuals for their contributions to the organizations achieved goal of profit (Davidson Stevens, 2012). Stock Options In recent years, stock options have become a popular method of rewarding the middle management as well as other employees in both start ups and mature companies. The stock option programs for the employees give them the right to buy a particular amount of the companys shares at a fixed price, for a limited time span. These shares are generally authorized by the board of directors of the company as well as approved by the shareholders (Doyle Locke, 2014). Advantages and Disadvantages of Reward Systems Employee reward systems act as a motivator in increasing their performance level. The rewards come in many forms such as; direct and indirect incentives, raises, bonuses, profit sharing, stock options and more. The reward and recognition programs are generally implemented and determined by the managers for motivating the employees to raise their performance standards (Shields et al., 2015). However, there are certain advantages and disadvantages of reward systems, which are discussed in this part of the report. Advantages The employee reward systems can generate a healthy competition among the teams and individuals of any organization. If a certain number of members receive rewards based on their performance, it will motivate others to work harder and give their best. In addition to this, commission schemes will help in improving the sales staff to work harder and smarter. Moreover, designing a reward system intelligently can prove to be a boon for the companies who look for retaining their employees for a long term. It also makes the employees feel better, when their hard work gets appreciated and recognized. Samsung Company has a good reward system, which is a major advantage of the organization (Williams, 2013). Disadvantages Employees in an organization, who work harder and better every day, get the most number of rewards. Such factor poses a little problem to the organizations overall development. Focusing on the productivity can negatively influence the quality of other employees work, who thinks that the system is biased. It becomes harder to quantify the staff members overall contribution to the organization. Reward systems also increase the overall business costs. Therefore, proper planning is necessary before introducing any reward system to the organization. However, the reward system became a disadvantageous one for the Samsung Company. Even if the organization has good reward system, the employees are not motivated enough to give their best performances. This has led to the poor production level of the organization (Armstrong Taylor, 2014). Problems of Samsung Company in managing and retaining staff This part of the report discusses about the major problems of Samsung Company. The company has been facing problem in managing and retaining their staff members. However, there are six major determinants that influence the performance of each and every employee of an organization. It is seen that the Samsung Company rewards its employees with good amounts, but the overall performance is still poor. The major issues are being discussed here. The primary force which drives the employees into action is motivation. It has a huge effect on increasing the employees abilities as well as willingness to perform and give their best. Motivation helps in engaging the employees in a goal directed behavior that in turn satisfies their needs and promotes the level of job performance (Goetsch Davis, 2014). However, the company is not able to motivate its employees even though it is spending huge on their bonuses. In addition to this, individual performance is also influenced by their competence to perform the activities or job responsibilities. The word competence is referred to the extent to which an individual regards himself/herself capable of doing a job. It gives an indication that the individual has a control over the events which occur inside and outside the company instead of the events controlling him/her (Hendry, 2012). The ability of an individual also influences his/her job performance. The ability is an overall perception of an individual regarding his/her skill and knowledge to perform the given activity. Knowledge represents the technical attributes and skill represents the practical ability of performing any task (Goetsch Davis, 2014). Moreover, the organizational resources can be both physical and psychological. The physical factors are; infrastructure, layout of the plant and more. On the other hand, the psychological factors are basically the compensation, trainings, labor management relationships, development, motivation, leadership and more (Hendry, 2012). The company has good infrastructure and plant layout; but when it comes to trainings, basic compensation, the company lacks in it. In addition to this, a healthy environment of workplace is always productive for introducing a positive employee performance. The processes must be designed in such a manner that it helps the employees to put their skills, expertise and knowledge to the work. Moreover, the employees must be given with a proper balance between work and personal life. Furthermore, social gatherings and events can also be conducted in order to enhance the team-morale (Kohtamki et al., 2012). Recommendations To recommend, the Samsung Company can conduct a performance management procedure in order to manage and retain their staff members. Performance management is a continuous procedure of improving employee performance by setting up team and individual goals. Therefore, it can be recommended that, an effective performance management system is the best when it develops the employee engagement and in turn, establishes the true pay for the performance culture. Improving morale, introducing reward and recognition programs, increasing the overall productivity and creating loyalty among the staff