⌚ Reward Store Employees Case Study

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Reward Store Employees Case Study



Reward Store Employees Case Study August Reward Store Employees Case Study,the acquisition finally saw the light of the day. Arizona time. Much like ZomatoReward Store Employees Case Study Perfect In Georgianas Birthmark started streaming Reward Store Employees Case Study content Reward Store Employees Case Study Flipkart Video Originals. There is another reason why warnings often have limited impact. Sources: 1. Show More. Large corporations with several different businesses may have multiple Reward Store Employees Case Study systems. Infosys is using Reward Store Employees Case Study based approach to give stocks Reward Store Employees Case Study their employees and uses this asan effective tool to enhance the performance of employees. If Reward Store Employees Case Study need assistance with topics that cover every significant aspect of Business development, you can rely on us without How Farmers Are Going To Save Civilization doubt.

Case Study: Employee Appreciation

Show More. Views Total views. Actions Shares. No notes for slide. We take this opportunity to expressour gratitude to the people who have been instrumental in the successful completion ofthis project. We would like to show our greatest appreciation to Dr. Parmeswar Nayak, for hisencouragement and guidance to materialize this project successfully. The supportive behaviour exhibited by all the team members is worth mentioning. Company Profile Literature Review HR Policies and Information A Comparative Analysis Recommendations 33 Appendix — I - Abbreviations 34 References 35 2 4.

Meanwhile, a strong economy has resulted in a tight jobmarket. So while small businesses need to get more from their employees, theiremployees are looking for more out of the businesses. Employee rewards andrecognition programs are one method of motivating employees to change work habitsand key behaviors to benefit a small business.

But first, we will look into managing thecompensation aspect. The objective of this paper is to discuss the rewards and recognition policies and theprocess involved with reference to Tata Consultancy Services and its comparativeanalysis with other players in the industry. This report also brings out the flaws in thepresent system as well as suggests measures to overcome them. It is not just any reward structure, but an integrated managementprocess aimed at achieving long term goals, instead short term. It makes sure that theunit performs in a sustainable and increasing manner. Kohli, who was its firstGeneral Manager. It is headquartered in Mumbai. It is a subsidiary of the Tata Group inIndia. It is thelargest technology service company in Asia based on its record of outstanding service,collaborative partnerships, innovation, and corporate responsibility.

Their missionreflects the Tata Groups longstanding commitment to provide excellence as well as tohelp customers achieve their business objectives by providing innovative, best-in-classconsulting, IT solutions and services, and to actively engage all stakeholders in aproductive, collaborative, and mutually beneficial relationship. TCS ability to deliver high-quality services and solutions is unmatched. It is largest IT employer in India, having offices across 47 countries with totalmanpower strength of 2, 38, employees as of March TCS has over , of the worlds best trained ITconsultants in 42 countries.

Ramadorai has beenleading TCS since Due to his sharp acumen, he put TCS on the growth path. Chandrasekharan would be replaced asCEO of the company. The current CEO would be elevated to the post of executive vice-chairman. Meanwhile, a strong economy has resulted in a tight job market. So whilesmall businesses need to get more from their employees, their employees are looking for moreout of the businesses. Employee rewards and recognition programs are one method ofmotivating employees to change work habits and key behaviors to benefit a small business. Butfirst, we will look into managing the compensation aspect.

These metrics accountfor the costs associated with capital and help firms spot areas in which capital is beinginvested unprofitably. Although these financial data have the advantage of being preciseand objective, the limitations are far greater, making them less applicable in todayscompetitive market. Organizations that have adopted the traditional PM, haveexperienced great difficulty in trying to fit the measures with increasing new businessenvironment and current competitive realities. While the traditional financial metrics are value-based, they are nonetheless laggingindicators. They offer little help for forward-looking investments, where future earningsand capital requirements are largely unknown investments such as new productintroductions and capital or new market entry.

