Barcelona and Real Madrid are dominant forces in world soccer as well as domestically in Spain, but what role does reward management play in their success and what can organizations learn from their successful team reward strategies? With organizations increasingly utilizing team work in order to increase company performance and competitive advantage there are some key lessons that they can learn from two of the most successful teams in world sport today.
Key Topics: Team performance; Pay-for-performance; Pay dispersion, Merit pay; Bonuses
Short-term bonuses have become prevalent in the workplace, with companies seeing them as valuable tools in engaging and motivating employees. A study in the high-tech manufacturing sector, examined the role of three types of bonuses (cash, family meal voucher, and verbal reward) in employee performance and absenteeism. All bonus types were found to increase performance and decrease absenteeism rates, although key differences in effects were found across the three types of bonuses.
Key Topics: Non-monetary rewards; Short-term bonuses; Employee performance; Absenteeism
Companies often use incentive programs, such as cash, points, and gift cards, to provide nominal recognition to employees for good performance, although determining the most efficient method of recognition can be challenging. A French study examined differences in cash, point, and gift card recipient behaviors and found recipients of points and cash based rewards were more satisfied with their reward, while recipients of points and gift cards were more likely to tell others about their rewards.
Key Topics: Incentive programs; Cash rewards; Points rewards; Gift cards; Reward satisfaction
Against the backdrop of the recent global economic crisis, a study by UK researchers sought to examine the impact of such adverse operating conditions on employee rewards offered by small and medium-sized enterprises in the South-Eastern European region and how reward affected organisational performance. The results indicated that rewards generally decreased during the economic crisis, while adverse operating conditions persisted, and interestingly, the results showed that non-financial rewards, such as work-life balance, had the greatest effect on organizational performance under these conditions.
Key Topics: Organizational performance; Total rewards; SMEs; Economic crisis
In modern business, developing a rapidly changing and knowledgable workforce to meet business pressures is crucial for company success, and central to this employee development is workplace learning. A study of the Spanish wine industry examined the types of rewards linked to employee training in the workplace, and the how these rewards differed by job categories and job functions. The findings indicated that multiple types of reward are used by companies in incentivising training, with financial rewards being less common than non-financial rewards. The study also found that training related rewards did not differ based on job type.
Key Topics: Training; Rewards; Learning culture
An effective recruitment strategy is crucial to organizational success and central to this is the employment proposal to prospective employees. A study at the University of Massachusetts looked at the various aspects of the HR offering, including work life balance, reward, and performance policies, as they relate to prospective employees’ job choice decisions. The results suggest that work life balance has a stronger incentive effect than reward and performance policies, and this was found to be the case across both men and women, although it was a greater incentive to women.
Key Topics: Pay mix policies; Incentives; Work–life balance
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