Measuring Performance and Rewarding for Sustainability
Nokia Organization
Nokia reward programs acknowledge employees based on individual, team, and company performance (“Nokia CR Report”, 2018). The individual and company performance is taken into account in several ways: First is the cash incentive plans. Close to 95 per cent of the professional employees, participate in short-term incentive, production bonus plans and sales incentive. Secondly, the Nokia connecting people bonus is targeted at employees who are not senior employees with equity, or sales employees with direct revenue responsibilities. Thirdly, the equity programs where a wide number of employees in many levels of the organization are eligible for nomination to receive an equity grant. The equity incentive program is selective and focuses on rewarding achievement and retaining critical talent. The equity compensation program has two main broad-based elements, that is performance shares and stock options. Both long term –incentive instruments are tied to the performance of the organization. As a healthy company, it provides space for employee growth and development, which is a significant contributing factor to the overall wellbeing of the company, which is the centre of corporate social responsibility. Don't use plagiarised sources.Get your custom essay just from $11/page
Nokia actively communicates with employees worldwide. They use popular tools to share knowledge, for example, BlogHub, Nokia conversation etc. This is a good method for improving employee performance. This is because communication enables Nokia employees to share thoughts and opinions on different topics relating to work with fellow employees who share common interest and ideas.BlogHub has proven to beneficial in collecting important information and feedback about the company directly from employees and helps the flow of creativity hence improving employee performance (Vandijk, 2014).
References
Nokia CR Report. (2018). Retrieved 18 February 2020, from
https://www.nokia.com/sites/default/files/2018-12/nokia-cr-2006-pdf.pdf
Vandijk, E. (2014). Nokia Actively Communication with Employees Worldwide – Social Media
for Business Performance. Retrieved 18 February 2020, from
https://smbp.uwaterloo.ca/2014/06/nokia-actively-communication-with-employees-worldwide/