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An Evaluation Of The Reward Systems' Effectiveness Will Be Performed. There ...

An evaluation of the reward systems' effectiveness will be performed. There are numerous methods of determining whether or not a reward system is effective. The report will solely examine its success in terms of motivating employees. This means that the report will be able to fully focus on this topic and formulate an in-depth answer to the question posed. The author will then evaluate the reward systems using established criteria taken from literature on the subject of employee reward systems.
Primary research will be conducted. It will take the form of a questionnaire that will be given to the majority of employees. These are eighty-nine financial advisors and seven district managers. In addition the two managing directors' views will be sought. The twenty administrative staff will not be consulted as they do not participate in any form of reward scheme.
The questionnaire, or employee opinion survey will be designed to find out whether or not the respondents found the reward system successful in motivating them.

The second focus of the report will offer recommendations about how reward systems should be managed within Fulford Independent Financial & Mortgage Advisers. These recommendations can not only be directly applied to Fulford Independent Financial & Mortgage Advisers but can also be adapted for other similar sales focused organisations.
There are several reasons for choosing Fulford Independent Financial & Mortgage Advisers as the basis for the analysis in this report. These include the ability to access employees in order to find out their opinions on the reward systems currently in place. In addition using Fulford Independent Financial & Mortgage Advisers as an example provides the author with both a small company and a sales based environment. Being a small company means that Fulford Independent Financial & Mortgage Advisers has particular challenges in creating and managing an appropriate reward system. In addition, sales staff makes a strong and immediate impact on any business's results. This has led to an emphasis on financial incentives in reward systems for sales staff. This emphasis means that sales focused companies have a unique environment in which they need to create and manage an employee reward system.Finally, the financial advice industry is one where there are too few qualified advisors for the number of vacancies that exist. As such the industry is unique and an appealing one to study. Fulford Independent Financial & Mortgage Advisers is therefore considered to be an appropriate and interesting study for this report.
Literature Review
Employee Reward Management
Reward management relates pay and other benefits to objectives of the company and the individual. Put simply, it aims to reward employees for their contribution to the organisation. Reward Management is of fundamental importance in relation to good management.

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