BBA103 Business Communication | Performance of the Organisation

Task

You will submit a business report that demonstrates both

a) Academic conventions;

Answer:

Introduction

Discussion

According to Ajmal, Bashir, Abrar, Khan and Saqib (2015) rewards are of two types which are intrinsic and extrinsic rewards. Intrinsic rewards are cashless rewards or those rewards which do not have a physical existence. These rewards come in the form of appreciation, acknowledgement, respect, recognition and professional growth. On the other hand, extrinsic rewards have a physical existence and are monetary rewards. These rewards are presented in the form of bonuses, salary and other forms of monetary payment which is given to the employees on the basis of their performance and contribution towards the organisation. Extrinsic rewards are seen to be more effectively in maximizing the performance of the employees in an organisation as compared to intrinsic rewards. Uzonna (2013) argues that intrinsic awards also play a very important in the motivation and the job satisfaction of the employees. Many employees prefer appreciation and recognition in their job and are motivated by it since they feel that the hard work that they put for the organisation would not just be rewarded with monetary benefits but should also receive the desired value from the management and the other employees of the organisation (Schlechter, Thompson & Bussin, 2015). Moreover, there are several employees who prefer challenges and hard jobs in their workplace so that they can showcase their talent to the management. Such employees prefer recognition for the challenges that they have taken up for the growth and the betterment of the organisation. The author state that there were several surveys which were conducted on the workforce of several organisations. As in the case of Credit West Bank Cyprus, 50% of the employees who responded to the survey said that they prefer recognition with a higher position in the organisation for their hard work, 6% said that they would prefer to be recognised by the organisation by them being given more responsibility and 20% of the respondents said that they would prefer cash rewards for their hard work as opposed to recognition (Uzonna, 2013). On the other hand, monetary rewards also have a huge impact on the performance of the employee and this goes for the majority of the employees in majority of the organisations. This form of reward is seen to be more appreciative than words and show the employees that the management value the employee for their hard work.

Figure 1: Impact of monetary motivation on employee performance

Source: (Olubusayo, 2016)

Sajuyigbe, Olaoye and Adeyemi (2013) proposes that rewards play a very important role in the performance of the organisation since they succeed in motivating the employees of every organisation. A motivated employee is an important factor for the organisation since they would be more efficient and productive and will be more willing to work for the fulfilment of the goals of the organisation as opposed to the employee who have low level of motivation in the organisation. Moreover, the ability of an organisation to reward an employee directly depends on the ability of an employee to perform to the best of their potential (Caza, McCarter & Northcraft, 2015). This is because the organisation will only reward those employee who would be able to show their potential and talent and would be deemed important for the organisation so that they can be motivated to perform better. Employees who show low level of commitment towards the organisation and do not perform efficiently with the full extent of their potential will not be rewarded by the organisation and hence would always face low level of motivation (Olubusayo, 2016). Therefore, it can also be said that reward given by the organisations is directly proportional to the performance of the employee and vice versa and also that the reward system developed by organisations have a great impact on the better performance of the employees and thereby the organisation as a whole.

Conclusion

Recommendation

References

Caza, A., McCarter, M. W., & Northcraft, G. B. (2015). Performance benefits of reward choice: A procedural justice perspective. Human Resource Management Journal, 25(2), 184-199. DOI: 10.1111/1748-8583.12073

Edirisooriyaa, W. A. (2014, February). Impact of rewards on employee performance: With special reference to ElectriCo. In Proceedings of the 3rd International Conference on Management and Economics (Vol. 26, p. 27). DOI: 10.1.1.703.9382

Osabiya, B. J. (2015). The effect of employees motivation on organizational performance. Journal of public administration and policy research, 7(4), 62-75. DOI: https://doi.org/10.5897/JPAPR2014.0300

Osibanjo, O. A., Adeniji, A. A., Olubusayo, H., & Falola, P. T. H. (2014). Compensation packages: a strategic tool for employees’ performance and retention. Leonardo Journal of Sciences, (25), 65-84. DOI: https://images.template.net/wp-content/uploads/2018/02/065_0848.pdf

Uzonna, U. R. (2013). Impact of motivation on employees performance: A case study of CreditWest Bank Cyprus. Journal of Economics and International Finance, 5(5), 199-211. DOI: 10.5897/JEIF12.086

Yousaf, S., Latif, M., Aslam, S., & Saddiqui, A. (2014). Impact of financial and non-financial rewards on employee motivation. Middle-East journal of scientific research, 21(10), 1776-1786. DOI: 10.5829/idosi.mejsr.2014.21.10.21756