This will lead to narrow short-termdecision-making based on bottom-line financial results. On the other hand, most of the criticism of traditional PM stems from their failure tomeasure and monitor multiple dimensions of performance, by concentrating almostexclusively on financial measure. They solely concentrate on minimizing costs andincreasing labor efficiency while neglecting other operational performance measuressuch as quality, responsiveness and flexibility. Therefore, focusing on financials to the 6 8. Moreover, most companies motivate their workers through reward systems.

Rewardscan be financial such as cash payments, bonuses or share options and non-financial suchas promotion. Traditionally, employees are rewarded with bonuses at the end of the year,once a specific target has been achieved. However, this reward system causes short-termism as employees are seen to narrow down their focus by just targeting therewarded goal. They may not take other factors, such as quality and service intoconsideration. Hence, leading businesses most often run without a long-term vision. To take lessons out of the drawbacks of traditional PM system, now-a-days theorganizations have started looking at the bigger picture which holds other aspects, notonly minimizing costs but also increasing labor efficiency. So, they need a system whichcould cover multiple dimensions in the process.

They arenormally considered separate from salary but may be monetary in nature or otherwise have acost to the company. While previously considered the domain of large companies, smallbusinesses have also begun employing them as a tool to lure top employees in a competitive jobmarket as well as to increase employee performance. As noted earlier, although employee recognition programs are often combined with rewardprograms, they retain a different purpose altogether.

They are intended to provide psychologicalrewards a financial benefit. Although many elements of designing and maintaining reward andrecognition systems are the same, it is useful to keep this difference in mind, especially forsmall business owners interested in motivating staffs while keeping costs low. Financial rewards, especially those given on a regular basissuch as bonuses, profit sharing, etc. By doing so, a manager can avoid a sense of entitlement on the part of the employee and ensurethat the reward emphasizes excellence or achievement rather than basic competency. Merit pay increases, as a result, are not part of an employee reward system. Normally, they arean increase for inflation with additional percentages separating employees by competency.

Theyare not particularly motivating since the distinction that is usually made between a goodemployee and an average one is relatively small. In addition, they increase the fixed costs of acompany as opposed to variable pay increases, such as bonuses, which have to be "re-earned"each year. Finally, in many small businesses teamwork is a crucial element of a successfulemployees job. Merit increases generally review an individuals job performance, withoutadequately taking into account the performance within the context of the group or business.

Reward systems are concerned with two major issues: performance and rewards. Performanceincludes defining and evaluating performance and providing employees with feedback. Rewardsinclude bonus, salary increases, promotions, stock awards, and perquisites. Large corporations with several different businesses may have multiple reward systems. Andwhile they may share some fundamental philosophies and values, they may differ according tothe particular business setting, competitive situation, and product life cycle. Thus, multiplereward systems can support multiple cultures within one organization. These components will be designed, developed and maintained on the basis of reward strategiesand policies which are created within the context of the organizations between strategies,culture and environment Improve Organizational Effectiveness: Support the attainment of the organizations mission,strategies, and help to achieve sustainable, competitive advantage.

Support and Change Culture: Under pin and as necessary help to change the organizationalculture as expressed through its values for performance innovation, risks taking, quality,flexibility and team working. Achieve Integration: Be an integrated part of the management process of theorganization. This involves playing a key role in a mutually reinforcing and coherent range ofpersonal policies and process. Manageable: It helps to manage the undue administrative burdens imposed on managers andmembers of the personnal department.

Motivate Employees: Motivate employees to achieve high levels of quality performance. Increased Commitment: Enhance the commitment of employees to the organization that willa want to remain members of it, b develop a strong belief in and acceptance of the values andgoals of the organization; and c be ready and willing to exert considerable effort on its behalf. Fairness and Equity: Reward assesses people fairly and consistently according to theircontribution and values to the organization. Improved Skills: The employees can upgrade competence and encourage personaldevelopment. Improved Quality: Help to achieve continuous improvement in levels of quality andcustomer service.

