Concrete Experience

Concrete Experience

While reading Chapter 6 regarding performance-based rewards I was reminded of a situation that I observed and experienced in my work life that had taken place a couple of months ago. I work for a local bank as a Banker, and the company that I work for really values their employees and shows examples of individual rewards, team rewards, and organizational rewards. There are many goals that our management team set each quarter that are attainable on a point system. These points that we must earn are just like commission credits and are earned through opening checking accounts, processing and closing all types of loans and other specific tasks that are measured. The example that I wish to explain is of when I completed my first full quarter at the bank and was rewarded in a few different ways. First, I was given a specially engraved business card holder for achieving my personal highest point total. In addition to the business card holder I also earned bonus money for the amount of points that I had achieved for that quarter. Also, as a result of being a part of the team I was included in receiving a monetary bonus reward in my paycheck as a result of our team as a whole performing well by having achieved the highest number of new checking accounts opened within our region for that quarter. As if the two previous rewards were not amazing enough, our team was also awarded a certificate and was recognized through a district-wide email that showed our achievement of receiving a perfect score on our customer service evaluation. This example of ending my first quarter with the bank really showed me first-hand through personal experience how much the company valued their employees and wanted to motivate us through rewards.

Reflective Observation

Being that this past quarter was my first quarter as a Banker and as a part of this team I was extremely nervous as to how I would perform. Not only was I trying to learn all of the basic job functions, but I was also keeping in mind that I needed to try to earn as many points as possible to be able to reach my goals and contribute to the team goals. I felt extremely nervous and anxious, especially towards the end of the quarter because I did not want to let my team down. Personally, I thought that it would be alright if I did not earn enough points to meet my individual goals just as long as I was able to help contribute to the team and not let them down. My analysis of this situation is that I feel it is a great idea that the company provides a rewards system to their employees for achieving certain goals. I really feel and have seen first hand that this rewards system not only makes each one of us on the team want to strive toward that goal and motivate us, but it also brings the team closer together through teamwork as a result of wanting to reach that common goal. Nobody wants to be “that person” that holds the team back. I really feel as though there are many benefits that I have seen and experienced that have all stemmed from working in a company that provides performance-based incentives. Not only does it seem to motivate me and my team at work, but we also feel valued in our everyday tasks through being rewarded.

Abstract Conceptualization

From my observations that I have seen and experienced during my first quarter at the bank, I see that my company offers performance-based rewards. My company offers us rewards on an individual level, team level and on an organizational level. Individually, my co-workers and I are able to earn extra bonus money in our paychecks through accumulating points throughout the quarter. By wanting to earn these points, we all are increasing our productivity and motivation to get the job done. Also, my example of receiving the business card holder for achieving a personal high in the amount of points I have is an example of a tangible individual reward; not all rewards have to be monetary based. Sometimes it is just as satisfying to receive a personalized item from your Leader because it is actually more personal. In regards to team rewards, depending on the amount of points that the team as a whole achieves there may be more bonus money involved in our paycheck for reaching a benchmark in scores. This past quarter, by my team working together, we were able to achieve the highest number of checking accounts for our region and as a result were rewarded and recognized as a team through extra bonus money. Also, when our customer service evaluation results came back in, we were rewarded as a team for excellent service. When my team performs at optimal levels and produces a productive output our work does not go unnoticed. It is because of our high productivity as a team working together we are able to achieve these excellent numbers and in return earn the rewards of the company. Our company also has examples of organizational rewards. Although I know that there are stock options for employees of the bank to purchase at a reduced price, I have not fully explored this option yet. Nonetheless, I know of other co-workers that have done so. From my reading in Chapter 6 I know that it is through this example of purchasing stock that the organization is creating an ownership type of culture for us, the employees, to make us feel as though we truly belong to this company and want to take pride in our work. Although I have only been with this company for a little over a quarter now, I have worked in other companies and have seen the many benefits that stem from these types of performance-based rewards. Just as our textbook describes, I fully believe that as a result of these rewards there is a motivational increases towards completing the set tasks, in addition, it helps the team and company be able to hire new employees that are very performance oriented and know that when they start they will be expected to perform at high standards. Although one should not have to always be given a reward in order for a task to get completed, I think that performance-based rewards are an excellent idea. It reaffirms that productivity always remains high and does not fall below company expectations. It is because employees will constantly want these rewards that they will continue to work hard quarter after quarter; myself included.

Active Experimentation
Even though this past quarter was my first quarter with the bank, I feel that I now have a better understanding of how each of my co- workers functions individually and on a team level. I was put into a situation of having to prove myself during that first quarter and show that I can perform. I know that in order to effectively help my team reach our team goals, I must first be able to perform highly on an individual level. Going forward I know that for each quarter I will always strive to do my best and not slack off. If anything, after I gain more experience in the field I feel as though I can improve every quarter. Now that I have a better understanding of the concept of performance-based rewards I know what I need to focus on each quarter. I really believe that when I am a manager one day I will use a type of financial rewards practice, most likely a similar performance-based reward that my company uses. My personal experience and the readings that I did in the textbook makes me see the value that rewards can bring to the individual, the team and the organization as a whole. I believe that if one can find something to positively motivate their employees to consistently perform highly, then that person should implement that system and act upon it. It is because I am able to experience the rewards first-hand now, I feel that when I am a manager I will know how important it is to keep up on rewards for employees because I will know how it makes them feel. I know that it is through these rewards that a manager can reward their employees to motivate them and positively recognize them for a job well done. By seeing the effects that rewards can have on an individual’s motivation which helps the team become more productive, I will most definitely set up some type of rewards system for my team, when I have one, so that they work together and not in a competitive manner.