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Suman is a Sales Manager in XYZ Corporation. She has a sales team of 5 people working under her. She is not sure how to optimize the efficiency of her sales team. She discussed with the HR Manager who told her that the key to optimizing efficiency of a sales team is to provide the appealing incentives and rewards, which they consider as a good return on their efforts. Further the HR Manager said that an appropriate reward system is an integral part of motivation. In Reward system management involves the selection and use of organizational rewards to direct the behavior of sales people towards the attainment of organizational objectives. Describe the types of rewards available to Suman for her sales team with reference to the above case. |
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Answer» Organizational rewards can be classified into two types: Compensation Rewards and Non-Compensation Rewards. (i) Compensation Rewards- These rewards are given to salespersons in return for acceptable performance or effort in accomplishment of assigned task. Compensation rewards can include both financial compensation, that is, compensation in terms of money or perks, and non-financial compensation like opportunities for growth and promotion, recognition of efforts etc. (ii) Non-compensation Rewards- Non-compensation rewards are more general rewards and not given in return for certain targets met or goals achieved by the salespersons. These include factors related to the work-situation and well-being of each of the salespersons. Interesting and challenging jobs, a degree of control over own activities, adequate resources for completion of jobs, practicing a supportive sales management leadership style, etc. are some examples of non compensation rewards that can motivate employees. Also explain any two types of compensation and non-compensation rewards. |
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