#8 Compensations relating to pay and benefits include mid-year contract revisions, retirement incentive, grants and other additional leave days due to sickness, insurance cover options and the rate of pay.
#9 The different types of reward systems are classified as transactional which are tangible, relational which are intangible, individual and communal.
The 360-degree employee review process is where the manager, organizational stakeholders or senior employees provides performance feedback regarding a particular employee. This model is favorable for start-up business ventures. The feedback in this model can be used in performance reviews or for general development progressions (Griffin & Moorhead 2012). An organization needs to make a decision on whether the type of feedback it receives is development initiated or it only aims at evaluating the promotion and rewards. For instance if the outcomes of a 360 degree process specifically base on an employee’s qualification for a promotion, the individuals used in the evaluation process who in regard may see this as a threat in their positions, will provide negative feedback to ensure that the employee doesn’t succeed.
All the review process are subject to biasness, however the manager system requires the manager to be knowledgeable of the employee’s capabilities. Peer reviews are successful in cases where there is no direct day to day contact between employees and their managers (Sharman, Rao & Raghu, 2011).
Reward system can succeed in project based organizations more specifically in the construction industry.
Reward systems can present a challenge in government corporations depending on the top management, political organizations where high costs of operation forms the basis of the challenges, and start-up organizations due to high operation costs (Chanda, Shen, & Sivarama 2007).
The 360 degree process is highly recommended due to its ability in increasing self-awareness enabling employees to adjust according, it also acts as filter in determining an organization’s strength by ensuring that employees perfect particular skills where they are competent and also ensuring a proper development plan through training (Griffin & Moorhead 2012).
Griffin, R. W., & Moorhead, G. (2012). Organizational behavior: Managing people and organizations. Mason, OH: South-Western/Cengage Learning.
Chanda, A., Shen, J., & Sivarama, K. B. (2007). Strategic human resource technologies: Keys to managing people. Los Angeles: Response.
Sharman, R., Rao, H. R., & Raghu, T. S. (2011). Exploring the Grand Challenges for Next Generation E-Business: 8th Workshop on E-Business, WEB 2009, Phoenix, AZ, USA, December 15, 2009, Revised Selected Papers. Berlin, Heidelberg: Springer Berlin Heidelberg.