What are the key competencies that are important for success

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Reference no: EM133420158

Case: ABC Corporation is a mid-sized software development company based in New York City that provides services to clients in the finance industry. The company has been in business for over 10 years and currently employs 200 people in various technical and non-technical roles, including software developers, project managers, sales and marketing staff, and administrative support. The company's revenue has been steadily growing over the past few years, but the management team is concerned about the lack of motivation and retention among employees, especially among junior developers. The company has a turnover rate of 25%, which is higher than industry average. The current rewards system is based solely on individual performance and does not take into account collaboration and teamwork. The management team believes that a new rewards system is necessary to address these challenges. Part A: Design a new rewards system for ABC Corporation that promotes employee motivation and retention. Consider the company's size, budget, and current challenges with employee retention and collaboration. Highlight the following: • Key competencies addressed • Reward Types • Criteria for evaluating performance, collaboration, and teamwork. Part B: 1. What are the specific challenges that ABC Corporation is facing in terms of employee motivation and retention.

What are the company's current rewards system and how effective is it in motivating employees?

What are the key competencies that are important for success in ABC Corporation and how can the new rewards system incentivize employees to develop and demonstrate these competencies?

What types of rewards would be most effective in promoting employee motivation and retention at ABC Corporation?

How would you evaluate individual performance, collaboration, and teamwork when determining rewards?

How would you ensure that the rewards system is fair and transparent for all employees?

How would you communicate the new rewards system to employees and ensure their understanding and buy-in?

How would you measure the success of the new rewards system?

Reference no: EM133420158

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