This paper discusses the importance and advantages of monetary v. non monetary rewards, recognition and team- based incentives to promote a successful work environment.
Written in 2006; 2,946 words; 5 sources; MLA; $ 87.95
Paper Summary:
The author studies performance management systems and discusses the merits of a non-monetary reward system versus a monetary one. The author explains how a leader must keep in mind the several most important key processes that would be utilized for designing and implementing an effective and an efficient performance management system since employee motivation and employee performances can be taken as the most critical aspects of an organization.
From the Paper:
"It can be assumed that in any organization, the success of the Performance Management System depends on the ways in which the performance has been linked with the various values and the missions and the vision, and in the strategic objective of the entire organization. The manager or the leader of the department or of the Project Team that has been given the responsibility of designing the monetary award system within the organization, and with a certain limited control over it, must keep in mind the several most important key processes that would be utilized for designing and implementing an effective and an efficient performance management system. Therefore, it is imperative that he remember that there are three important levels of goals within any organization, and these are: organizational, team level, and at an individual level. (ECS, HR and CM: Performance Management)"
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