Organization performance and effectiveness are directly linked to employee motivation. The employees’ desire to satisfy their personal and professional needs has resulted in employees searching for alternative employment in the same line of business if their current workplace does not meet their needs ( McCormick & Davenport, 2003) . Lack of motivation and satisfaction trigger the resignation of well-trained employees in search for ‘greener pastures’. This has presented organizations with the challenge of recruiting new employees continually, which is a tedious and time-consuming process. Organizations further invest money and considerable amounts of time to train the new employees to become productive and integrate into the firm’s culture. Additionally, when an employee resigns the likelihood of joining the competitors is high, which risks leakage of confidential information and strategies. To cut on costs and limit the risks, there is a need to retain performing staff through proper rewards and motivation. One of the ways to achieve this is providing non-financial rewards and benefits to employees, particularly when financial rewards and benefits are not feasible
Selecting an employee compensation plan is a key decision to make for any given company. The appropriate plan will sufficiently motivate a firm’s workforce to help the organization realize its overall business objectives without endangering the firm’s profitability. However, each company needs its own compensation plan as there is no one-size-fits-all strategy ( Müller, et al, 2016). Each company needs to consider a range of variables when making the decision on how to compensate the workforce including company size, the industry, and the sales cycle length, among other variables. Aside from compensation, the ability to help the workforce develop workflow that is manageable and achieve a healthy balance between personal duties and work demands is key in keeping the employees satisfied.
Delegate your assignment to our experts and they will do the rest.
References
McCormick, B., & Davenport, D. (2003). Shepherd leadership: Wisdom for leaders from Psalm 23 . John Wiley & Sons.
Müller, A., Heiden, B., Herbig, B., Poppe, F., & Angerer, P. (2016). Improving well-being at work: A randomized controlled intervention based on selection, optimization, and compensation. Journal of Occupational Health Psychology , 21 (2), 169.
