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Literature & Language
Rewards, Recognition And Performance Management In Coca-Cola (Essay Sample)
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REWARDS, RECOGNITION AND PERFORMANCE MANAGEMENT IN COCA-COLA NAME INSTITUTION REWARDS, RECOGNITION AND PERFORMANCE MANAGEMENT IN COCA-COLA Coca-Cola is one of the world’s leading beverage sellers. It has over 700,000 direct employees. To ensure that the employees are well motivated the company has set methods of rewards, recognition and performance management. Methods used to reward and recognize employees in Coca-Cola Company 1 Mentoring and training The company allows employees to nurture their skills and trains them to achieve more in different departments. Coca-Cola offers many development programs that motivate and hence encourage the workers. Employees gain continual opportunities for rewards at peak performance. They achieve these in-service workshops through Coca-Cola University, an online teaching medium. Moreover, these employees are exposed to short-term assignments that hands them a chance to work in different fields, either by changing their departments or the country of service CITATION Tat13 \l 1033 (Tata, 2013). 2 Creating an Energizing Environment The company endeavors to provide a surrounding that is stimulating for day to day motivation of to the workers. This environment includes provision of facilities such as a cafeteria, a credit union, free parking, dry cleaning and a store. These facilities are not limited since some headquarters offer even more to their workers for example the Coca-Cola headquarter in the united kingdom offers on-site gym to its employees, special hours during the summer as well as free fruits and drinks CITATION Jef09 \l 1033 (Madura, 2009). 3 Financial Rewards To ensure that the employees reach greater heights, Coca-Cola offers competitive compensation of financial rewards as a motivation. The company has yearly performance reviews on employees. This system enables the workers get a merit rise on their profiles. Workers are rewarded with merchandise and tourism offers through the Coca-Cola Red Tag program. The employees’ children also get tuition reimbursement enabling their children get bursary funds. Employee discount programs as well as car discounts and free parking are other benefits the workers get from the company as motivation CITATION Dou08 \l 1033 (Lambert, 2008). 4 Reliable and result based Communication system Coca-Cola is a company that builds its core values and mission statement around the workers input. Yearly surveys are done on the Coca-Cola Company workers, with an aim of seeking employee insight on how the company is ran and suggestions on which area or department to improve. This global employee insight survey happens in a set period of time and views are aired through blogs and private website. Employees are encouraged to offer their honest views and even critiques on the many subjects especially management. From these responses the company improves its employee motivation year in, year out CITATION Dou08 \l 1033 (Lambert, 2008). Methods used in performance management Just like any other successful companies, Coca-Cola has a performance management structure for its employees. This process is done through 4 stages namely: 1 Annual performance review 2 Plan performance for the year 3 Rewards and recognition 4 Mid-term review In Coca-Cola, the process of employee appraisal involves three main steps. First, there is the definition of role or job of the employee. It’s a step where the appraiser ensures that the employee understands and has a will to undertake the new role and responsibilities CITATION Mir03 \l 1033 (Saiyadain, 2003). Secondly, the company appraises the employees on the basis of their performance. The appraiser discusses with the appraisee about the progress he/she is making. The appraisee also gets inputs for developing their skills from the appraiser. This input helps the employee excel in his roles for the company. Since the company is goal-oriented, it requires its employees to achieve their individual goals so that they can be appraised. This indicates that the performance assessment system in the Coca-Cola Company is based on the workers achieving their aims and objectives in the work place CITATION Mir03 \l 1033 (Saiyadain, 2003). Based on the employees’ performance, th...
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