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Essay / Awards - 1401
Rewards and MotivationUnited States Companies today face greater pressure than ever to improve profitability and, at the same time, get their products to market faster, at lower cost and with greater greater innovation and greater regulatory compliance, responding to ever-increasing and often contradictory regulations around the world. A business must also be agile enough to change direction quickly and profitably when market conditions change. At the same time, they must always provide an environment in which people want to work and excel. This is where old reward management models fall flat and new reward approaches need to be implemented to make the organization more efficient and productive. (Chang) The company that will be referred to throughout this article is the author's current employer, Walgreens Corporation. In today's business environment, attracting, retaining and motivating the type of people who can support a rapidly growing organization requires most companies to think differently about how they compensate their employees, and that's true for Walgreens. The thinking to reflect this change focuses on the shift from remuneration to rewards or the merger of the two. When speaking with a human resources representative within the department, it was clear that the company's goals are results-oriented and that the weight of reward programs has increased to compensate. Walgreens views base salary as the price of joining the company. The base salary guarantees the company that the employee will show up for work, can call them at night or on weekends to ask business questions, can send them out of town and disrupt his personal life. But incentive pay or rewards are the price you pay to keep employees focused on what's important to the business. For example, a few years ago, at the store operations level, a flat rate was provided for senior management and store owner positions in all areas based on the annual bonuses allocated. For example, two hundred dollars and seven hundred dollars respectively were issued monthly for these positions. However, rather than improving productivity, this had little effect and did virtually nothing to improve the company's bottom line, as management felt this allocated amount was just another payment structured (like the basic salary) and placed the...... middle of the salary. paper ......n the business at all levels, but especially in cities where new districts are being built, such as North Carolina, Southern California and Atlanta, Georgia. Human resources created a reward program to create the motivation needed to connect the goal with the effort needed to achieve that goal. For every referral leading to a new hire, an employee gets a thousand dollars and if they hire from newly developed cities, they get double points, which would double the payout (i.e. $1,000 to $2 000 $). This approach helped ease the recruitment pressure that was weighing on the company. The general process theory is consistent with that of Walgreens Corporation, which considers itself to be at the forefront of innovation and human capital. References Meyer, John P., Becker, Thomas E., Vandenberghe, Christian. Employee engagement and motivation: a conceptual analysis and an integrative model. Journal of Applied Psychology;, 2004.