In today’s turbulent economic times, reward systems, in many organizations, have been revised/modified, thereby resulting in frustration, uncertainty, loss of security, etc. In fact, many organizations have cut base pay, reduced short-term incentives, eliminated long-term incentives, and more. Due to COVID-19, organizations are struggling to maintain financial stability. Unfortunately, employees often feel the brunt of the reward cutbacks.
For this week’s discussion forum, please select an organization of your choice. The organization can be based in the KSA or anywhere else in the world. No student should select the same organization as his/her classmates. In your post, address the following:
Explain what type of reward system is utilized.
Then, consider that a 20% cut needs to be made, in regard to rewards, to ensure organizational success. What types of rewards would you recommend cutting? How might you use intangible returns to make up for monetary cuts? What types of intangible returns could you use? Why?