Discussion Paper respones

 For any organization to get fully benefited from the employee they need to consider his potential as part of a team but not as an individual. This helps to use all the creative thoughts the employee must benefit the organization. The role of the leader is to maintain collaboration and build an effective team.

I would like to add few points to an effective way to build the teams accomplish the tasks.

·         Allow team to take decisions and make them feel that they play a key role in decision making. This helps them to come up with innovative ideas and contribute their part of work. Also allowing the employees to handle the decision-making part, the manager can work on more important topics. Manager driven teams find it difficult to complete the tasks assigned in his absence. At the same time, the self-managed team comes up with innovative ideas to solve the problems on their own.

·         A good team leader should always question his employees ‘What if’ because it is very common that teams sometimes fail during the process of project completion. They need to have a plan B in their minds so that it helps them to come out of the crisis.

·         Other team members need to respect the ideas of their colleagues. Any differences raised are to be solved instantly as they might affect the performance of the team.

·         Set the standards for the communication as it helps team members to have set of goals already assigned. Make the agenda for the meeting clearer as it helps the team to come prepared for the discussions.

·         Avoid micro-managing as it creates a negative atmosphere within the organization and employees do not feel their job satisfying. Ultimately satisfaction of the employee is needed for his continual and contribution to the organization.

The distinct types of incentive/reward plans are listed as

1.      Merit or Incentive pay

2.      Gain Sharing

3.      Profit Sharing

4.      Stock options

5.      ESOP

In merit pay, the employee is provided some incentives for his high performance. This helps to build motivation for the next task assigned and improves the performance. In gain sharing reward system, the net gain of the company is shared across all the employees. This helps the team member to understand that he is part of the organization. In profit sharing plan the employee is rewarded with pre-defined profits and the employee with a higher salary is expected to get a higher share of profits. In Stock options reward plan, employees are encouraged to buy the stocks from the organization thereby helping small start companies to grow. ESOP is an employee ownership stock plan wherein employee benefits are given after a period so that it helps them during the crisis.

To conclude, reward program is necessary for the benefit of both the organization and individual. It helps in improving the performance level and thereby enhance profits to the organization.

References

Maccurtain, S., & West, M. A. (n.d.). Top Management Teams and Team Working. The SAGE Handbook of Organizational Behavior: Volume II - Macro Approaches,224-241. doi:10.4135/9781849200455.n14

S. (2015). KEY ASPECTS OF BUILDING MANAGEMENT TEAMS FOR PROJECT ACTIVITIES. Economic Archive / Narodnostopanski Archive. 2015, Issue 2, P57-70. 14p.,14p(2), 57-70. Retrieved April 6, 2018, from http://0-eds.b.ebscohost.com.library.acaweb.org/eds/pdfviewer/pdfviewer?vid=1&sid=f3a25f64-a215-4512-95cf-8d9e385648a3@sessionmgr101

Inc.com. (2018). 5 Steps to Optimizing Team Performance. [online] Available at: https://www.inc.com/peter-economy/5-steps-to-maximize-team-performance.html

Hr-guide.com. (2018). Compensation: Incentive Plans: ESOP. [online] Available at: https://www.hr-guide.com/data/G446.htm