Measuring and rewarding performance – a vital component of HR policy boosts motivation of employees
Handling employees are perhaps the most complicated aspect of running a business. The first criterion of making your business successful is to understand your workforce and make them share your vision and goals. Now, the workforce being a living entity need encouragement and inspiration to excel and a proper reward system can only achieve that.
What is performance rewarding system and why it is important
Performance reward system has long been a hot debating issue in the management world. While most people consider it absolutely necessary a lot of confusion lies on how to implement it. To reward the deserving candidates, you need to first know how well your employees are performing and then pick the best from the lot. Not all jobs are equal neither all job roles give tangible results. So, designing a proper rewarding system is difficult.
There are several reasons behind implementing an efficient rewarding system for employees. The employees need to feel valued by the company they work for. Their contribution in the growth of the company needs to acknowledged and measured. Moreover, their productivity should be enhanced. A proper performance rewarding process makes competition healthy within the organization and creates a positive environment which is conducive to individual growth and development.
By tracking the performance of an employee you can get a better idea of how he performs in different jobs and assign him projects that would increase his productivity. It also helps you to segregate high performers from low performers and plan how to boost the employees who fall short of your expectations.
Some companies also link compensation to performance evaluations. Promotions are given on the basis of the results of the evaluation.
Myland Business Institute being one of the premier institutes of the country provides its students with all the technical knowhow of measuring and rewarding performance. Our students develop a thorough understanding of the theoretical background of performance measuring systems and how different companies implement them.
In studies conducted by students of Myland Business Institute it has been found out that the global brands which are most sought after by employees are the ones which have implemented a transparent performance evaluation system. This has encouraged us to introduce our students to these concepts and tools and make them well aware of the current HR practices followed all over the world.
Myland Business Institute stands for integrity, innovation and quality education. We strive to offer best education to our students and give them freedom to innovate and come up with original ideas. Our students are equipped to handle all the challenges of global business and we are proud of them.
For more information about the qualities of Measuring and rewarding performance or entire business courses in the Myland Business Institute, please, contact us.
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