The most important factors that encourages every member of a team having the objectives of achieving a specific set goal is the COMPENSATION they get after the goal has been achieved.
Let's look into what COMPENSATION means:
Compensation can be seen as the totality or sum of the reward which can be in form of money, motivation, promotion etc been received for achieving a specific goal or sacrifice.
In teamwork, it is pertinent to strike and maintain balance of peace between the two parties which are the team leaders and members or stakeholders. The ability of a leaders to strike a balance among the co team members shows the originality and the determination to succeed.
ROLES OF COMPENSATION IN TEAMWORK
The roles of compensation in teamwork cannot be overemphasised, as it helps in the following aspects:
To retain the good team members for them not to decamp to another team.
To bring out the best among the the team members
To motivate people to work more because since compensation brings motivation.
To reduce grievances among team members
LinkTo attract more qualified and talented members from another team.
DETERMINANTS OF COMPENSATION
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During compensation, some factors need to be considered, such factors may include...
- Available generated team resources:
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The resources generated during the teamwork could also be a strong factor in determining the compensation level of the team members.
- Team members' Contribution: The various contribution of each team member in the achievement of the set goals in terms of finance, skills, dedication per head productivity and the likes could also be a determinant for compensation,
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though these factors really need to be carefully examined so as not to lead into division or separation among the said team members. That is why proper delegation or division of labour needs to be done from the beginning.
- Negotiation: In a team, some team members may be given some specific agreed compensation rate before the commencement of the job/task along side with the stated part they will play towards the achievement of the goals.
Some other factors could also be the determinant of compensation in teamwork along such may also include....
- Demand and supply forces
- Labour Union
- government policy
- Environmental and geographical factors
In every team, there ought to be a leader who unites such team and leads them towards the achievement of their set out goals and when the goals has being achieved he also should ensure the team members are well compensated. By doing this, he or she must be careful to avoid a form of bias or favouritism to maintain overall peace.
Compiled by @dray91eu for @euronation community
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