Risk Analysis Employee Rewarding Program
Risks are made up of two parts; the probability of something going wrong and the expected negative outcomes. These elements can be hard to spot or predict based on their time of occurrence. However, prior planning can be done to ensure ease of recovery when they occur. In this case, the following is a review of the risk analysis procedure when working on employee motivation and rewarding program for a multinational corporation. Potential Risks Incentive compensation and rewarding programs are among the most critical issues in today's organizations. Consequently, it is more likely that people will have varying opinions on how the programs should run. Some people believe that rewards should be given based on performance and qualifications while others work towards ability and personal capabilities.
When such cases occur, it is most likely that the program will be rejected. The issue of cultural differences also comes along with diversity and might hamper the program efforts. Every person is entitled to an opinion hence varying thoughts. A justifiable program creates a consistent work environment as well as the equitable enjoyment of resources. For instances of diversity and cultural differences, it is important to consider changing the compensation policies from time to time. • Combine work goals with employee motives- the most strategic business programs work towards utilization of employee's potential to achieve the primary set company goals. Aligning of employees goals to the organizational needs means that people will team up and work towards a common motive. The technique can be implemented through proper communication of the plan in action, corporate mission, vision and core values.
From $10 to earn access
Only on Studyloop