Develop team working: An effective award system improves co-operation and effectiveteam working at all level. Performance appraisals and rewards are designed to show recognition to employees. Those whoexemplify outstanding abilities in the workplace are celebrated through an appraisal and rewardsystem. Managers may offer employee praise in a one-on-one setting, such as a performanceevaluation, or in a group setting among peers. Archer North, a company that designs anddevelops employee performance appraisal and corporate evaluation systems, says that socialrecognition is powerful and is an effective forum for showing value in employees. Employee recognition programs boost the morale of employees and positively change the healthof a organization.

By instituting performance appraisal and reward systems, an employer lets itsworkers know that their hard work pays off and is appreciated. Reward system is a part of performance appraisal. When an employee do performance appraisalhe uses reward system to appreciate the work done by the employee. Every company has itsown reward system which has to be linked with its performance appraisal method. Rewardsystems are concerned with two major issues: performance and rewards. Performance includesdefining and evaluating performance and providing employees with feedback. Rewards includebonus, salary increases, promotions, stock awards, and perquisites. Appraisal enhances motivation, keeps employees goal-oriented andmorale high.

With high morale and a feeling of worth, employees will want to exceed in theworkplace. Various categories of rewards that are given and can be given are:Basic Pay: Pay is an essential factor which is closely related to job satisfaction and motivation. Although pay may not be a reward as this is a static amount which an employee will be paidevery month, it will be considered as a reward if similar worker is paid less. Additional Hours Rewards: This is similar to that of overtime. However, it is paid toemployees if they put in an extra hour of work for working at unsocial hours or for workinglong hours on top of overtime hours.

Commission: Many organizations pay commission to sales staff based on the sales that theyhave generated. The commission is based on the number of successful sales and the totalbusiness revenue that they have made. This is a popular method of incentive. Bonuses: Bonuses will be paid to employees who meet their targets and objectives. This isaimed at employees to improve their performance and to work harder. Performance Related Pay: This is typically paid to employees who have met or exceeded theirtargets and objectives. This method of reward can be measured at either team or departmentlevel. Profits Related Pay: Profits related pay is associated with if an organization is incurring aprofit situation. If the organization is getting more than the expected profits, then employeesreceive an addition amount of money that has been defined as a variable component of thesalary.

Payment by Results: This is very similar to that of profit related pay. This reward is based onthe number of sales and total revenue generated by the organization. Piece Rate Reward: Piece rate reward is directly related to output. The employees get paid onthe number of pieces that they have produced. These pieces will be closely inspected to makesure that quality standards are being met. Recognition: Employees will not always be motivated by monetary value alone. They dorequire recognition to be motivated and to perform well in their work.

Job Enrichment: This is a common type of recognition that is aimed at employees to getmotivated. Job enrichment allows more challenging tasks to be included in the day-to. Job Rotation: Unlike job enrichment, job rotation refers to shifting employees betweendifferent functions. This will give them more experience and a sense of achievement. Teamwork: Teamwork is also considered as recognition. Creating teamwork between teammembers will improve performance at work. Social relationships at work are essential for anyorganization. Empowerment: Empowerment refers to when employees are given authority to make certaindecisions. This decision making authority is restricted only to the day to day tasks. Training: Many organizations place a greater emphasis on training.

This is considered asrecognition for employees. Training could vary from on the job training to personaldevelopment training. Awards: This again is an important type of recognition that is given to employees who performbetter. Organizations have introduced award systems such as best performer of the month etc,and all these will lead employees to perform better. Rewards are basically the methods to extrinsically motivate employees. Employees gain more knowledge of their position and responsibilities overtime, and the company does not have to set aside time and money hiring and training newemployees.

Employers often reward employees who remain committed with a recognition pinor a certificate acknowledging the number of years of continuous service. Awards are oftengiven for one year, five years, 10 years and 20 years or more. Employers may further rewardlong-term employees with an extra gift such as a watch or a special desk set, typically engravedwith the employees name and the date they received the honour. This awardis commonly given to the one employee each month who has given exceptional service, hadperfect attendance and gone the extra mile for the company to ensure all customers are given theservice they expect.

