There are many different ways in which a business can reward
their employees, such as offering them appraisals and incentives this can be to,
motivate the employees to work harder or show employees that the business appreciates
their contribution and thanks them.
An organisation that I am familiar with is B&Q. there
are a lot of different ways of rewarding employees that B&Q use. B&Q has a reward package that consists of
many ways to reward employees, what B&Q say id that “We reward our colleagues with a competitive
rewards package.” what the package consist of is:
- May different bonus schemes
to celebrate success
- Discount cards offering 20% off B&Q
products, in store or online
- Our Employee Benefit Book offers discounts
on everyday product and services
- B&Q support
working parents by offering childcare vouchers allowing significant
savings.
(diy.com, 2012)
Some of these rewards are:
Bonus schemes - The bonus schemes that B&Q have in place are designed
to increase performance and reward accordingly, there are various types of
bonus scheme that are each designed to allow employees to share in success of
the business. B&Q make sure to annually review the schemes in order to
ensure that they remain competitive in the market place.
Flexible working – B&Q take into account flexible working and state that all permanent employees irrespective
of sieve or caring responsibility have the right to request flexible working
hours, so that they are able to achieve more balance between other commitments
and work
HSA and BUPA membership- HSA is one of the largest health plan providers in
the UK, employees of B&Q are offered membership rates to the services offered
by the two organisations.
Employee
personal benefits - Employees of B&Q can enjoy various discounts at high street retailers,
travel, leisure, and other great places. All of the employees are entitled to
6.6 weeks of annual leave.
(diy.com, 2012)
The rewards system that
B&Q has in place differs from business such as Tesco or Asda as, B&Q
offer their employees more rewards and try to motivate their employees to work
to the best of their ability, what can be seen is that B&Q show that they
really care about their employees as they have long term service awards for recognition
for long term employees who have been with B&Q for a long time by awarding
them additional annual leave and bonus payments on specific anniversary dates. There is some difference in types of rewards
given to employees as older people and younger people due to age and ability to
work , as older people are unable to work as many hours and require more rest, the healthcare memberships are more targeted
at the older employees as well as less working hours and longer days off.
The arguments for should chief executives of business receive
large bonuses is that , the performance
of a business does not solely rely upon the direction chief executives take the
business in, the chief executives rely
upon line managers and branch mangers of the business to ensure that employees
are working hard and meeting targets. If
they employees are not meeting targets then the line manger and branch mangers
are responsible for this and not the chief executives. Large business can still be given to chief executives
if businesses are underperforming due to it being stated in their contract. The
reason they should be given large a large bonus is that the are working hard in
their job role but if other employees are not working hard or doing jobs
correctly then it is not the fault of the chief executive and he should not
have a bonus he has deserved taken away from him due to the under performing
employees.
The argument against chief executives receiving large
bonuses, is that it is wrong for the people who are head of the business to receive large bonuses
when they are underperforming , instead their should be pressure put on the
chief executives as to why the situation of under performing has occurred. The whole performance of
business relies on the chief executive as they are responsible for the
direction that an organisation takes , an example is when the banking crisis
happened head of the royal bank of Scotland Stephen Hester was offered by the
board of directors a large bonus, he was forced to reject it due to the
situation that he had put the bank in , the direction he took as well as other
chief executives resulted in devastating impacts on the general public as well
as the organisations own employees. Large bonuses could instead of being given
to chief executives be used to help the business to increase their performance
so that they are generating high profits in which case chief executives would
deserve large bonuses.
References
diy.com (2012) B&Q
benefits and rewards [online] Available
from: http://www.diy.com/diy/jsp/corporate/content/careers/our_roles/benefits.jsp
[Accessed 2 may 2012]
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