Reward System for Strategy Implementation
Strategy implementation is concerned with the managerial exercise of putting a freshly chosen strategy into place. It is a procedure that puts plans and strategies into action to reach desired goals. The reward is an important part of managing an organization and the management of employees. It can be defined as an organization is ready to pay to accomplish its strategic objectives.
A company should give reward and recognition to those individuals and groups who achieve their assigned performance target and deny reward and recognition to those who don’t. Reward strategy is the key step in the design of a reward system to keep high-quality staff and motivate average level staff to work harder. A properly designed reward structure is a powerful tool for activating organizational commitment to successful strategy execution. In order to implement the reward system the most appropriate way, performance appraisal, evaluation, accomplishment rating should be done the fairest and objective way, but it is sometimes easier said than done. Due to the unfair or unreasonable evaluation, employees get depressed over the total reward system of the organization. Example of rewards for successful strategy implementation may be salary increase, incentive, promotion, praise, and recognition etc.