The coca cola company motivate

Coca Cola Company: Organizational Culture And Change

Running head: REWARD AND PERFORMANCE PRACTICES 1

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REWARD AND PERFORMANCE PRACTICES

Coca Cola Company: Reward and Performance Practices
John A. Gnanaranjan

Davenport University

January 19, 2014

Coca Cola Company: Reward and Performance Practices
The Coca Cola Company is a large international beverage branch that comprise of more than 800,000 employees. The company sets very unique practices that ensure that its employees are motivated in order to deliver their best at the same time feel like they possess an important part in the future of the organization (Kent & Ignatius, 2011).

Friedman (2009) asserts that reward management is a fundamental tool in any organization that is striving at achieving its company’s mission, vision and objectives. When we talk of reward and performance practices, we put into consideration the formulation and execution of strategies as well as policies with the aim to reward people in a fair, equitable and consistent manner in agreement with the company’s worth to assist the company attain its strategic objectives. Moreover, it entails the design, execution and maintenance of reward and performance systems, which aim to meet both the company and its stakeholder’s needs.

Reward refers to special payment for outstanding work. It may be in the form of monetary and non-monetary returns and services received as part of an employment good relationship (Friedman, 2009). The Coca Cola Company, being an international company, ensures that fairness is included in the process of reward allocation as this is key in maintaining and retaining proper workforce in the organization. The company’s reward systems are not limited to monetary but also include other non-monetary practices that aim at enhancing stakeholder’s morale as well as productivity. In addition, the Coca Cola Company gives these perks at any given time, particularly at the beginning and at the end of the organization's goal, simply as long as they are in accordance with the organizations goals and mission.

Open Communication

When Coca Cola workforces are asked to give their opinions, they rest assured that they are listened to. Each year, the company employs a global insight survey for their employees, which seek employee insight on ways to run or improve the company. The surveys come in the form of private blogs or websites that are open for a certain period. Employees respond to their ideas as well as criticism to the management. Eventually, the company tracks all of these responses, which result in improvement.

Training and Mentoring

One of the biggest focuses at Coca Cola is providing employees the chance to be trained and grow their skills. The company provides a couple of developing programs that motivate and encourage employees. In addition, the Coca Cola Company created an online university where they provide teaching environment to its stakeholders. Employees are offered short-term projects that aim at helping them to train on different field from the ones they qualified from schools.

Financial Rewards

Coca Cola perks are not limited to non-monetary gain, but also gives financial rewards in order to motivate employees to attain greater peaks. Every year, the company gives its employees a chance to get a merit raise by providing performance reviews. Moreover, the company provides a tag program reward for employees to travel and trade as a form of recognizing outstanding performances. The Coca Cola employees also get tuition reimbursement where their children get scholarship funds if they qualify. Employee discount, car discount as well as free parking are all offered to motivate and retain their employees (Kent & Ignatius, 2011).

The Coca Cola rewards not only make employees feel encouraged and valued, but also motivated to deliver their best in their field of work and add job satisfaction. When an employee recognizes his contribution to the company, he or she gets engaged, and in return, produce a high volume of work and quality hence create change (The Coca-Cola Company. (2008j).

Employee reward and performance practices remain of immense importance to a company, and can greatly benefit the employee alongside the organization. It is imperative for any company to reward and recognize its employees for a well-done job. Each employee reward can yield an organization's profit as well as market advantage. Whether monetary or non-monetary rewards, there is a need for an organization to motivate its employees.

References

Friedman, B. A. (2009). Human Resource Management Role Implications for Corporate Reputation. Corporate Reputation Review, 12(3), 229-244.

Kent, C. C. C. M., & Ignatius, A. (2011). Shaking Things Up at Coca-Cola. Harvard Business Review.

The Coca-Cola Company. (2008j). Move. Retrieved June 6, 2009, from: http://www.coca colacompany.com/citizenship/move.html