Monetary Rewards On Employee Performance Commerce Essay

Monetary Rewards On Employee Performance Commerce Essay Workplace performance motivators contain both monetary as well as non-monetary rewards. Monetary rewards may be varied whereas having a same effect on workers. This study aims to investigate the impact of monetary and non monetary rewards for the performance of employees in a company. Monetary reward in modern society is the most transferable means of satisfying fundamental requirements (Kohn, 2009). Physiological satisfaction, protection and social requirements may only be attained with money. The impact of non-monetary rewards on performance entails that control systems may be more efficient and competent by taking into consideration non-monetary rewards. Particularly, logical justifications help organizations by motivating better performance than illogical explanations and by raising the recognized justifiability of bonuses when the bonuses stand for the significance of the jobs The study will recognize the performance of employees and its relation with monetary and non monetary rewards, if any which are presently militating against the smooth functions of the company in area of its job performance and efficiency that management find helpful for future development. Table of content Introduction 1 Hypothesis 1 Research Questions 2 Aims and objectives 2 Literature review 2 Methodology 6 Discussion 7 Conclusion 8 Reference 10 Introduction Managers are always looking for ways to create a motivational environment in which associates (workers) to work at their best levels to achieve organization goals. Workplace performance motivators contain both monetary as well as non-monetary rewards. Monetary rewards may be varied whereas having a same effect on workers (Lynch, 2003). An example of monetary rewards is mutual funds given by organizational pension plans or insurance programs. As it has been proposed that employees, depending on their age, have diverse requirements relating to rewards, traditional rewards packages are being changed with alternatives for attracting younger employees (Nelson, 2009). This study aims to investigate the impact of monetary and non monetary rewards for the performance of employees in a company (Kohn, 2009). The study will also emphasize the importance of monetary and non monetary rewards in the organization. It is expected that this study will help business enterprises in their functions as well as facilitate them to use rewards schemes which would optimize the output and performance of their business functions (Zigon, 2008). The study will recognize the performance of employees and its relation with monetary and non monetary rewards, if any which are presently militating against the smooth functions of the company in area of its job performance and efficiency that management find helpful for future development (Kepner, 2010). Hypothesis Hypothesis has been formulated below: Organizations monetary and non monetary rewards programs have a huge impact on the employees job performance as well as the productivity and development of the company. Research Questions To what degree is the efficiency, adequately relevance of these rewards to the whole performance of employees? To what degree are these different kinds of rewards set up by the companies? To what extent is the rewards bring about achievement of job satisfaction and motivation of the employees? How management may use rewards to persuade workers to improve and increase productivity? What are the rewards considered by employees to be non-monetary rewards? Aims and objectives To look at the extent to which these rewards bring about achievement of job satisfaction and employees performance. To analysis the efficiency, adequacy and significance of these rewards programs to the overall performance of individual employee or group of employees. To inspect the extent the company is attaining its goals for administering these rewards. Literature review People work so as to satisfy their requirements and these requirements may be met by monetary rewards. Monetary rewards are refund in cash and in form of money for a given work done by workers in the company (Hansen, 2010). Workers would go any level to enhance their cash income as they will do something to avoid their source of income from being removed. The fact that workers fear to lose their jobs, cash has been a very efficient motivator only because money is necessary for continued existence in an economy (Dunham, 2009). Monetary reward in modern society is the most transferable means of satisfying fundamental requirements (Kohn, 2009). Physiological satisfaction, protection and social requirements may only be attained with money(Kepner, 2010). The effort-to-performance expectation is sturdily persuaded by the performance assessment which is frequently part of the reward system. A worker is probable to use extra effort if he or she understands that performance will be assessed, appraised, and rewarded. The expectancy of performance-to-outcome is influenced by the level to which the worker thinks that performance will be followed by rewards (Allen, 2007). Lastly, every reward or potential reward has to some extent different value for every individual. An individual can want a promotion more than reimbursement; somebody else can want only the opposite (Nelson, 2009). When a company rewards a whole work group or team for its performance, collaboration among the members typically enhances. Though, competition among different teams