Mgt 431 Week 4 Incentive plan paper
The economy is shifting downwards and the weight of financial stress is beginning to go upwards. Many other options are available for employees as the employment opportunity which is offered by the competitors but despite that the key to success at every organization is your people. Having the right talent is the path to your organization's stability, growth and competitive advantage. So what can you do for your employees that will help retain them and boost your organization's performance?
Over the past many years, we are watching our economy going down which creates a great depression. We have reduced our workforce significantly, frozen pay and bonuses and dumped a ton of work on our current employees. However, business must go on; therefore, companies are forced to do all they can to remain competitive in the challenging marketplace.
As in the start, the managers depend on their top performers. Retaining, motivating and engaging your employees will benefit an organization. A happy employee boosts productivity, which will produce an immediate return on investment or increase the profit which will be earned.
Employees want to feel important; to believe what they do has a direct effect on the organization's goals. They want to be prominent in an organization rewarding them for their performance and their efforts can be your ticket to a healthier, higher-performing organization. And by rethinking your compensation, rewards and recognition strategies, you will be on the road to continual success.
“If you can remove the stress specially of people having families, they can come and work and really be productive and if they will be productive the company will be productive as well and then when an organization has more resources can do a lot more for employees” (Paul L. Graziani,2007)