Comprehensive plan for implementing the rewards system

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Reference no: EM133677808

Question

On a foggy afternoon, in the midst of the lively hustle and bustle of the Happy Valley-Goose Bay wharf, you find Freddy, Molly, and Sandis gathered around a weather-worn picnic table. They are engrossed in an animated discussion, their faces glowing with a newfound determination to invigorate the morale of their team. Freddy reveals that Labrador Lighthouse Logistics is considering the implementation of a rewards system based on performance criteria. The intent is to boost the Employee Satisfaction Score (ESS), which is currently hovering at 70%. The rewards system is also expected to improve the Employee Engagement Index (EEI), which currently stands at 74%, reflecting a moderate level of emotional commitment from the employees. Another crucial metric that is expected to be influenced by the rewards system is the Skill Adaptability Index (SAI). Currently, the SAI is at a low 60%. The introduction of a rewards system is aimed at encouraging employees to develop new skills and adapt to WIL PROJECT WIL PROJECT - Labrador Lighthouse Logistics Program Name: Advanced Project Management Project Code: CPL-5559-PMLT-WIL1491 new techniques, thereby increasing the SAI. The rewards system will also target the Management Trust Index (MTI), which has taken a hit due to past disputes and currently stands at a low of 65%. By rewarding and recognizing the efforts of their team, Freddy, Molly, and Sandis hope to restore trust in management and boost the MTI. As consultants, your input is needed to design a comprehensive and effective rewards system. The system should be balanced, fair, and based on a well-defined set of performance criteria. It should also be sustainable, considering Labrador Lighthouse Logistics' resources and constraints.

1. Prepare a comprehensive plan for implementing the rewards system, including the performance criteria to be used, the types of rewards to be offered, and a timeline for implementation.

2. Write a communication strategy for introducing the rewards system to the team.

3. Create a monitoring and evaluation mechanism for the rewards system, including key performance indicators and a process for collecting and analyzing feedback.

Reference no: EM133677808

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