for rewards may cause decline in whole performance under definite situations. The most general team or group rewards are plans of gain sharing, where worker teams which meet certain objectives share i n the gains measured against performance targets (Shutan, 2010). Frequently, programs of gain sharing emphasize on quality enhancement, reduction of cost, and other quantifiable results (Kepner, 2010). Despite the positive role monetary rewards have played, employees have a tendency to have different approach and a manner towards money rewards (Hansen, 2010). The most general of the different reaction to salary and wages by employees is that once it crosses lowest levels, it is regarded as a measure of fairness. (Kohn, 2009) posited non-monetary rewards as extreme benefits made accessible to staff and are regarded as an addition to salaries and wages. It contains direct as well as indirect reimbursement (Shutan, 2010). The direct reimbursement can contain profit-sharing, illness pay, pension plans, and so on (Kerachsky, 2009). The indirect reimbursement can include welfare services, social as well as recreational facilities, etc. Pay, if merely it could be correctly packaged would someway lead to the desired approach to work. Perception of employee of his pay with respect to other employees of same position could influence the satisfaction, which he obtains from the job. The aim of monetary rewards is to reward workers for outstanding performance through money (Nelson, 2009). Monetary rewards contain profit sharing, stock options, and project bonuses, scheduled and warrant bonuses (Allen, 2007). The aim of non-monetary rewards is to reward employees for brilliant job performance by opportunities. Non- monetary rewards contain training, flexible work hours, satisfying work environment and vacations. Employees encounter issues, disturbances, and dissatisfactions in their environment of work where certain rewards are de-emphasized. So as to increase and improve the rewards of employees, trade unions serve as a way of developing the terms and conditions for workers, enhance rewards rates, raise employees status, protect members against unjust practices and also struggle for protection of service (Kepner, 2010). Trade union Act 1990 offers that worker has a right to get all employment benefits which are stated in documents of service, containing the offer letter, and the condition of service and in joint agreement (Kerachsky, 2009). A stability of monetary and non- monetary rewards must be employed to satisfy the different requirements and interests of workers. Monetary rewards persuade fulfillment rather than risk taking since most rewards depend only on performance and discourage workers from being innovative in their place of work. Apart from these kinds of strategies of performance, reward system of an organization is its most fundamental tool for dealing with employee performance (Allen, 2007). Reward system of an organization is the formal as well as informal systems by which workers performance is described, assessed, and rewarded (Kohn, 2009). Organizational reward may influence performance, manners, activities, and motivation. Therefore, it is significant for organizations to recognize and appreciate obviously their significance. Though employee attitudes like satisfaction are not a main determinant of job performance, they are however essential (Kepner, 2010). Extrinsic rewards affect satisfaction of e mployee, which, sequentially, plays a chief role in verifying whether an employee reward system (Zigon, 2008). The formal and informal systems by which performance of employee is identified, appraised, and rewarded will remain on the job or search for a new job (Kerachsky, 2009). Reward systems also affect patterns of attendance and absence; if rewards are based on real performance, employees have a tendency to work hard to get those rewards. Methodology This chapter contains imminent into the research design and strategy for the study. It emphasizes on what to study, how to study and when to study; the main objective of the study is to monitor the management of total quality and examine techniques in business environment. Research Design Basically, field study approach survey will be applied for this study due to its weird nature. Though, questionnaires will be the main tool to collect data for this study. The questionnaires will be prepared carefully and simply designed so as to make sure simple answering; to get reliabilities in responses of respondents and at same time to remove uncertainty and suspension. Meanwhile, secondary research will also been used in this study. Secondary research is frequently less expensive than surveys and is very efficient in getting information regarding communications needs of peoples and their responses to and vision about particular communications. It is frequently the technique of choice in cases where quantitative measurement is not necessary. Sample and sampling techniques Therefore, the sample techniques will consider thirty (30) employees randomly selected from a reputed organization. Data Collection The major process for data collection of this study is through questionnaires; the ordered questionnaire will be distributed to the randomly selected employees. Literature Selection Criteria The literature selection criteria are twofold: significance and the year of publication. Search Technique Libraries containing online databases are accessed to obtain the most appropriate and updated literature. Some of the online databases