Money is not an internal motivator, but it affects everyone. And economically, psychologically, and socially.
Economically, they shape the quality and lifestyle of working people. Psychologically, they create self-confidence and self-esteem. Socially, they determine the personal status inside and outside the company.
This is according to researchers who have studied the behavior of people and groups in different companies. Their statement is the basis for determining remuneration, as remuneration is considered an important part of the implementation process.
It is for this reason that wages in different companies (and societies) are different – where employers think as well as researchers, wages are perceived as fairer if they are tied to the performance of each employee.
Modern practices for determining financial remuneration are related to the implementation in the organization and provide a choice between 2 criteria: the form of remuneration (cash and shares) and the time of payment of remuneration.
4 combinations are obtained: (1) short-term cash remuneration;
(2) short-term earnings in shares; (3) long-term cash benefits; (4) long-term earnings in shares.
In addition to money, which is very important, other rewards that the company can give to its employees are also important – non-financial rewards.
The full range of non-financial remuneration includes: (1) the strong vision of the company, which makes employees proud to be part of such a strong company; (2) allowing the employee to present their ideas to senior managers; (3) assigning the employee training for new employees; Reference: https://phron.org/for-hr-managers-buying-and-retaining-talented-employees/ (4) participation in incentive travel; (5) rewarding employees who have made particularly valuable suggestions; (6) freedom to choose working time and place of work; (7) other forms of non-financial remuneration, etc.
Giving and receiving feedback
This is a management practice with which managers communicate their assessments of the performance of tasks and discuss the necessary adjustments in the behavior of the employee or the behavior of the entire department with employees.
The two-way nature of the feedback – “giving” and “receiving” – means a dialogue in which the manager expresses his opinion on the implementation and learns what are the impressions and conclusions of the employee, and the employee knows what he has achieved lies ahead. progresses forward.
Giving and receiving feedback is the responsibility of every manager. The help that human resources professionals can give to managers in the company is appropriate training programs for managers on how to give and receive feedback, and how to instruct how to give advice and guidance to their employees.
Performance – the degree to which specific tasks, work, or predetermined goals are performed. Reference: “Management practices for human resources aimed at performing tasks“, https://ossalumni.org/management-practices-for-human-resources-aimed-at-performing-tasks/
It can be considered at three levels: at the employee level; at the department level; at the organization level.
Performance management – a process of management steps that creates an appropriate work environment to achieve the desired results – by each employee, by each department, and by the entire organization.
Standard – “state”, “condition”, which in the course of work on a particular task must occur. The role of the standard is to guide people to adhere to “useful” behavior – something that will ensure them achieve the results that the company expects. The more routine the tasks, the more standards there are.
Determination of remuneration – management practice aimed at linking remuneration to the extent to which the set results have been achieved.
Giving and receiving feedback – management practice with which managers communicate their assessments of the tasks, listen to the opinion of the employee, and discuss the necessary corrections in the behavior of the employee to achieve the desired results.