Effective Human Resource Reward System In Intercontinental Hotel.
A reward is any gift tangible or intangible given to a person in appreciation of what He/She has done or achieved. In most cases rewards are given to positive achievement unlike negative achievement. Rewards may range from money, badges, free gifts, to promotion in places of work. However there are other negative notions of reward whereby those sacked are termed as rewarded to their action. A reward thus entails payment for the service, sacrifice or hardship gone.
According to thesaurus the term reward may either mean a recompense for worthy acts or retribution for wrong doing, payment made in return for a service rendered and an act performed to strengthen approved behavior. In the context of this report, a reward will mean an act performed to strengthen an approved positive behavior of an employee especially by the hospitality industry and a case in point is the Intercontinental Hotel.
The aim of any firm is to increase the production and hence profitability. With this in mind, there are many ways of increasing production. Many of the ways are costly like increasing the labor load or use of sophisticated equipment. The cheapest way is the derivation of ways that may maintain the cost or even lower it further and increase on the production. Many of the hospitality industries base on several theories that direct their cause of actions
This report however will generally look at different theories and the way these industries have adopted them to improve on their profitability in regard to their day today activities. The theories will include intrinsic motivation theory, positive psychology theory, expectancy value theory, goal setting theory and the Tran theoretical theory all which deal with the human reactions on the set principles and actions.
In the specific objective the report will analyze how far these theories have been practical to Intercontinental Hotel setup, showing the increase of profitability, confidence and a long industrial peace. It will also analyze the response of the employees to work in regard to the various motivations offered by the Human resource at the Hotel Intercontinental. Similarly the report will analyze the achievement of the Human Resource personnel regarding the aim of the action and the achievement. And lastly the report aims at analyzing the advantages and disadvantages of the reward system in the Intercontinental hotel.
The overall answer to the report is that there is a high turn over of employee in industries with reward systems. The profitability s high and there is industrial peace build on service. The human resource personnel in these industries have to a large extent achieved positive results.
The report will start by analysis of different reward systems in hospitality industry in general. Then it will analyze the aims of such rewards. The report will then narrow down to the hotel Intercontinental side and review the rewards offered and the aim of offering such rewards. The analysis will triple down to the employees’ reaction to these rewards. Afterwards the report will analyze the achievement of the human resource I regard to the reward system and recommend on any other reward system exercised in any other hospitality industry that will be instrumental to the growth of Intercontinental hotel.
The reward system is envisaged in different theories. The extrinsic motivation theory propagators say that employees work better when they are motivated by external unlike the internal factors. This extrinsic force makes the employee to work for tangible rewards. This reward focuses on reward itself other than action. Example of these rewards is the trading cards with discounts bonuses and commissions. The stopping of these rewards means that the employee will either withdraw or shift. The managers of companies thus use this theory to offer gifts and bonuses to their employee.
The second theory is the theory of positive psychology. In this theory, the propagators study the life experiences and why they happen. This may include happiness, love and civilization. In the application they give the employees what will make them happy, what they love and what will make them have the peace of mind. For example giving a significant amount of charity and security to the employees will make them feel secure and hence improve on their productivity.
Similarly there is the theory of expectancy whereby the propagators say that employees will react positively when they expect something good in the near future. When there is an expected future, then means of getting there is eminent. For example an employee expecting to get retirement benefit may not mishandle the job opportunity fro he knows that in the near future there are fruits to be enjoyed. Similarly giving offs and holidays will also stimulate the employee’s confidence (Cosslett 2009)
The goal setting theory also has gone a great mile in explaining the reactions to the human resource personnel in dealing with the employee relationship. In this goal setting theory, an employee is made to understand what he/she is supposed to do, what interesting thing can make the work cheerful and what he/she can do to avert failure. In setting the goals it should be two- way traffic in that the employees should also participate. By so doing, the management will be relieved from making obscure targets that are opposed by the employees. Reaching at an accurate goal means that the employees are motivated to arrive at it.
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