Rewarding means to reward employees that do not only

Rewarding performance systems in
Lebanese banks is a factor that motivates employees to participate their efforts
to improve company performance (financial and non financial) and create innovative
ideas for the company . According to Dewhurst et al.(2010) , there are other
means to reward employees that do not only focus on financial rewards. Some of
these rewards include the praised that employees are able to acquire from their
managers, the opportunity to take on important projects or tasks, and even
leadership attention.

Recent researches suggests that supervisor
reward power would have a great influence on employee
effectiveness,productivity, satisfaction,decreasing employees turnover etc. (
Simon, 1976; Martin & Hunt, 1980; Jahangir,2006).

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The management should evaluate the
work performance for each Employee and rewards each employee according to his
work efforts .There are lots of factors that influence employee performance
such as company location , company policies ,his work experience, skills, and
knowlege, salary, relationship with employer, fill the gaps by participating in
trainings and workshops etc …

Baron 1983 says that motivation is
an important part of rewards and has an impact of  behavior to achieve some goals.There are 2
types of rewards: intrinsic or extrinsic .Extrinsic rewards (tangible rewards) does
not include any task related to the work of employees, and may be according to
salary, higher payment,benefits etc…

Intrinsic rewards (intangible or
psychological rewards) such as motivation, behaviors, satisfaction, Value of
challenges etc … to achieve goals .

According to Luthans (2000), there
are two basic types of rewards, monitary and non- monitary and both can be used
to enhance employees performance behaviors . Financial rewards mean pay for
employee performance such as career advancement , performance bonuses, job
promotions, commissions, tips and gifts etc.. Non financial rewards are non
monetary or morally such as acknowledgement, certificate, and genuine
appreciation ,advancement etc.

In contrast ,every Lebanese bank has
its own rewarding scheme (which includes extrinsic and intrinsic rewards ) .The
objectives achieved of this scheme can be summarized as follow :

o  
Supporting
the goals of the organisation .

o  
Ensuring
that the Company is able to retain the appropriate employees with the appropriate
skills.

o  
Motivating
employees .

o  
To respond(comply)
with legal regulations.

o  
To
be ethical.

o  
To
be affordable and easy to administer.

 

Financial Rewards can include :

Financial rewards made according to
each employee performance .Money is an important
motivator.The most common ways to use money as incentive are in the salaries,
bonuses, benefits after retirement etc. . Many companies use employee stock options plans to
compensate, retain, and attract the best employees. These plans are structured
as a contractual form between a company the employee that give him the ability
to buy a specific number of the company’s shares at a stable price.

 

Non financial rewards can include :

Create competition
between employees which is a non-financial incentive to put in more efforts at
their work .Non financial rewards can also accomplished by providing
opportunities for advancement for employees to perform well and move up in the
hierarchy .At last , a very strong type ofnon-financial reward can be applied
by employees empowerment, which includes
stimulating and involving an employee in certain important company decisions.
For example, if the management decides to buy a new system for the company, the
employee point of view could  be secured
before making the purchasing decision.

The rewarding system in lebanon help
the companies to achieve their goals , and any employee who has strong skills
could play a key role to help the company to develop in the future and achieve its
goals which can lead to the sucess of company and in contrast the absence of
employee that has no skills will lead to the failure of the company and the
production of each worker will decrease.

The employee could leaves the
company when he feels  uncomfortable in the
work environment , some factors are : low salary ,lack of advancement,
demotivation(coff 1997), these problems leads to employees trunover can decrease
company productivity .The role of management is to keep employees and offer the
needs when they feel uncomfortable or underpaid at the work.

When there is a lack of  skilled employees , the human resources
department plays an important role in the improvement of organization by
selecting the skilled employees and put them in the right places .The HR should
also make the employees work in positive and motivated environment which leads
to employees satisfaction.

The company can achieve its
financial goals by working efficiently and effectively , and the traditional
assets is human assets, the satisfaction of employees occurs when there is a good
relationship between employees and employers ,pay the appropriate salary
according to the efforts,  reward its
employees with bonuses etc…

Factors that
increase productivity:

 

1.     
Training
and workshops : Make trainings
and workshops to increase employees efficiency and productivity.

2.     
Proactive Employees :  a productive workforce is one that are commited and
earnest to their jobs and are given the opportunity to reach their goals freely.When
management is not hindering (blocking) in the way of its employees, then the
employees are likely be able to do their jobs effeciently and comfortably.

 

3.     
Encourage
Communication : Lack of communication can
negatively affect productivity when a mistake is made but not communicated to
the responsible parties. If the mistake is not brought to management’s
attention, it will keep on being made again and again. When the mistake is
finally caught, all of the work that was done incorrectly will need to be
re-done again.

4.      Flexible work hours : If all employees were forced to stick to the
same rigid schedule can influence employees productivity. Allowing employees to
have some flexibility with their work schedules can enhance productivity, build
loyalty with the company and encourage employees to to put all their efforts in
the job.

5.     
Set Clear / Reasonable Goals : Employees will be more motivated and focused if they know
what really they are expected to achieve.Clear goals ,tasks, duties
,responsibilites can provide comfortability for everyone. Short-term goals are
very effective when it comes to encouraging employees to properly manage their
speed in doing tasks to attain their targets.

6.     
Providing
feedback : it is very important to provide feedback
or show that employees are being supervised.After doing every task, accomplishments
should be acknowledged, while errors in meeting targets or failing to meet the
minimum task requirements should be promptly addressed. Good
management practices can
enhance employee productivity.

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