AN IDEAL REWARD SYSTEM Cheesy Pizza Company
The uniqueness of their product being traditional, authentic and made from fresh ingredients that will be profitable is extended to a broader global market. The paper seeks to analyze the essence of an ideal reward system towards enhancing the capacity of a human resource strategy to deliver the best. An analysis of the Cheesy Pizza company operations will go a long way into understanding how the development of an ideal reward system is pivotal for organizational growth. Human resource management within any organization defines the ability of the entity to realize gains which demonstrate the capacity to enhance their performance through articulate organizational structures. Objectives of an Ideal Reward System Reward system is a human resource mechanism put in place to guide the management of an organization on how to reward employees.
The management should ensure that the reward is attractive and the set goals should also be realistic and achievable to encourage employees to work hard in order to meet the target and enjoy the attractive benefits in the end. The reward system should be managed effectively and efficiently to ensure the employees are motivated to put extra efforts in their work. Additionally, another objective of the reward system is that it reinforces and defines the organizational structure. The organization may decide to promote teamwork within the company through offering same benefits to everyone whereas the management may further decide to create competition within the organization by offering different rewards based on individual performance (Gatewood, Feild, and Barrick, 2015, 35). In circumstances where the management decides to offer differentiated rewards, there will be high competition within the organization hence high-end quality products due to the fact that employees will have to put individual efforts to reach the target for rewards.
The management should come up with a reward system that outlines the procedures, rules, and regulations as well as a mechanism that should be applied in rewarding the employees in order to create an atmosphere that aspires for excellence. The management should ensure the reward system in all the countries it anticipates to commence operation is similar in every aspect to promote fairness and minimize unnecessary complaints associated with unfairness in execution (Armstrong, and Taylor, 2014, 21). The collection of structures the management sets up to reward employees should be separate from salaries though it can be monetary or nonmonetary depending on cheesy pizza company management decision. The reward system is a major source of motivation within the organization hence emphasis should be put in place by the management to ensure the best possible system that promotes morale and motivates employees is up and running within the organization.
A better reward system within cheesy pizza will lead to better output and tremendous success due to the motivation associated with it hence it should be ensured. The reward system further attracts employees to an organization. Organization offering suitable rewards tend to attract numerous employees to its doorsteps. The cheesy pizza company may be in a position to attract highly qualified and skilled individuals who get attracted by the companies reward system. The qualified employees will enable the company to continue producing quality high-end products hence facilitate its growth as well as penetration in the market. Therefore, the management should ensure a good reward system is in place to attract employees. The fact that employees will be involved in the setup of a suitable reward system also promotes the essence that employees will know what will be required of them hence they will be able to deliver maximally (Hamidavi, and Hasseinpour, 2013, 12).
The reward should also match the employee capability and ability hence their involvement will uplift their spirit and motivate them to the extent the company will grow tremendously due to the determination they will put in. Cheesy Pizza Company should be specific and consistent in their reward system to ensure the system set up is followed explicitly. The management should ensure the involvement of the employees in determining the reward system is not left at bay by ensuring the agreed on mechanism is applied to the latter. The Cheesy Pizza Company management should also consider the position it anticipates to hold in the Singapore and Hong Kong markets. The analytical experts should carry out appropriate calculation to determine the percentage of profits that is capable of running the reward scheme effectively so that the company does not operate at a loss.
They should ensure the benefit scheme is profitable to the company despite being costly to operate in the real sense. The management should consider the risks involved in running the reward system so as not to plunge the company in losses (Gov, 2015, 16). They should consider the market situation of Singapore and Hong Kong and determine the reward system the competitors in those markets offer their employees and use that figure as a benchmark upon which they should determine their own rewards. In circumstances where the competitors in Singapore and Hong Kong give high rewards to their employees, they should aim higher with the aid of their financial base as well as external environment advantage and set their reward system a bit higher.
The management will have to plan strategically in advance to counter the challenges they will likely face. The Cheesy Pizza Company should for the reason of the difference in language and other aspects, hire experts for example advocates in Singapore and Hong Kong as well as staffs based in the two countries to ease operations. Cheesy Pizza Company should further consider the content of the reward system. The management should understand the need and expectation of the employees and offer rewards that are in line with what the employees aspirations. The management should ensure that the content of the reward system is what the employees desire to have by further ensuring that the target for the reward is attainable (Lee, and Steers, 2017, 82).
The core principle of the organization should also be considered in implementing the reward system (Kumar, Duhan, and Haleem 2016, 8). The reward system within the organization should be based on the core principle such as consistency in rewarding. The rewarding system which keeps on changing may bring chaos within the organization hence the management should ensure consistency and uniformity in every aspect that involves rewarding. The reward system should treat every employee equally and should not be biased because it can hinder productivity due to resulting complaints and unsatisfactory nature of people. Conclusion In conclusion, Cheesy Pizza Company should keenly consider the factors that will enable it to design a suitable reward system and put in place as well implement it to ensure it thrives in Singapore and Hong Kong markets with ease.
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