This paper discusses the compensation and reward strategies of the Best Buy electronics company.
Written in 2009; 1,013 words; 6 sources; APA; $ 35.95
Paper Summary:
The paper discusses the success of the compensation and reward programs implemented by the Best Buy company and applies Herzberg's theory of employee motivation to the company's policies. The paper also offers recommendations on additional changes to Best Buy's policies. The paper concludes by noting that it is essential that the business industry continues to evaluate compensation practices and make changes as necessary.
From the Paper:
"According to Kulik (2001), the compensation practices of a company may demonstrate the implemented business strategy, as well as corporate identity. Therefore, it is essential the compensation and rewards of a company motivate employees to comply with the implemented strategy. Furthermore, motivating employees to improve morale and job satisfaction is a crucial component of overall business success (Noe, Hollenbeck, Gerhart, & Wright, 2003).
"Motivation, or the motives for engaging in a particular behavior, is often achieved through a variety of methods. This may include both direct and indirect financial rewards, as well as work content, career value, and affiliation. Direct financial rewards are comprised of base salary, company shares, and incentives, whereas indirect financial rewards include medical insurance, retirement programs, and leave benefits. Work content, career value, and affiliation are forms of relational return, and are not associated with financial gain; however, the employee does benefit from these factors."
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