which are used include: EBSCO, Emerald, Blackwell, and so on. Theoretical Framework For this study as already said the secondary research technique is used and all the relevant data was gathered through books, journals and articles. Discussion The non-monetary rewards like training and development in a company have positive impacts on employee performances, work, and a company can minimize cost as well as boosts efficiency; good working environment in a company will also get better employees performances (Kohn, 2009). Monetary and non-monetary rewards differ in their roles, efficiency, and suitability, depending on the kinds of rewards (Allen, 2007). Rewards in fact hamper employees and organizations by reducing employees motivation, job satisfaction and interest. This is only the opposite of what rewards were made to do. Rewards should consider the employees for whom they were made (Kerachsky, 2009). A balance between monetary as well as non-monetary rewards must be employed for satisfying the diverse requirements and interests of employees. Creating a balance sheet is an easy exercise which may be used to evaluate rewards programs. On one side of the balance sheet, list each and every rewards program (both monetary plus non-monetary) of the company (Kohn, 2009). On the other side list all the results (whether preferred or not) which may be attributed to these rewards. Areas of development and enhancement would be those outcomes and results recognized as undesirable (Zigon, 2008). Promoted workers will amplify his/her efforts as well as performances in work place and assessment of employee performance manipulates employees performance; welfare of employee, pension, and medical facilities also helps successful performances, finally the employees prefer monetary rewards to non-monetary rewards (Kepner, 2010). Individual performance is usually found out by three things: motivation (the wish to do the job), capability (the ability to do the job), and the environment of work (the resources required to do the job). If a worker lacks capability, the manager can give training or replace, the employee. If there is a resource issue, the manager can do it correct (Kerachsky, 2009). But if motivation is the issue, the job for the manager is more challenging. Individual performance is a multifaceted fact, and the manager can be pushed to understand the specific nature of the issue and how to resolve it (Kohn, 2009). Hence, motivation is significant due to its importance as a determinant of performance and due to its intangible nature (Kerachsky, 2009). Many special rewards programs which offer awards to individuals have been utilized, ranging from one-time contests to meet performance targets to rewards for performance eventually (Hansen, 2010). Though special programs can also be built up for groups and for whole companies, these programs frequently emphasize on rewarding just high-performing individuals. Conclusion The outcomes of this study make three contributions. Primary, this study contributes to the logical and experiential literature on multi-action settings by giving facts about the impacts of non-monetary rewards (Kohn, 2009). The impact of non-monetary rewards on performance entails that control systems may be more efficient and competent by taking into consideration non-monetary rewards. Particularly, logical justifications help organizations by motivating better performance than illogical explanations and by raising the recognized justifiability of bonuses when the bonuses stand for the significance of the jobs (Nelson, 2009). While logical explanations is unsuccessful to stimulate better performance than when no justification is given, this result must be understood carefully as the explanation also gives related information which is not present when no explanation is given, that can not be true in all settings (Kepner, 2010). The study thus concludes that there are obvious relations between monetary rewards and employees performance; fringe benefit can stimulate employees performance (Kohn, 2009). Though, some of the major goals of training employee contain, increase in production, lesser labor turn over rate, higher confidence and better management and training facilitates to decrease cost as it enhances productivity, and promotes objective congruency. Lack of training raises rate of absenteeism, low productivity, bad quality and refuses and results in high unit cost. Non-monetary rewards, good working environment promotion, better management, employees welfare, programs, medical facilities, pension, helps increases in performances of employees and employee desired monetary rewards to non-monetary rewards.

Hypocritical America Essay

Hypocrisy is an act of condemning another person’s act without realizing one’s own characteristic towards being guilty of the same aspect of correspondence. (Wikipedia, 2007). Most of the time, this form of behavior to whom it is associated to is subject to be attributed to the environmental factor while the acts of an observed individual is interpreted to be an innate characteristic of doing wrongful acts. In modern times, hypocrisy is also well identified. Apparently, the world also finds America to be guilty of such hypocritical acts. Why does the world seem to single out America on hypocrisy? Basically, it seems that the international community is very aware how the country responds to the different elemental factors happening in the world. Let us see some good examples. We can begin in the aspect of building arms and