Cisco Systems Reward Systems
Cisco remains one of the top companies in the current market, establishing itself as a global brand. One of the significant features that the company has identified concerns about how to retain its team member loyalty. It is noted that they have gained such high heights through an impressive reward system that makes the company work tirelessly to the tail end and stand out in an overcrowded market. As a brand, they have set themselves up as a company that can capably deliver the best product in the market and has subsequently established themselves as a reasonable brand that identifies themselves with the best qualities in the market. To reach these heights, the company has adopted a sound reward system. Still, to get to the next level, they would be required to modify to some extent and develop better measures that would be more pleasing to the employees and have them commit more to the organization and its general ambitions.
Globally, Cisco has over 75,900 employees, an impressive number for a firm of their size. However, the biggest question has been how they manage to drill off results from such high numbers, and the secret equally lies in how the organization treats the same employees. The organization has set up clear goals that they would love to be the best in the industry and understand that the first stopover to that journey is through employees.[1] They have the right materials, and thus for them to get to the next levels, they should make sure that they have everyone on board to the general success path that the company has drawn. Therefore, the organization is out to ensure that they have a useful framework that promotes their growth to the next standard and keenly work towards embracing good work ethics as their model of operation and similarly have a good relationship within such a competitive market already.
In recent years, they have abolished their former reward system and come up with an open system that has the employees work harder without any rewards. As much as their performance has not been recorded to dip, it causes an alarm as most employees globally prefer to have a system that takes note of their needs. The system should ensure that all of them are brought on board on specific matters and equally works to deliver a practical measure that the company might appreciate.
Cisco Rewards Systems
Cisco has recently scrapped off the reward system, which was offered mostly through a one-size-fits-all solution to the employees, excluding any regard where the rewards are more useful to the specific organizational setting. Via an okay structure team member benefits package, Cisco has enabled their employee motivation and similarly maintained their key employees.[2] The company understands to have its key men and therefore works tirelessly to understand their needs and changes depending on their preferences. They do work with the company’s demands and have the company’s interests, and in return, the organization facilitates their satisfaction in the environment as well.
As a star organization, Cisco started in America and developed into a global brand in recent years. The company currently has over 79,000 employees, which keeps them at the top as an employer globally and a brand that is diversely known to be a master in the market. Their employment process is rigorous such that they make sure they pick out the best employees they can get in every region. They do so to avoid continuous recruitment challenges. They subsequently offer an enticing team member packages with the view that they can retain their loyalty over time using such an open strategy that identifies companies to be at the very top.
As an internet-based company, they understand the organizational trends and continue to work even harder to achieve better trends that the market could require. The company knows so much in terms of industry trends. Instead, it can be named pacesetters in such an environment already, even as they always work harder to implement change to a different level.[3] They are a well-known company for their excellent qualities and continuously offer the best standards that the market could need by stating clear terms to their employees so far as quality work is concerned.
As a company that has scrapped off their reward system, it remains questionable how they manage to retain their top employees despite offering high salaries. The kind of control they possess in the market is awe-inspiring such that investors investigate them for solutions.[4] They are a well-known brand and instead have been setting trends in years, and when it comes to rewards, they have managed to scrape it off on their end while they still manage to retain their employees, a question that leaves the puzzle open.
Cisco has included everything that adds value that they offer to their employees in exchange for the fantastic work that one is expected to deliver at the firm. The company branded employee recognition and reward systems based on the core values and similarly funded the same at 1% of the payroll. The level of investment that was set up at Cisco to drive in the engagement with the frequent awards was to run for the whole year even as the plan was to set up the firm in a way that appreciates the growth plan that they look to achieve in the long term as well. Cisco is out to create the right name and set up the appropriate brand standard to quickly identify itself as a force in the market. These measures are supposed to be open enough to have the rest of the market change perception and follow through with their reward system. In the current year, Cisco has been listed in the eight-company award list. They came at 4 when it was under the Fortune 100 of the best employers, and it was a shocking revelation to note their rewards system.
Rewards in an organization are intended to create an appropriate attitude among the employees. However, for Cisco, they preferred to set the standard so high that one would gain pride in working with them and thus ordinarily motivated to be listed as a team member.[5] The pride that comes with engaging with the company makes it easier for the firm to grow and similarly enable them to understand the kind of environment they would be moving in through and understand that the market prefers to move within such a short timeframe.[6] In the long run, the company would be more concerned about setting up the right language that the company can follow through. Similarly, the business has to create a lively name that is enough to market itself among potential employees.
