QUESTION ONE

Case Study

Performance and Reward Management at Technology Wave Co$.$

Ltd

Technology Wave Co$.$ Ltd$.,$ a mid$-$sized technology company specializing in software development and IT consulting, has been facing challenges with its performance and reward management system. With around $500$ employees, the company has a diverse workforce with varying levels of experience and expertise. In recent years, Technology Wave Co$.$ Ltd has struggled with employee engagement, retention, and alignment of individual performance with organizational goals.

To address these issues, the HR department has introduced a new performance and reward management system. This system includes a balanced scorecard approach, regular performance reviews, and a new incentive program designed to align employee goals with company objectives. Despite these efforts, the company continues to face challenges in effectively implementing the new system and ensuring its acceptance among employees.

Assume that you are a consultant hired by Technology Wave Co$.$ Ltd to evaluate the effectiveness of their new performance and reward management system. Your task is to identify the strengths and weaknesses of the current system, provide recommendations for improvement, and develop a strategy to enhance employee engagement and retention.

Critically analyze the balanced scorecard approach implemented by Technology Wave Co$.$ Ltd and discuss the potential benefits and drawbacks of using this approach for performance management in a technology company. $(10$ Marks$)$

Evaluate the new incentive program introduced by Technology Wave Co$.$ Ltd and explain how the incentive programs impact employee motivation and performance giving recommendations that would be used to enhance the effectiveness of this program. $(10$ Marks$)$

Discuss the challenges Technology Wave Co$.$ Ltd might face in ensuring the acceptance and effective implementation of the new performance and reward management system among employees and suggest how these challenges can be addressed. $(10$ Marks$)$

Propose a strategy for enhancing employee engagement and retention at Technology Wave Co$.$ Ltd and demonstrate how performance and reward management systems contribute to this strategy.

$(10$ Marks$)$