MGMT755 – Stragegic Planning and Management

In order to create an evaluation and reward system I would first get the employees involved. By asking what types of rewards they would most be interested in and they see as the most important measurements of an outstanding employee. After this information is obtained companies can evaluate their ethics and values statements to determine the best values to reward employees for. The firm can then inform employees of the ethical standards that they are going to measure along with providing employees the opportunity to review their ethical statements and figure out ways to stand out amongst their coworkers. Specific behaviors or actions rather than meeting quotas, etc. should be communicated to employees so that they are aware of the type of things the company is looking to reward.The type of rewards should be commensurate with the employee’s performance and should be something that would create goodwill among all workers without putting the firm in a bind monetarily or otherwise. The types of compensation can range from recognition among the firm and its workers, a monetary bonus, time off, a small token, time off, etc. These rewards should in my opinion be kept under wraps so that employees are not just performing well in order to receive an incentive or reward.The reward programs should change often so that employees aren’t able to continue to do the same thing over and over again in order to be rewarded. Companies may also reward employees for doing something out of the norm that is not specified beforehand. Once the reward system begins it should continue in various ways for as long as possible in order to promote consistency and loyalty among employees.Measuring how well an employee does and if he or she should be rewarded can prove to be difficult. As mentioned above, if a firm defines exactly what they are looking for it will make it easier to measure. However, if certain measures are not being kept (qualitative) it can be difficult to ascertain which employee is doing the best and should be rewarded, this becomes subjective. One way to measure performance and whether an employee should be rewarded is to allow coworkers to “nominate an employee who has gone above and beyond” or encourage customers to nominate an employee or leave kind words about someone who has helped them or done extraordinary work that should be recognized. Of course management can keep an eye on who is excelling and award them accordingly. These measures are somewhat quantitative; however, the majority of the measurements will be qualitative and subjective which will make it difficult to reward employees without isolating other employees. This is why it is necessary for the reward system to change frequently so that eventually all employees get a chance to be rewarded in some shape or fashion. Employee performance can be measured with no problem when it comes to data and numbers but when this information is absent it can be more difficult to measure without specific parameters in place to go by.  References:Dess, G,G., & Lumpkin, G.T., Eisner, A.B., & McNamara, G. (2014). Strategic management:Text and cases. McGraw-Hill: NYC.Ferguson, S. (n.d.). How to implement performance reward systems. Retrieved December 12, 2016, from depth/implementing-employee-rewards-programs Retrieved December 12,