Rewarding team performance Essay Example | Topics and Well Written Essays - 1250 words

Rewarding team operation - Essay ExampleThere is a perception that takingss argon often more costly for the employer but to have a motivated and enthusiastic team gives much more returns to the business and even contributes towards the growth which be much more profitable for the firm in comparison to the cost that the employer incorporates reenforcement system.Rewarding team performance can be defined as a mechanism through which the employees are motivated to create more high standards of performance so as to contribute towards the growth and success of the transcription (Armstrong, 2012). It can also be termed as acknowledging the hard work of the team to achieve the common goal by the management.According to Bob Nelson in his book, 1001 shipway to reward employees states that there are many different forms of schemes for rewards that are used by many organizations to reward and motivate their staff. The rewards that are given to the employees can be very costly or less cost ly but all that should be taken into consideration by the employer is that the rewards that are given should be of set to the employees and the entire system of rewarding should be unbiased where the same team member should not be given rewards. An organization that has lower budget for their reward system can use methods such as a voucher, thank you note, cake, etc., to appreciate performance of the team. The organization with a bigger budget for the team reward system can incorporate measure outs such as team events, lunch, a holiday package, etc. The most formal way of rewarding team performance is through bonuses, increase in salaries, promotions, etc. The bonuses or salaries that are linked to the performance require an organization to set goals or KPIs so as to measure the overall performance or that of an single. The incentives then can be classified as performance related bonus as team or individual basis on achieving the goals, performance