members can contribute to Samsung organizations managing and retaining employees procedure (Kirchmer, 2012). The overall process of linking an organizations compensation plan to the team or individual performances include measuring, rewarding and setting an achievable performance expectation (Lee et al., 2014). There are several ways to conduct the performance management procedure. Few of them, which the Samsung Company can introduce in their policies, are; The individual and corporate strategies are communicated and defined company wide. The individual performances are appraised along with feedbacks as well as formal documentation. The overall progress on goals are managed and monitored by providing guidance on the performance level. The compensations and bonuses are given on the basis of the employees performance level. Setting up of proper reward and recognition programs (Williams, 2013). In addition to this, the Samsung Company can also emphasize on the performance appraisal system. A performance appraisal is also referred as a performance evaluation, performance review, employee appraisal and development discussion. It is a particular method through which the individual job performances of the employees are evaluated and documented. It helps in maintaining the records of the employees performance levels for determining their wage structure, raises, salaries and compensation packages. The performance appraisal of an employee is done through promoting them, providing them with compensations or loyalty bonuses, motivating and encouraging them to give their best to the organization (Manzoor, 2012). Furthermore, performance feedback is also considered as an essential communication tool in any organization, be it a start up or a matured one. It is one the essential tools used in managing the employees performance. The constructive feedbacks can praise the performances of the employees or correct their poor performance standards. It is relatively easier to encourage and motivate the employees in an open organizational culture. Performance feedback will help the employees to improve their standards and work better for the Samsung organization. Therefore, these solutions of performance management, appraisal and feedback can be applied to the companys policies in order to retain the employees (Marchington et al., 2016). Conclusion To conclude, by applying a reward and recognition system as well as providing the employees with financial benefits, Samsung Company can succeed to a huge extent. This, in turn, will help in increasing the employees satisfaction at the workplace. If the organization starts rewarding their staff members, the employees will show a certain desire to improve their standard of performance, in order to get recognized. By rewarding the employees, on the basis of their performance level, the junior employees will also get motivated to perform better. It will assist them on showing their abilities to the organization. In addition to this, this system will help in creating a positive environment of work. However, Samsung Company must have a clear reward and recognition system for motivating the employees to give their best shot. In addition to the reward system, Samsung also needs to motivate its employees and train them on a daily basis in order to manage and retain them. The report also thro ws light on the disadvantages of reward system, which the organization must keep in mind before implementation. References Armstrong, M., Taylor, S. (2014).Armstrong's handbook of human resource management practice. Kogan Page Publishers. Barrick, M. R., Thurgood, G. R., Smith, T. A., Courtright, S. H. (2015). Collective organizational engagement: Linking motivational antecedents, strategic implementation, and firm performance.Academy of Management Journal,58(1), 111-135. Beardwell, J., Thompson, A. (2014).Human resource management: a contemporary approach. Pearson Education. Bratton, J., Gold, J. (2012).Human resource management: theory and practice. Palgrave Macmillan. Chun, J. S., Shin, Y., Choi, J. N., Kim, M. S. (2013). How does corporate ethics contribute to firm financial performance? The mediating role of collective organizational commitment and organizational citizenship behavior.Journal of Management,39(4), 853-877. Davidson, B. I., Stevens, D. E. (2012). Can a code of ethics improve manager behavior and investor confidence? An experimental study.The Accounting Review,88(1), 51-74. Doyle, D., Locke, G. (2014). Lacking Leaders: The Challenges of Principal Recruitment, Selection, and Placement.Thomas B. Fordham Institute. Goetsch, D. L., Davis, S. B. (2014).Quality management for organizational excellence. Upper Saddle River, NJ: pearson. Hendry, C. (2012).Human resource management. Routledge. Kirchmer, M. (2012).Business process oriented implementation of standard software: how to achieve competitive advantage efficiently and effectively. Springer Science Business Media. Kohtamki, M., Kraus, S., Mkel, M., Rnkk, M. (2012). The role of personnel commitment to strategy implementation and organisational learning within the relationship between strategic planning and company performance.International Journal of Entrepreneurial Behavior Research,18(2), 159-178. Lee, Y. K., Choi, J., Moon, B. Y., Babin, B. J. (2014). Codes of ethics, corporate philanthropy, and employee responses.International Journal of Hospitality Management,39, 97-106. Manzoor, Q. A. (2012). Impact of employees motivation on organizational effectiveness.Business management and strategy,3(1), 1. Marchington, M., Wilkinson, A., Donnelly, R., Kynighou, A. (2016).Human resource management at work. Kogan Page Publishers. Shields, J., Brown, M., Kaine, S., Dolle-Samuel, C., North-Samardzic, A., McLean, P., ... Plimmer, G. (2015).Managing Employee Performance Reward: Concepts, Practices, Strategies. Cambridge University Press. Williams, C. (2013).Principles of management. South-Western Cengage Learning.