Browse our collection of papers in
Employee Retention

S/HR/297. Reward strategy improvements at Chalmers

WORDS:

2900

DATE:

2010

PRICE:

29.99 GBP

At Chalmers, a company keen to promote staff engagement, the emphasis is also on customer services as an effective way of improving business performance. Employees have the opportunity to achieve bonuses of up to £8,000 – paid according to the level of individual performance. In the paper, the bonus scheme is considered in relation to issues associated with performance management, and the problems of recruiting full-time employees. Employee frustration with the existing bonus system is discussed, and the paper suggests a clear remedy in relation to the Chalmers policy which is based upon individual, rather than team rewards, and that is an increase to the level of basic pay, and the introduction of a more transparent (and fair) broad graded structure for pay and career progression. Yet the paper also suggests the incorporation of a team-based incentive structure, to produce concerted working efforts and a proposed plan for adaptation – a reformed organisational strategy, ensuring better communication and an employee commitment to problem-solving, naturally linked to a reward and retention.

KEYWORDS: Staff engagement, employee retention, bonus schemes, performance management,