Business Ethics-Individual Research Project: The reward system strategy

Reward Strategies for Attracting, Evaluating, and Retaining Professionals

I. Introduction

A. The reward system is a strategy that used by organization as well as business to motivate their employee to either behave a particular way or strive to achieve a particular goal, which is related to the organization. An employee may provide a reward such as money, promotion or any other related benefit for acting in a particular way or attaining the set goal. Most organizations tend to use this system to develop an organizational culture, which defines the organizational capabilities to its clients.

B. In order to practice “The Reward System”, it has become essential for organizations to attract quality employees, evaluate and enumerate employees, and retain professionals.

II. Body

A. Attracting and Recruitment:

a. Breaugh (2009) outlines seven principles as the effective model for the recruitment process.

b. The target audience in for recruitment is fundamentally the most important factor. Understanding what a company’s requirements will, in contrast, address the target audience (Breaugh, 2000).

B. Evaluate and Numerate Employees:

a. I will take a two-prong approach to describe evaluation and enumerations in the workforce.

i. First, the Apathetic Culture, this “culture is not related to performance” (Glinow, 1985, p. 197). It is virtually non-existent and employees essentially promote automatically.

ii. Second, is enumerating employees based on position and grade. This is similar to the United States Army, Evaluation Entry System (EES).

1. Pros and Con of enumerating an evaluation.

C. Retain Professionals:

a. How to “Keep Me.” A motto utilized by Kochanski (2001), elaborates how to retain technical professionals. In my perspective, similar to technical professionals, the way to retain a professional is by “direct financial reward, indirect financial reward, career reward, work content, and affiliation.

b. Further, there is something called a “Caring Culture.” Caring Culture strives to achieve the happiness among working professionals. Companies use a “Caring Culture” to retain professionals by promoting internally (Glinow, 1985).

III. Conclusion

A. As a result, reward strategies become more in demand by the millennial generation, it is important to understand the full cycle of attracting quality employees, evaluating and numerating employees, and retaining professionals. There are many methods to use and strategies to follow, but fundamentally, it is important to understand societal needs and requirements. As society evolves and demands shift, it is important to address considerations when developing a reward strategy.

References

Trevino, L. K. (2016). Managing Business Ethics: Straight Talk about How to Do It Right. Hoboken: Wiley and sons.

Breaugh, J. A.; Starke, M. (2000). Recruiting and Attracting Talent. Society for Human Resource Management. Alexandria, VA.

James Kochanski, & Gerald Ledford. (2001). “How to Keep Me”—Retaining Technical Professionals. Research Technology Management, (3), 31. Retrieved from http://vlib.excelsior.edu/login?url=https://search.ebscohost.com/login.aspx?direct=true&db=edsjsr&AN=edsjsr.24133992&site=eds-live&scope=site

Von Glinow, M. A. (1985). Reward Strategies for Attracting, Evaluating, and Retaining Professionals. Human Resource Management, 24(2), 191–206. Retrieved from http://vlib.excelsior.edu/login?url=https://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=7234572&site=eds-live&scope=site