military might. It is very obvious that each country should at least have a form of security measures in order to protect it from external intrusions. Thus, weapons should be fabricated and acquired by any nation who wishes to protect them. However, America apparently keeps on monitoring the entire world’s activities and sometimes even interferes to initiate a common consensus among its allies to prevent one country from producing these armaments. In extreme cases, it (America) is very sensitive when it comes to other states producing their own nuclear facilities and always justifies that it may be used to destabilize the peace and order in the world. America just ignores the fact that it is actually one of the biggest keepers of nuclear arsenal in the entire international community (Gibson, 1996). In terms of capitalistic approach, the US is also perceived to be very deceitful. When an American investor unit wishes to enter a certain market, especially those of the third-world group, it imposes a certain range of requirements instead of following the legal process in the country. Many of the local businessmen in these poor nations are not really optimistic that they will get a fair share in the market with the presence of a US brand competitor. It is very obvious for this factor to be realized because of quite numerous protests in each country which the US investors try to settle in (People’s Daily, 2000). One more aspect of hypocrisy of the US, according to how the world takes it, is its complete intention to manipulate and interfere in the government processes of other states. For example, if a certain nation is going to apply for a loan with the IMF or World Bank (which both have very high influence states from the US), there will always be a type of bargaining agreement aside from the actual supposedly credit money factors. There is always a requirement to let the United States to impose whatever it sees fitting to a domestic problem of a particular country. Some people say that the act of hypocrisy can sometimes be very beneficial to a society since it actually exposes the harsh truth that concerns and problems abound in this world and that resolutions are not always sufficient to solve them. However, in the case of the United States, there is a growing perception that the country is no longer capable of sustaining the supposedly â€Å"good† effects of hypocrisy since it only considers its total welfare over its relations to other nations. In any case, if there are too many individuals who are no longer satisfied with how the world works, it is very possible for them to initiate an act which will result to undesirable consequences not only for America but also for the whole international community. It would be very ideal for the US to reconsider its policies to maintain a sound relationship with other nations in the world. References Gibson, J. 1996. Complete List of All U. S. Nuclear Weapons. Nuclear Weapons Archive. Retrieved November 20, 2007 from http://nuclearweaponarchive. org/Usa/Weapons/Allbombs. html. People’s Daily. 2000. China Protest Against US Arms Sales to Taiwan. People’s Daily. Retrieved November 20, 2007 from http://english. peopledaily. com. cn/english/200004/09/eng20000409_38583. html. Wikipedia. 2007. Hypocrisy. Wikipedia-The Free Encyclopedia. Retrieved November 20, 2007 from http://en. wikipedia. org/wiki/Hypocrisy.

Vinamilk Field Trip

Ho Chi Minh International University School of Business Administration Ho Chi Minh International University School of Business Administration REPORT on FIELDTRIP Group: Name Student’s ID Nguy? n Khanh An Tr? n Quang Ngan BAIU08057 Tr? n Minh Thanh BAIU08069 Hu? nh Ng? c Thanh Truc BAIU08078 Nguy? n Hu? nh Qu? c Nh? t Report on Fieldtrip BAIU08214 BAIU08103 Page 1 Ho Chi Minh International University School of Business Administration QUESTION OF REPORT ON FIELDTRIP 1. Describe the factory of Vinamilk. What is the most impressive that you've seen in the fieldtrip? 2.What are the difficulties that Vinamilk may have while exporting to Iraq? Your suggestions to overcome. Some Brief about Vinamilk Corp. Vinamilk is the biggest dairy company in Vietnam. Based on the UNDP 2007 report, it is also the 15th largest company in Vietnam. Established in 1976, Vietnam Dairy Products Joint Stock Company (VINAMILK) has since grown s trongly and become the leading business of the milk processing industry, now occupying 75% of the milk market share in Vietnam. In addition to strong domestic distribution with a network of 183 agencies throughout all 64 of 64 provinces.Vinamilk products are also exported to Iraq. In most western countries it does not meet the local hygiene standards and is therefore not allowed to be imported. VINAMILK is a state owned enterprise in which the government has 50. 01% of the shares and the rest of the shares are currently active trading at the Ho Chi Minh Stock Exchange. Vinamilk main competitor is Dutch Lady Vietnam, a division of Friesland Foods. Factories Thong Nhat Dairy Factory Truong Tho Dairy Factory Dielac Dairy Factory Saigon Milk Dairy Factory Hanoi Dairy Factory Can Tho Dairy FactoryNghe An Dairy Factory Binh Dinh Dairy Factory Also several joint ventures, such as the $45 million -dollar venture with SABMiller PLC to build a brewery in the Binh Duong province. Awards and achievements 1985 – Labour Medal of Third Ranking. 1991 à ¢â‚¬â€œ Labour Medal of Second Ranking. 1996 – Labour Medal of First Ranking. 2000 – Hero of Socialist Labor of Vietnam. 2001 – Labour Medal of Third Ranking. 