Reward systems are very good for motivation; you can reward people in different ways like: Bonuses-a bonus consists of extra money for employees. Lots of companies give out bonuses to motivate its work force. Often this depends on how hard the employ has worked so if they work hard there is an incentive that they will get more money. Pay based on performance – like Fredrick W Taylor theory money is the only motivation. Wages – This reward system is arguably the biggest, the wages people get motivates most people.
The more a person earns the more productive they usually are this is implied in Frederick W Taylor’s theory and Elton Mayo’s theory. Money motivates people because everyone needs it to live. ] Loans – An employee may be able to get a loan from the company they work for, they may give you a very low interest rate. This is a great incentive because when they take out a loan they will need to work hard to be able to pay it off. Also they want to show the organization there hardworking and deserving of a loan…
Childcare/school fees – childcare is when they organise people to look after your children when you work. This is good because sometimes parents cannot work unless they have childcare. Staff discount Career breaks Cafeteria and incentives Health care Leave Flexible working Pension schemes – Pension schemes are very important as employees like to plan for the future. If companies have good pension schemes employees may work harder so they know once there career is over they will have a secure life.
It is an easy reward to organize and most employees feel this is a very good reward. Motivation at Worcester College of technology Job satisfaction is very important in any sort of business because all employees need to be motivated and happy in there jobs. All employees have different needs and are motivated in different ways so the college must try and cater to everyone’s needs. Everyone’s views have to be met. Most employees relish responsibility so Worcester College of technology let them set there own paces and reach new goals all the time.
This relates to Douglas McGregor theory that some people want to do well in the workplace and will get more satisfaction if they feel they are achieving something. Iwould say the college supports this theory because they try to reward each employee in the most appropriate way especially if they are highly achieving as like Victor Vroom’s theory he says employees can be motivated by getting rewarded for completing tasks to a high standard and the employee will feel a sense of achievement. Also in there hierarchical there is chance to move up the ladder.
Worcester technology does not believe in Fredrick W Taylor’s theory that money is the only motivator for employee; it concentrates on other reward systems not just money. The College agrees with Abraham Maslow’s theory of Hierarchy of Needs. Worcester College of technology also thinks employees are motivated by different things so the college tries to motivate different employees in different ways. An example of this may be an employee who is motivated by responsibility and career progression will have different expectations then those who are only motive by money.