Over the last couple of weeks, we have read about accounting and decision making. Provide a cost/benefit analysis for your idea. Make sure to mention any sunk or opportunity costs involved in the implementation of this program as well as the long-term increase in projected profitability. You are permitted to use fictional numbers as far as costs go, but you should provide research to support any opportunity costs or projected profitability. You can find industry averages for various program costs and projected benefits.
This does not need to be written as a formal research paper, but all research provided does need to be cited in APA format. You may write in the first person because you are presenting your own ideas. You do not need to provide an abstract, but you do need an APA formatted title page and reference page. Your paper should be a minimum of 2 pages (approx. 700 words) not including the title and reference.
Over the last couple of weeks, we have read about accounting and decision making. Provide a cost/benefit analysis for your idea. Make sure to mention any sunk or opportunity costs involved in the impl
Recognizing and Rewarding Improved Performance Name AMU Recognizing and Rewarding Improved Performance Explanation One of the most common ways companies recognize and reward performance is through financial incentives. This may entail awarding commissions, increases, or bonuses for an employee’s or the business’s overall success. This is an effective way to motivate employees to work harder and be more productive, as they know there is a financial reward for doing so (Shah, 2019). Additionally, it can help create a sense of competition among employees, as they strive to be the top performer to receive the most significant financial incentive. Another way that companies can recognize and reward performance is through the employee of the month program, awards, and promotions. This can include giving employees recognition at company-wide meetings, awarding them with plaques or trophies, or giving them promotions. This is an effective way to show employees that their hard work is appreciated and that their efforts are being recognized (Ali & Anwar, 2021). Additionally, it can also help to motivate employees to maintain their high level of performance, as they know that there is a chance for further recognition and advancement. One standard non-financial incentive method is through the employee of the month programs or other similar recognition programs. These programs typically involve some form of the nomination process, followed by a vote among employees or managers (Ali & Anwar, 2021). The employee with the most votes wins a gift certificate or a picture of the employee displayed in the front office. There are a few things to remember when using the employee of the month strategy as a form of recognition. First, it is essential to ensure that all employees have an equal chance of being nominated. Second, the criteria for selection should be transparent and fair. Finally, ensuring that the award is meaningful and positively impacts the recipient’s career is essential. The most common financial incentives that will improve motivation in a company include spot bonuses, annual performance bonuses, and commissions. Spot bonuses are usually a one-time, discretionary payment to an employee. They may be given in recognition of good work, to motivate employees, or to show appreciation for extra effort (Shah, 2019). Spot bonuses can be a powerful tool for reinforcing desired behavior, but they should be used carefully to be perceived as fair and equitable. Annual performance bonuses are based on an employee’s overall performance over a year. It is essential to communicate the purpose of the bonuses to employees. This will help to ensure that they understand why they are being rewarded and what they need to do to earn a bonus (Ali & Anwar, 2021). Finally, commissions are a type of financial incentive paid to employees based on their performance. This type of reward is often used in sales-based occupations, giving employees an incentive to sell more products or services. Sometimes, the commission is paid out only after the transaction is completed. In other cases, the commission may be paid out in installments, with a portion being paid upfront and the remainder being paid after the transaction is completed. Importance of Recognizing and Rewarding Performance in a Company Recognizing and rewarding employees for their performance is critical to any successful organization. By doing so, companies can improve motivation and engagement levels while fostering a sense of loyalty and appreciation among their workforce. When employees are recognized for their excellent work, they feel appreciated and are likelier to continue working hard (Ali & Anwar, 2021). Additionally, rewards can act as an incentive for employees to achieve even higher performance levels. By providing employees with recognition and rewards, companies can create a positive feedback loop that helps improve motivation and productivity. References Ali, B. J., & Anwar, G. (2021). An empirical study of employees’ motivation and its influence on job satisfaction. Ali, BJ, & Anwar, G.(2021). An Empirical Study of Employees’ Motivation and its Influence on Job Satisfaction. International Journal of Engineering, Business, and Management, 5(2), 21-30. Shah, M. (2019). Green human resource management: Development of a valid measurement scale. Business Strategy and the Environment, 28(5), 771–785.