It can be stated that rewards are considered as an important part of the organization. If rewards are not offered by the management then it can give impact on the performance of workers. It can be stated that if top management offers proper rewards to the employees then it can be simple for the company to boost the confidence level of the workers in the company. Without rewards it can be difficult for the employees to feel motivated and also they will not be able to show efficiency towards the organizational activities. So, in this paper the discussion will be made on the impact of rewards on the overall performance of the company.
Rewards are considered as the program which is set by the company so that the attention of the employees can be maintained of the workers towards the organizational activities. It is necessary for the top management to emphasize on giving rewards to employees so that they can be efficient towards the overall operations of the organization. It is necessary for the top management to rewards the employees so that it can be they can feel the value they have in the workplace. It has been investigated that when the work of the employees are rewarded then they are motivated to do work with more efficiency and dedication (Zhong, Wayne & Liden, 2016).
Also, rewards are considered as the method that can help to give positive impact on the overall thinking capacity (Alagaraja & Shuck, 2015). When rewards are offered at the workplace then it can be seen that employees generate the feeling of dedication and they try to give their best so that it can be easy to attain positive outcome. This section will focus on the methodology in which the secondary sources will be used.
Also there are many theories which states that motivation is linked with the satisfaction but it can be stated that satisfaction between the employees can be boosted by considering the strategy related to rewards. It can be seen that it helps to manage the overall activities of the company in the competitive market and can also help in retaining the employees in the workplace. If workers in the company are stayed for long time then it is easy for the organization to achieve success as it can be easy for them to focus on the talented employees (Katzenbach & Smith, 2015).
The main purpose of the reward system in the workplace is to be more competitive. It can be seen that when the system of rewards are provided in the workplace then it can help the company to compete with the competitors in the market. It is also one of the effective methods that can help the company to compete with the competitors who are present in the market (Mone & London, 2018).
It can be stated that reward system in the workplace assist to enhance the overall motivation level of the employees in the workplace. Rewards are considered as the motivator that can boost the overall confidence level and can force them to give their best towards the overall activities or the assigned activities by the top management. Also, if proper motivation is there in the workplace then it can be simple to maintain the image in the competitive market. Motivation is important for the employees in the workplace as it can help them to enhance productivity level in the workplace. Motivation can only be given when company offers proper rewards to the employees according to their performance (Eccles, Ioannou & Serafeim, 2014).
Organizational performance can also be boosted when proper reward system is taken into consideration. It can be seen that by introducing the reward policy it can be easy for the company to earn more profits. It can be seen that when employees give their best towards the assigned activities then it is not difficult for the organization to achieve positive outcome. Also, the overall performance of the company depends on the activities of the employees. So, it is important for the workers to be dedicated towards the activities as it assists them to attain positive results. If the employees are not giving best then it can impact the overall performance of the company and also the image can be affected in the competitive market (Malik, Butt & Choi, 2015).
It can also been seen that rewards can be categorize into two, the first is related to extrinsic and the next one is intrinsic. Extrinsic rewards are concerned with the rewards which are tangible and it is given to the employees by the managers. In these types of rewards the focus is given on the bonuses, benefits and also one of the overall payments given to the employees by analyzing the performance in the company. Intrinsic rewards are considered as the rewards which are non-physical rewards and it cannot be touched but it can be easy for the employees to connect on the emotional platform. Intrinsic rewards can be considered as the feeling of commitment which helps in finishing the work. It can be seen that both the rewards are important for the employees and it also help to maintain the overall productivity level in the workplace (Bratton & Gold, 2017).
It can also been seen that if the top management does not focus on giving rewards then it can also affect their overall satisfaction level. At the time of considering the overall policies of rewards it can be seen that employee engagement is also considered as the factor which is important to be maintained. If employee engagement is not there then it can be difficult to earn rewards. It is seen that employee engagement is important in workplace as it can be easy to accomplish the overall goals and objectives (Bedarkar & Pandita, 2014).
Also, it can be stated that reward system is essential for maintaining the overall performance of the employees. If the performance of the employees is effective then it can be seen that reward system will be effective. It can be stated that job performance is considered as the part of human resource management and also performance has an essential role in attaining the overall goals in the competitive market. Rewards help to focus on managing the overall performance of the employees and also the top management uses the rewards system so that employees can enhance their overall performance in the workplace. Through rewards the motivation factors of the employees can be enhanced (Albrecht, Bakker, Gruman, Macey & Saks, 2015).
Rewards give impact on the overall satisfaction level of the employees. When rewards are given to the employees it can be seen that needs of the employees is satisfied and when need of the employees is satisfied then it can help them to achieve success in the competitive market.
