The reward system of an employee comprises of the integrated policies, practices as well as processes of the organisation for rewarding its employees according to their skills, competence, and contribution along with their market worth. The main purposes of performance rewards are to provide motivation to the employees for making a contribution to the best of their potential, for retaining the best people through rewarding as well as recognizing their contribution and for attracting the correct people at the correct time for the right roles, tasks or job (Garg, 2020). The following paper will comprise of a reflective report which consist of a learning model for describing in summary the seven topics which I consider to be the most interesting and the things that I have learned from the module. The paper even focuses on the strategy that was adopted by me in carrying out my scholarship in this module along with the improvements that I want to bring in the future.
In order to survive in the highly competitive environment, I found it very important to learn about what the organisations strive to uncover, what can take them ahead of their competitors. I find it vital to have an understanding of the meaning of performance management along with the reward system management and the process of performance management, I wanted to learn about the importance of performance and reward management and their role in strategic planning, implementation of the system of performance management in the organisation, role of performance and reward management in the development of an employee, addressing the Skills Of Performance Management and the team reward management (Rotea, Logofatu, and Ploscaru, 2018). I wanted to have an understanding of the link between performance management and reward along with an overview of the different kinds of rewards. I wanted to understand the relevance of employee benefits and pension schemes and understanding the implications for performance and reward management in the current dynamics of organisations.
All the above mentioned topics and areas of performance and reward management can be learned through this particular module. The course will offer a sound basis to the students in developing an understanding towards the performance and reward management that will indeed always be relevant for an organisation. The contents of the course have been designed particularly not just for developing a base but also for fostering a holistic understanding towards these concepts (Baek, et al., 2020). The course can help the students to learn different facets of performance and reward management which ranges from its meaning as well as strategic significance to its implementation as well as implications for an organisation.
For balancing life as a student, there is a need of time management as well as proper resources for study. Due to the advancement of technology, there are numerous digital tolls available which can provide assistance during studying the course. One of the most important skills required for the completion of the course is mastering time management. Once I get hold of time, I can design my days for optimising every minute and everything done easily without stress.
Just because I have completed a course of performance and reward management doesn’t imply that I am competent in those skills too. My success criteria will be when I will develop the ability to do something good and this will be developed with time. The university should encourage people like us to out our knowledge into practice for the development of the skills and at the same time being observed, supported as well as mentored. The learning and development journey of every individual is not the same. It is very important for me to stay flexible as well as inclusive in my plans. The success criteria for me will be securing excellent marks in the course and getting the passing certificate. The success criteria will be that I am able to understand the concept of performance and reward management and make use of all the theoretical aspects in real life when I start working as a professional. This course of performance and reward management will most probably consume 12 weeks.
A development record comprises of all the information that will enable me in demonstrating that I have taken proper steps in the maintenance of competence and offer a proper standard of service. The course began from 5th January, 2021. Through this course, I studied the critical reviews of trends as well as issues in performance management as well as rewards. I also studied about the strategic significance of the problems which rose from balancing critical components in the reward system and performance management. I critically analysed the performance management ethics by the lenses based on issues critiquing expected and unintended strategic, individual, organisational and team outcomes which might emerge from management of performance and rewards. The contemporary theories and practice in the performance management was contested by critical analysis and the critical theory informed critiques about the history of performance management, common techniques for the conduct of evaluations of performance, the connection between performance evaluation as well as remuneration system as well as opportunities for the development and promotion of the employees (Amaeshi, 2019).
Following are the things which I learnt after completion of the course and the activities mentioned above:
The theoretical concepts about performance and reward management will be used by me in the future as a professional in managing the expectations of my company along with the management of the performance of the employees helping in their development (Noorazem, Sabri, and Nazir, 2021). The theories that I have learnt from this course will allow me in recognizing the efforts of the employees and highlighting the positive or negative performance on an unbiased platform. I have realised that the elements which constitute a system of performance management should never be confused with performance appraisal. I will try to integrate the system into an organisation with a clear induction to the system which is clear as well as concise along with the management of expectations.
The theory of performance engagement which attracted me the most is the expectancy theory which was proposed by Victor Vroom in the year 1965. In his opinion, people behave in a particular way because they get motivation by the desirable results of such behaviour. There should always be an alignment of an individual’s performance with the expectation of the organisations with respect to the achievement of the goals identified in the future (Oluka, 2020). The motivation which makes people behave in such a way over other types of behaviour is their expectancy. The expectancy is with respect to the impact of the selected behaviour. The theory of expectancy can be applied practically in majority of the organisations. I will use the expectancy theory in the recruitment and selection process of the employees for a specific job. The theory will also be used by me for examining the outcome of the company training as well as assessment of the performance of employees according to the goals of the organisation. This theory can also be applied for the identification of the variables which provides motivation to the individual employees of the organisation. This theory helps in the determination of the motivators which impact people in joining a company on the basis of needs, past experiences as well as goals (Rondeau, 2018). In case of examining the performance, this particular theory works towards the interpretation of particular behaviour which is exhibited by the employees on the basis on individual expectancy expectations. The theory also postulates that various individuals demand various things from the organisation. This ranges from good amount of salary to security of job to the scopes for professional enrichment. This theory will help in the future for mapping behavioural outcomes with respect to the organisational training (West, et al., 2020). It will help in the identification of particular determiners behind a specific behavioural outcome of the individual trainees. The biggest advantage of using the expectancy theory over any other theory is that it helps in the identification of self interested people in a company who are willing to do their best (Yang, and Tang, 2018). All of these people can get maximum job satisfaction if they are provided the correct motivator. The focus of this theory is on the people’s expectations as well as perception of the organisations of their corresponding organisational behaviour.