A top company needs to have its profile alone to motivate the team member to work with them. It means to have Cisco as an employer in the CV is enough to push the team member to keep going. The demand for standards is equally high at the company, and thus the attempts of mediocrity are not entertained; hence the company has a good structure that can set itself up for better growth plans. In the end, such a company would be able to grow faster because they know and understand the kind of environment that they would be exposing themselves through, more so when they have to work out a long-term solution that the organization can be relying on.[7] Having a futuristic dream remains the reason behind Cisco being at the top. They know the team member’s mindset and have worked around it to appear an excessively immense privilege to associate oneself with Cisco. All that is a mental play that the company has created and has so far done wonders for its image and brand by enabling them to retain their top employees.
Motivation and Retention
Motivation
- Payment of good salaries- the organization has made it a culture to pay particularly good salaries. In the long term, they would be able to maintain excellent standards that one can follow through. A well-paid team member is expected to deliver on the desired moment and follow the best possible standards that they are put on.
- Holiday bonuses. The company offers the employees particularly useful holiday bonuses, which are a way to keep them involved. Using the current employee model, they have been offered outstanding bonuses more so when on leave, and one opts for a holiday. In that regard, they can press up to too high standards, which in the long term, leave the bedrock of everything in the employer’s hands.
- Engagement of employees in management.[8] The employees at Cisco are made to feel a part of the organization’s management and growth plan. As a company, they understand their position in the market and work off to ensure that they keep the best possible standards that might impress the market. In these lines, they must ensure that they have a good attitude that the entity could follow through while also likening to measuring up to the company’s ambition.[9] To keep up with the team member’s moods, one must make sure that they feel the management’s pressure by involving them in decision-making processes and subsequently taking their matters seriously. They feel indebted and moved by the company hence tend to deliver more towards the company.
Retention
- Involving the employees in management. For there to be team member retention, the company should make the employees feel at home while at work, mostly involving having them active in any decision-making processes. The company is aware of the advantage they run to keep its employees active. As such, a significant company, having them in these levels, also moves them to keep up with the company’s goals and ambitions in the long term.[10] The company is looking forward to growing, and as such, they must keep their employees on the right track with them by having them on the right side of the path and management.
- Maintaining a rigorous recruitment process. Cisco looks for individual personalities in people such that at the time of recruitment, they are keen to have someone who will be able to stay with the company for the long term. Their plan is as simple as having the best employees in the market while also having people they can have control over. As a firm, they would go for someone who yearns to work with them and would do the impossible to be a Cisco member. Keeping such an attitude makes them closer to how they want to see their firm grow while also maintaining their standards in such a business environment. Additionally, they manage to get the kind of employees who work for them in the long term and can retain them using the best strategy possible. Simultaneously, they have to come up with a long-term solution that can find themselves in the right direction.
- Maintaining high employee standards. By having very highly demanded standards, the firm needs to consider the organization’s needs while also maintaining the protocol to be followed within the organization to deliver a triumphant moment.[11] These measures are supposed to be formed as an integral section of the organization while also considering the organization’s needs in line. These are the particular demands that the company could take advantage of and ensure that they can grow and reach their desired heights in the long run.[12] As a company of this stature, they must come up with very high standards that would keep the employees on the right track and allow them to modify their structure to fit into the current bill. Additionally, one expects that there are better standards that the firm must work up with, even as they would then have to follow up on the correct process of keeping up high standards.
Recommendation
- Consistent training. As a team member, one would be expected to attend specific training levels as the prerequisites for growth and development. Cisco has invested so much in training, but then to keep it higher, they need to raise the training some more. The training needs to be indifferent fields that can build the team member as a person. While training is supposed to improve employee quality, the employer needs to understand that the employee needs personal growth. With such, they become better controlled and motivated to work at the organization. Cisco changing to the new models would offer the most appropriate opportunity for them to grow with their employees while also offering a better chance for them to figure out consistent solutions that the market might be interested in at the end.[13] The organization is more concerned about setting up the right and accurate standard, and as such, they have to invest in better training for their team member.[14] Through the training, the employees get updated with the organization’s current trends and can plan their lives better. A well-trained team member is an investment for the organization, with Cisco not being an exemption.
- Benchmarking events. Cisco has several branches across the world. They must create an outstanding coordination program in the form of a benchmark protocol where their employees should be able to come out and know the other members across the borders. As a team, it would be of great benefit even as they would have the opportunity to interact with different groups and know where to lean. These exercises allow for a team member’s cultural growth and open their minds towards their desire to work.[15] When they see other members on different continents working differently but within the same organization, they can pick up the good deeds and work to grow themselves. The team member can also use that opportunity to understand their place in the company.
- Creation of teambuilding exercises. For the team to grow together, having more teambuilding exercises would open the company to more mature minds and similarly create a rapport between them. By doing so, they get motivated as they feel the oneness in the organization.
