Topic:-
Some employers reward members of staff for their exceptional contribution to the company by giving them extra money. This practice can act as an incentive for some but may also have a negative impact on others. To what extent is this style of management effective? Are there better ways of encouraging employees to work hard?
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In today's competitive world, it is important for the employer to recognize their employees periodically.Some organization uses monetary rewards for recognizing the talents. However, this could impact the morale of other employees too. In this essay, I shall discuss these problems and explore the other possible solutions.
There are numerous reasons why it is not the effective management style. Firstly, the incentive amount may not be so attractive to everyone. For instance, an IT professional who is drawing a fat pay cheque may not find a reward of few thousands so worthful. Therefore, it may not be valuable and worthless for them.
Another reason is, it could spread the negativity among the rest of the team. People may start taking it in an unhealthier way and could decline the overall productivity. Even it will affect the culture of the organization and lead to the higher attrition rate.
To conclude, I firmly believe that there are few other alternates available. Companies should recognize the talent by awarding him a trophy, promotions or a sponsored lunch of their choice by providing a citation. This would enable others to know about the achievement made by the employee and at the same time sets the examples for others to perform well.