This part of the report reflects upon the group report that I had completed previously on performance and rewards management in Sainsbury. I, along with the rest of the group members made a power point presentation on the analysis of the performance and reward management of Sainsbury, which is a leading firm in the retail industry of United Kingdom. In order to complete the project successfully in a group, it was very important for me to understand and manage the group processes in a proper way (Anku, Amewugah, and Glover, 2018). A group works the best only when every member gets an opportunity of making strong contributions to the group project as well as the discussions at the meeting. During our project, we made sure that every member is given a chance for making a contribution with their ideas about the assignment. Our main objective was to produce as many ideas as possible. Since a leader plays a very important role in a group, we selected a leader for our group so that the assignment could be completed effectively. I am very happy and satisfied by the approach which we had undertaken for the assignment. We researched a lot about the company’s performance and reward management and concluded that Sainsbury is an organisation which takes care of the welfare of its employees. It had been further examined that organisation engages better health as well as safety for the employees present in the organisation. It is dependent on the quality of product if there is any further need of a better strategy of performance management. The strategy of performance management has been analysed as a useful strategy for improving the performance of human resources present in Sainsbury. It had also been analysed tat 360-degree appraisal as well as softer management of performance is vital for attracting better efficiency in the management of performance of all the employees. Further examined that 360-degree appraisal provides a lot of advantage for the evaluation of the performance through engaging information from various sources (Perkins, 2018). Apart from this, Maslow’s and Herzberg’s motivation theory had been explained and further suggested Maslow theory for the company.
The group project went smooth but there were some issues while working with so many people. For improving the group project and get even better results in the future, I will avoid work delays in the initial levels, for discouraging the dominating people of the group; I will use my sense of humour. In order to stick to the core topic of the assignment, I will try to summarize where discussion was before digression. Whenever I will feel like the group has stopped making any progress at work, I will start looking for the things which are stopping it from progressing. At the end of the assignment, the thing that matters the most is that we have learned from the experiences of our group work. It would be difficult to me to accomplish the assignment along if we had not worked together as a group.
References
Amaeshi, U.F., 2019. Reward Management for Improved Performance of Nigerian Brewing Companies1. PM World Journal, 8(11), pp.1-30.
Anku, J.S., Amewugah, B.K. and Glover, M.K., 2018. Concept of reward management, reward system and corporate efficiency. International Journal of Economics, Commerce and Management, 6(2), pp.621-637.
Baek, J.Y., Kaddoum, G., Garg, S., Kaur, K. and Gravel, V., 2019, April. Managing fog networks using reinforcement learning based load balancing algorithm. In 2019 IEEE Wireless Communications and Networking Conference (WCNC) (pp. 1-7). IEEE.
Garg, G., 2020. Effect of Labor Market on Organization’s Resource, Reward & Performance Measurement. International journal of research culture society, 4(7), pp.28-32.
Noorazem, N.A., Sabri, S.M. and Nazir, E.N.M., 2021. The Effects of Reward System on Employees’ Performance. Jurnal Intelek, 16(1), pp.40-51.
Oluka, B.B., 2020. Prepotency of Needs and Reward Valence of Employees in Ministry Of East African Community Affairs in Uganda. KIU Interdisciplinary Journal of Humanities and Social Sciences, 1(1), pp.16-27.
Perkins, S.J., 2018. Processing developments in employee performance and reward. Journal of organizational effectiveness: people and performance.
Quadri, A.A., 2019. Employees perception on effective reward system and motivating incentives to enhance performance in Irish owned restaurants: A case study of reward management system in Comet Restaurant Dublin (Doctoral dissertation, Dublin Business School).
Rondeau, K.V., 2018. e-Performance and reward management. In e-HRM (pp. 196-213). Routledge.
Rotea, C.S., Logofatu, M. and Ploscaru, C.C., 2018. Evaluating the impact of reward policies on employee productivity and organizational performance in hospitals. Eurasian Journal of Business and Management, 6(2), pp.65-72.
West, S.W., Williams, S., Kemp, S., Eager, R., Cross, M.J. and Stokes, K.A., 2020. Training load, injury burden, and team success in professional rugby union: Risk versus reward. Journal of athletic training, 55(9), pp.960-966.
Yang, H. and Tang, Y., 2018. Managing rail transit peak-hour congestion with a fare-reward scheme. Transportation Research Part B: Methodological, 110, pp.122-136.
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