I need a discussion response to my classmates discussion post for our Performanc

Question

I need a discussion response to my classmates discussion post for our Performance Management Class

As the chairman of the board, when looking over these salaries, consideration should be given to determining compensable factors. It is very important to reward the top performing employees to ensure that they stay in any organization. Medical professionals are very important in this nonprofit organization so they should be well compensated. In my opinion financial reward is very important for the employees with good performance reviews to retain them in the organization. Employees would not get enough motivation if the high performing and mid employees are rewarded the same level. When companies consider employees for rewards, high performing employees should be rewarded slightly higher than the mid performers. Because the company is passing through a rough time, employee support is essential to better the situation. It will be difficult to achieve employee satisfaction without rewarding financially. The chairman of a nonprofit organization should approve rewarding employees financially within the budget but should also consider rewarding employees according to performance rather than providing the same percentage to all employees with a good review.

Milkovich, G., Newman, J. (2016). Compensation (12th ed). New York, NY: McGraw Hill.

Explanation / Answer

Rewards in terms of Incentives benefits play an important cultural and work-life balance concerns. In the Human Resource cycle of a Non-profit Organization, awards are important to the Medical Professionals for various reasons. Awards such as monetary incentives helps an individual decide whether or not to be associated with a particular medical job profile, especially in the cases where the job profile itself is not as lucrative as expected by such individuals. For example, a Medical Practitioner whose core function is to provide healthcare to the patients, is being also given an administrative profile along with its core duties, which may have been uncalled for, on the part of such Practitioner. Here, Salaries are an integral part for hiring such employees. Appropriate salary structure gives an assurance to the medical employee to perform in their best possible way to achieve his personal and departmental goals. Hence when it comes to the Management as well, high performance can lead to more efficiency in the system thereby contributing to the overall efficiency of the Organization. Hence monetary incentive plans are good for boosting performance as well as to enhance the job satisfaction levels of the employees thereby ensuring a better image of the Non-profit Organization before the Community.

But it is to be further noted that just like monetary incentives, various non-monetary incentive plans also play an important role in boosting the morale of the Non-profit Organization’s employees just as in case of with-profit Organizations. Such incentives could include promotion in the Job profile and transfer to a better team with a better profile, awards and recognition could also help take an employee a long way with the organization.

However, in terms of motivation, study of different types of rewards change over a period of time as one progress through one’s career. When the person is new to the job, what play an important role are the monetary incentives because that forms the basis for survival and motivation to continue working for the organization. However, as the generation progress and an employee gains more and more knowledge and work experience, these monetary incentives components may undergo a considerable change. A certain element of non-monetary incentives like more recognition and power, also becomes significant. Further, the non-incentives types also change from recognition of good work of employees in terms of Formal Appreciation ceremony, Awards and Felicitation at work place, flexibility in working conditions and in work contribution in terms of ideas and opinions to voice out for to incentives such as granting them a scope to contribute to the decision-making activities of the Non-profit Organization. Therefore it certainly does not make much sense to directly add a certain percentage to all employees with good review. Rather, efforts need to be made to motivate the good review employees like the medical Professionals to aim for better reviews and for the better review employees, more significant incentives need to be offered so that they are in know that more efforts could result into better incentives and hence a strong motivation to keep improving and innovating in their respective fields.

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