1. What two major things that has an impact on money and rewards in an organization? Which rewards would motivate you to do work harder at your job? Give a brief summary of the paragraph.
Rewards based on job status trying to maintain internal equity and motivate employees to compete for promotions. Competency‐based rewards are becoming increasingly popular because they improve workforce flexibility and are consistent with the emerging idea of employability.
Awards/bonuses, commissions, and other individual performance‐based rewards have existed for centuries and are widely used. Many companies are shifting to team‐based rewards such as gain-sharing plans and to organizational rewards such as employee stock ownership plans (ESOPs), stock options, and profit sharing. Organizational leaders should ensure that rewards are linked to work performance, rewards are aligned with performance within the employee’s control, team rewards are used where jobs are interdependent, rewards are valued by employees, and rewards have no unintended consequences.
2. Discuss the impact of involving your employees in decision-making. What are the pros and cons? Should employees be involved in critical organizational decisions? Why or why not? Give an example of an employee involvement in organizational decision-making.