2005 – Independence Medal of Third Ranking. Report on Fieldtrip Page 2 Ho Chi Minh International University School of Business Administration 2005 – Labour Medal of Third Ranking. 006 – â€Å"Supreme Cup† from Intellectual Property Association and Association of Small & Medium Enterprises, Vietnam. 1995-2007 – Saigon Marketing Newspaper Readers' Choice Awards. 1 – Describe the factory of Vinamilk. What is the most impressive that you've seen in the fieldtrip?  » Th? ng Nh? t Milk factory 12 D? ng Van Bi, Tru? ng Th? Ward, Th? D? c District, HOCHIMINH CITY TEL: (84. 8) 8 960 725 – Fax: (84. 8) 38 963 140 Specialzing in condensed milk, aseptic fresh milk, ice cream, yog urt and drinking yogurt. We are on a trip to Th? ng Nh? t factory.Factory is located in T h? D? c. It seems to be very fresh, don’t have many problem about traffic, polluted†¦ Firstly, we are introduced about their factory, their products and some questions are answer clearly. We realize that they produce a lot of product in that factory. When come to see the place they are working, I see a lot of part of the assembly line. Such as: Getting milk liqid, Sterilizing, Distributing, Adding sugar and other spice. et c†¦ Secondly, they took us to come to see their factory, machine, and explain us all the question about their factory, products†¦The important thing I impressed is that they have very few people, about 2- 3 workers in a part. That mean their factory is highl y automatic by machine, worker plays a role as a runner. + There are many pipes which milk flow in and come to many part of the manufacture. The liquid flow in the pipes about 30 minutes. This is some of our pictures that are allowed to take in some areas. A room have Pressure- cooker to have the milk fresh. An assembly line is running by a worker. It makes the milk-can come to the machine that pour the milk into. A machine pastes the label.Some of the workers arrange them into package, cotto n bucket. Report on Fieldtrip Page 3 Ho Chi Minh International University School of Business Administration All the process we can see is the machine working, can not smell any about milk. The machine is running so softly that seem to be very peaceful for other s living outside the factory. In brief, we want to say that they working in a regulation way, automatically, and clean. 2 – What are the difficulties that Vinamilk may have while exporting to Iraq? Your suggestions to overcome. We have some information about the relationship of Vinamilk and Iraq.First is Vinamilk’s top export markets are Iraq and Cambodia Vinamilk has made ambitious plans after it reported its record results in 2006. Stiff competition and high raw-material costs failed to dampen Vinamilkâ⠂¬â„¢s results. It reported profits of $46 million, or a share price of $0. 28 (up 20. 8 percent over the previous year). As a result, the processor powdered and condensed milk, fresh milk and yoghurt drinks has set targets of 15-20 percent growth of products in 2007. Vinamilk says its major export market is still Iraq, where it maintained an avera ge export value of over $80 million.Meanwhile, Cambodia was its fastest -growing market, reaching a business value of $3 million —up 74 percent compared to 2005. This is some of the difficulties that Vinamilk will face with: Vinamilk doesn’t have their ow n means of transport that will carry their product oversea. Reason: Viet Nam does not have shipping service to transport goods oversea Solution: They will have to sign a contract with a company to s hip goods oversea. Secondly is the time 2003 – 2004, Vinamilk won a contractor with Iraq about supporting milk product. So, the problem is that United Nation permiss them to trade with Iraq.However UN have the rule that goods must have an insurance. Reason: Because of the politics in Iraq is complex, required an insurance for goods Solution: They must sign a contract with an insurance company to have their goods be safety first. Then the product will be regularize to come in Iraq without any problem Third is the complex politics of Iraq and those country in M iddle East. Reason: the war of Iraq and US about mineral -oil Solution: They should study about their culture, the changes of politics situations and then making a decision of exporting. Try to realize the specific charactristics of Iraq’s market.This wil l show us how to react at anytime. Report on Fieldtrip Page 4 Ho Chi Minh International University School of Business Administration Fourth is the quality of milk. Reason: Influence of having melanine (a chemical cause cancer) in milk appear in China. Solution: They must have certification about their producr that it will not have melam ine and others extranous matter so that people will find out the best product to use. Last is the chage of price, finiancial situation in the world Reason: There are a price crisis in the world that make some banks go bankrupt. Solution:In some statistics about milk price, We realize that milk price in Viet Nam is highest in the world. Mr. Tr? n Ng? c Dung. E xpert market researcher of FTA said that: The average milk price in many country of East of Europe and South America is 0,4 USD, In China, North America is 0,8 USD. But in Viet Nam is 0,82 USD/kg. So, Vinamilk can decrease the milk price because they buy the milk from farmer in a lower price than any country. Furthermore, they still have profits if they reduce the price and have an advantage in Iraq’s market **** End of the report. Report on Fieldtrip Page 5

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