MGMT 623 Performance and Rewards Management Assignment Sample UAEU, UAE
This sample is an assignment solution of Performance and Rewards Management under the course MGMT 623 in UAE University.
It is designed to introduce students to the basic issues in managing and rewarding employee performance. Moreover, the course provides an in-depth understanding of performance management. And, the various tools and techniques that can be used to enhance an employee’s contribution to the organization.
Also, it discusses the role that employee total reward systems play in organizational success and emphasizes the importance of linking rewards to performance.
MGMT623 Course Learning Outcomes
At the end of the course, students will be able to :
1.Analyze The Critical Influence Of Rewards On Performance.
Reward systems in organizations are used for a variety of reasons. It is generally agreed that reward systems influence the following:
- Job effort and performance. Following expectancy theory, employees’ effort and performance would be expected to increase when they felt that rewards were contingent upon good performance. Hence, reward systems serve a very basic motivational function.
- Attendance and retention. Reward systems have also been shown to influence an employee’s decision to come to work or to remain with the organization.
- Employee commitment to the organization. It has been found that reward system in no small way influence employee commitment to the organization. Primarily, through the exchange process.
- That is, employees, develop ties with organizations when they perceive that the organization is interested in their welfare and willing to protect their interests. Also, To the extent that employee needs and goals are met by the company, we would expect commitment to increase.
- Job satisfaction. Job satisfaction has also been shown to be related to rewards.
- Occupational and organizational choice. Finally, the selection of occupation by an individual, as well as the decision to join a particular organization within that occupation, are influenced by the rewards that are thought to be available in the occupation or organization.
2.Critically Evaluate The Relation Between Performance Appraisal And Performance Management.
It is about actually helping an employee to develop and increase his performance and productivity. Performance management proactively manages an employee’s performance. Also, it ensures that the employee has accomplished all the goals, vision, mission, and core values of the organization.
It evaluates the actual performance of the employee. However, it does not focus on the employee’s performance productivity. Also, it only looks at the employee’s performance objectively for the year and gives final feedback to the employee.
3.Demonstrate Their Unique Perspective On The Important Impact Of Performance Management And Rewards On Organizational Performance.
An effective reward system should be linked with the performance development system. It must focuses on performance-based pay and offers ample learning opportunities along with a healthy work environment. Also, Variable pay can play a crucial role in boosting the performance of the employees especially the star performers instead of the fixed pay packages. Few such reward practices may take the forms of gain sharing, bonuses, team-based incentives, profit sharing, ESOP’s and equity-based incentive awards.
4.Develop An Understanding Of The Important Relation Between Performance Management And Employee Training And Development.
There is a clear connection between training and performance management. Training can help improve performance management in your workplace. Accordingly, It gives employees a framework of how their job duties and tasks should be completed. Most importantly, what their managers are looking for. Also, It centralizes knowledge in the workplace.
Moreover, Training employees in performance management teaches them how they are going to be assessed. Thus, this training can teach them what to expect in terms of feedback and also guide them towards tangible goals to develop their professional skill set.
5.Work In Teams To Appraise The Effectiveness Of Pm Systems In A Uae Context.
- Benchmark best performance management system practices
Research the best practices and appropriate measures to inform yourself what success looks like in performance management in general and your industry. Thus, it is important to dedicate time to research to understand what success looks like.
- Define organizational goals and objectives
What is it that your company attempts to achieve? Are you trying to improve organizational performance or individual performance? Or are you focusing on increasing employee motivation and engagement?
So, to make the plan effective it must be specific, measurable, achievable, relevant, and timely.
- Establish Your Success Measures – Once you have established the goals you need to define measures to identify if your objectives were met.
- Evaluate the Results- Based on the baseline you calculated and the benchmark you can justify if you are satisfied with the performance or not.
In addition, remember to acknowledge and celebrate success. Even more, if you are satisfied with your performance it is important to track and assess the progress regularly.
Thus, performance management is a process that should be continuously measured and adjusted to meet the ever-changing needs of your employees and business.
- Take Action on the Results
Develop a strategy and set new goals on how to improve the deficient performance or problems in your performance management process. Make sure to make the new goals specific, measurable, achievable, relevant, and with a clear timeline.
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