Conclusion
Whenever a company expects so much from the employees, they tend to work harder to please the management compared to when they are let go, and there is truly little that is expected of them. In such an environment, they should manage the pressure at hand and deliver to the organizational preferences and keep up with the company’s desire to the end. Cisco is one of the companies with specific protocols to be followed and has set it stricter to ensure that their employees are on toes when it comes to compliance with specific standards and measures that should be upheld at all costs. The organization’s current retention rate is 93%, which is one of the highest, considering the standards that the company has set over the years.[16] It indicates the desire they have pumped into their employees to keep living and working with the organization. They offer a healthy competition internally with a promise of team member growth, an enticing batch for the employer.
Companies understand the essence of keeping their employees in the right frame of mind, and the best way to do that is by offering reasonable rewards. A rewarded team member is expected to be motivated in different ways such that they are raring to go and work harder. The reward could come in different ways as the monetary reward does not impress the management at Cisco. However, the proposal goes around other fun events that might motivate all the employees and keep them on track with the current trends. As employees, they need to feel the love of the company. When such is accorded to them, they are likely to reciprocate by offering more attention and detailed regard for their work.
Bibliography
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“Defining the Future of the Internet 2019 Annual Report.” n.d. https://www.cisco.com/c/dam/en_us/.
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[1] Voehl, Christopher F. “Rewards and Recognition: Traditional and Emerging Methods for Recognizing Innovation Excellence.” In Total Innovative Management Excellence (TIME), pp. 489-509. Productivity Press, 2020.
[2] Unnikrishnan, Anu. “A STUDY ON IMPACT OF REWARDS AND RECOGNITION ON EMPLOYEE PERFORMANCE.” Purakala with ISSN 0971-2143 is a UGC CARE Journal 31, no. 4 (2020): 2352-2369.
[3] Ajila, Chris, and Awonusi Abiola. 2004. “Influence of Rewards on Workers Performance in an Organization.” Journal of Social Sciences 8 (1): 7–12. https://doi.org/ 10.1080/09718923.2004.11892397.
[4] Human Capital Strategy.” California Management Review 47 (2) (01): 137-167. https:// link.library.curtin.edu.au/gw?url=https://www-proquest-com.dbgw.lis.curtin.edu.au/docview/ 38061038?accountid=10382.
[5] Ajila, Chris, and Awonusi Abiola. 2004. “Influence of Rewards on Workers Performance in an Organization.” Journal of Social Sciences 8 (1): 7–12. https://doi.org/ 10.1080/09718923.2004.11892397.
[6] Schweyer, Allan. “The Impact and Potential of Artificial Intelligence in Incentives, Rewards, and Recognition.”
[7] SA Journal of Industrial Psychology 42 (1): 1-14. DOI:http://dx.doi.org.dbgw.lis.curtin.edu.au/ 10.4102/sajip.v42i1.1317.
[8] Schweyer, Allan. “The Impact and Potential of Artificial Intelligence in Incentives, Rewards, and Recognition.”
[9] SA Journal of Industrial Psychology 42 (1): 1-14. DOI:http://dx.doi.org.dbgw.lis.curtin.edu.au/ 10.4102/sajip.v42i1.1317.
[10] Hoole, Crystal, and Gabi Hotz. 2016. “The Impact of a Total Reward System of Work Engagement.”
[11] Nilsson, Nils A. “1 Incentives, Rewards, and Recognition-What Really Motivates a Researcher?.” Judging Research: 1.
[12] Nilsson, Nils A. “1 Incentives, Rewards, and Recognition-What Really Motivates a Researcher?.” Judging Research: 1.
[13] Reddy, K. Vijaya Sekhar, D. Jagadeesan, and T. Srinivasa Rao. “A STUDY ON ARTIFICIAL INTELLIGENCE REWARDS AND RECOGNITION AND ITS EFFECTIVENESS ON EMPLOYEES.” Journal of Critical Reviews 7, no. 18 (2020): 1345-1349.
[14] Rai, Alka, Piyali Ghosh, Ragini Chauhan, and Richa Singh. “Improving in-role and extra-role performances with rewards and recognition.” Management Research Review (2018).
[15] Reddy, K. Vijaya Sekhar, D. Jagadeesan, and T. Srinivasa Rao. “A STUDY ON ARTIFICIAL INTELLIGENCE REWARDS AND RECOGNITION AND ITS EFFECTIVENESS ON EMPLOYEES.” Journal of Critical Reviews 7, no. 18 (2020): 1345-1349.
[16] “Defining the Future of the Internet 2019 Annual Report.” n.d. https://www.cisco.com/c/dam/en_us/.