Performance management Essay
Since more than 35 years United Dominion Reality Trust has been working to provide world-class apartment homes and high quality service and value for money to the residents of its apartments. Reward / Recognition Program at URDT The company has a good reward / recognition program for its deserving employees. Those with excellent track records are accordingly rewarded. Apart from their internal reward and recognition program the company ensures that the efforts of the deserving employees is known to all.
This is why it mentions their name and contributions in its press releases. This gives a sense of achievement to the employees as awarding recognition not just in the office but also in the business community at large gives them a great level of motivation to work harder. For example a recent press release begun with the following words, “”I am pleased to announce these promotions,” stated Thomas W. Toomey, President and Chief Executive Officer.
“Both David and Tom have established a strong track record in the real estate industry and played leadership roles in our finance organization. They have significantly contributed to our success and possess the credentials and talents to help lead us into the future. ” (UDR, Inc. ,
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Similarly if a unit of the company or the company as a whole has been able to achieve the set targets, all the employees or the employees engaged in the particular project get rewarded with bonuses. In addition to their basic pay, they are made a part of the employee benefit plans, medical insurance plan and retirement plan based on their cadre. The high performing executives are given the chance to participate in the Shareholder Value Plan of the company.
According to EDGAR Online, Inc “Participation in the Shareholder Value Plan shall be limited to key executives of the Company who are members of a select group of highly compensated or management employees who, through the effective execution of their assigned duties and responsibilities, are in a position to have a direct and measurable impact on the Company’s long-term financial results, and are designated by the Committee to be eligible for a SVP Performance Unit Grant. ” (2008, para. 3)
At the end of a performance period, the value of an SVP Performance Unit Grant is multiplied by Unit Value, which results in the SVP award. To reward deserving employees there is also the Employee Stock Options Plan. This plan is like a contract between UDRT and its employees. Through it within a certain period of time, the employees get the right to buy a specific number of shares of the company at a fixed price. When the share prices increase in the market the employees benefit by selling them. The difference between their buying price and selling price is their profit or in other words reward.