Reward and Pay Strategy Essay

Pages: 6 (2008 words)  ·  Bibliography Sources: 3  ·  File: .docx  ·  Level: College Senior  ·  Topic: Business

SAMPLE EXCERPT . . .
However, the corporation has steadily maintained its ambition to maximize profits while putting in place the most effective measures of minimizing losses (Brown, 2010). The Competitive advantage has also emanated from rising need for restricting other competitors from gaining more market share courtesy of monopolistic practices. Therefore, salespersons charged with the responsibility of selling products of the company realizes increased market accessibility irrespective of the country or continent since popularity of the firm has gone up considerably (Brown, 2010). Competitive advantage equally helps the company to get bigger and bigger owing to increase in sales and market shares. In essence, the output increases with a corresponding decrease in average cost per unit. Although the industry's overall bargaining power of buyers is high, Coca Cola is an exception to the rule. Coca Cola has amassed extreme customer loyalty, hence reducing consumer price sensitivity over the years.

Reasoned and evidence-based conclusion about the level of success achieved by the organization in motivating employees to reach organizational objectives and propose a reward and pay strategy that may better serve this purpose

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The Coca-Cola Company has achieved a considerable level of success when it comes to the motivation and satisfaction of employees. In order to achieve this, sound reward management schemes have to be developed and implemented. Such should cater for all employees taking into consideration their expectation from the company, their goals, and aspirations together with the industrial trends. The rewards must also reflect high standards of fairness. This enables employees to be more motivated which is a benefit to the company as they will be more willing to work. This increases their effectiveness, which leads to a higher quality and quantity of work done.

Essay on Reward and Pay Strategy for Assignment

Rewards can be in two forms. They can be either intrinsic or extrinsic in nature. In order to achieve the strategies of the organization, both forms of reward play a crucial role. Intrinsic rewards are more of internal satisfaction than external. They make an employee feel appreciated and gives them a positive impression, hence an attachment towards the organization they work for, in this case, Coca-Cola. They include accomplishments, job satisfaction, recognition and the advancement of one on their career. An example is giving them promotions where deserved.

Extrinsic rewards are monetary refer to tangible rewards. Companies that handsomely reward their employees often achieve more employee loyalty and, therefore, keep them for longer. Extrinsic rewards also include a pleasant working environment and other tangible incentives. Employees at the Coca-Cola Company should be rewarded after careful consideration of, among others, the following aspects of work: customer satisfaction, quality and quantity of their work, whether or not meet the company's overall objectives and their ability to learn a new skill or significantly improve their own. Well compensated employees develop a liking of their company and acquire an identity which plays a crucial role in the firm's ultimate success.

References

Brown, D. (2010). Reward strategies: From intent to impact. London: Chartered Institute of Personnel and Development.… [END OF PREVIEW] . . . READ MORE

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"Reward and Pay Strategy."  Essaytown.com.  August 31, 2012.  Accessed March 30, 2020.
https://www.essaytown.com/subjects/paper/reward-pay-strategy/6112808.