These employees are often recognized during monthly staff meetings with aplaque or certificate recognizing their efforts. A designated parking space is another good idea,and displaying the plaque where customers can see it adds to the honor. Employers should takecare in choosing employees in a manner that shows no favoritism. If others perceive thatemployees are chosen unfairly, the award can be counterproductive.

Employees who strive to be at work during everyscheduled shift and never come in late deserve to be recognized in a special way. Perfectattendance awards can be given in the form of a certificate, plaque or even as a cash bonus. Sometimes employers will give employees with perfect attendance a day off with pay or a giftcertificate to a local restaurant in appreciation for their commitment to the company. This kind is typically awarded when an employee or agroup files no incident or accident reports over a given period of time, such as a month or year.

These acknowledgments are often expressed in terms of the man or woman hours since theteam last experienced an injury. Cash bonuses or gifts such as tickets to popular local eventsmake great safety awards. Employees generally work hard to earn recognition in an attempt to be promoted to a higherposition within the company or receive an annual raise in pay. Employers should choosecandidates for advancement carefully, avoiding favoritism and ensuring that the most reliableand skilled employees are advanced to higher positions. There are a large variety of programs,ranging from recognition for scientific accomplishments to employee of the year.

These awardprograms can be cash or non-monetary. These awards do not recognize overall performance, but rather specific instances ofexemplary performance. The amount of the award is determined by the amount oftangible and intangible benefits of the idea. The company views its employees asassets, which has to be utilized efficiently. The TCS senior management constantlykeeps track of the vast intellectual assets, their skill sets, the status of projects on whichthey are working, and the number of people available for being placed in other projects.

TCS determines its manpower requirements based on inputs from senior consultants,who provide information on changes in technology and the potential demand for new ITskills in the immediate future. This enables the HR department to plan and schedulerecruitment and training programs. Figure 1 illustrates the role of HR, which evidently is that of a facilitator. So whether itis recruitment or even career development, HR is the catalyst which initiates andinstitutionalizes processes. To manage all the functions for over employees is aHerculean task but the smoothness of operations is intriguing. The HR structure, whichallows flexibility and empowerment, is the solution. TCS takes care of every aspect of Human Resource Management, from recruitment totraining and career development.

The company combines its aim of recruiting softwareengineers with the broader objective of improving educational standards in India. Thecompany also frequently engages in reforming course curriculum and teaching methodsfor partnering institutes. TCS is well-recognized in the industry for its emphasis on employee training. Sinceabout one and a half decades, the company has a fully functioning training center inThiruvananthapuram, Kerala, to impart IT skills in the latest technology to its newrecruits.

In addition to training, TCS also believes in grooming its employees into consultants andmanagers. In their first couple of years at the company, employees are put to work ondifferent technological platforms and applications. This is important for TCS astechnologies and customer needs and preferences change without foreboding. Theorganization consciously does not try to develop its employees as specialists, as it knewthat they would become useless once their area of specialization becomes obsolete. This 15 The success of HR policies at TCS is reflected in the fact that its annual employee attrition ratewas The attrition rates inother IT companies stood at In this paper, we are analyzing the reward structure of TCS, which is one of the resultsof the Performance Management System.

It would be avery difficult task for multi- national company which has lakhs of employees in itsorganization. Then when it comes down to Performance Appraisal PA , they arefollowing Balanced Scorecard system to evaluate their employees. Customer perspective looks at the differentiating value proposition offered by theemployee. The weight given to each attribute is basedon the function the employee performs. When every of this aspect is communicated and understood well, the following four aretaken care during the goal setting process. Individualperformance is based on these. If employees get a low rating less than 2 in two consecutive appraisals, the warning flags go up. If the poorperformer continues getting low scores then the exit option may be considered. Over theyears TCS has found the pattern that leads to the maximum decline in performance.

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