It can be stated that employees work for earning incentives or the rewards but if these rewards are given by the management by considering the overall performance then it can bring improvisation in the overall activities. Rewards also boost the overall confidence level of the employees towards the activities. By earning rewards, employees have the confidence to complete the activities in a proper manner which directly maintains the overall efficiency in the workplace. To earn more and more rewards the employees focuses on giving their best work so that it can be easy to maintain the productivity with earning more and also with high productivity of the employees it can be simple to manage the entire activities in the workplace (Barrick, Thurgood, Smith & Courtright, 2015).
The performance of the organization can only be maintained when employees in the workplace are satisfied with the assigned activities. It can be stated that the overall satisfaction of the job can be affected by both financial and non-financial rewards. If there is no effective rewards system in the workplace then it can affect the employees the overall working pattern of the employees in the workplace. Working pattern changes which the behavior of the employees in the workplace. It can be seen that it is the responsibility of the top management to focus on managing the behavior of the employees. Positive behavior of the employees can be related with the rewards offered to the employees in the workplace. It can be seen that if the employees in the workplace are satisfied with the reward policies then it can be easy to achieve growth in the competitive market. Also, it will give positive impact on the overall activities of the company which are assigned to the different employees in the workplace (Anitha, 2014).
It can be stated that by having proper reward policies in the workplace, it can be simple for the employees to maintain their skills and also efficiency in the workplace. It is also known as one of the best approach that can help in maintaining the image of the company in the market.
So, the main findings in this are related with the rewards, in which it can be stated that rewards are one of the essential component that help to maintain the performance of the workers in the workplace. It has been analyzed that if there is proper motivation then employees will give their best towards the organizational activities and it can be easy to achieve growth in the high competitive market. It also boosts the morale of the employees towards the activities which are assigned by the top management.
Conclusion and recommendations
So, by analyzing the paper it can be recommended that rewards are considered as the important factor that should be considered so that it can be easy to accomplish the overall goals and objectives in the competitive market. So, by seeing the present business situation it can be recommended that companies should focus on giving incentives by focusing on the overall performance of the employees. If the employees in the company are efficient then they will earn good rewards from the top management. So, it can be seen that it is important for the companies to focus on motivating the employees so that it can be easy for them to earn rewards. By giving rewards it can be easy for the employees to manage the activities of the company with dedication and also it will help to bring best out of the employees.
Training can also be considered as one of the technique that should be considered by the management so that it can be simple for the employees to consider those decisions which are best for the company in the competitive market. Training can also help in boosting the overall skills and knowledge of the employees in the workplace or towards the activities of the company. So, the main recommendation is related with considering the strategies which can help the employees to attain the overall success in the competitive market.
So, it can be concluded that rewards are considered one of the important aspect that impact the overall performance of the company. It can be seen that if there is no reward system in the workplace then it can be difficult for the employees to be efficient towards the organizational activities which are assigned by the management of workers. It is necessary to emphasize on maintaining reward process in the workplace so that the overall performance of the company can be maintained and also growth can be achieved in the high competitive market. Proper reward process can also help in employee’s retaining in the workplace. It can be said that employees in the workplace can be retained if company focuses on giving reward policies to the employees in the workplace. It will help to achieve growth and can also attract the talented employees towards the overall activities of the company. So, rewards impact the overall performance of the organization and also it enhances the motivation level of the workers towards the overall operations of the company.
References
Alagaraja, M., & Shuck, B. (2015). Exploring organizational alignment-employee engagement linkages and impact on individual performance: A conceptual model. Human Resource Development Review, 14(1), 17-37.
Albrecht, S. L., Bakker, A. B., Gruman, J. A., Macey, W. H., & Saks, A. M. (2015). Employee engagement, human resource management practices and competitive advantage: An integrated approach. Journal of Organizational Effectiveness: People and Performance, 2(1), 7-35.
Anitha, J. (2014). Determinants of employee engagement and their impact on employee performance. International journal of productivity and performance management, 63(3), 308.
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.
Bedarkar, M., & Pandita, D. (2014). A study on the drivers of employee engagement impacting employee performance. Procedia-Social and Behavioral Sciences, 133(6), 106-115.
Bratton, J., & Gold, J. (2017). Human resource management: theory and practice. Palgrave.
Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835-2857.
Katzenbach, J. R., & Smith, D. K. (2015). The wisdom of teams: Creating the high-performance organization. Harvard Business Review Press.
Malik, M. A. R., Butt, A. N., & Choi, J. N. (2015). Rewards and employee creative performance: Moderating effects of creative self?efficacy, reward importance, and locus of control. Journal of Organizational Behavior, 36(1), 59-74.
Mone, E. M., & London, M. (2018). Employee engagement through effective performance management: A practical guide for managers. Routledge.
Zhong, L., Wayne, S. J., & Liden, R. C. (2016). Job engagement, perceived organizational support, high?performance human resource practices, and cultural value orientations: A cross?level investigation. Journal of Organizational Behavior, 37(6), 823-844.
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