Final answer:
A balanced reward system for Beth Collins's product development group at LWI should include a mix of fixed salaries for stability and performance-based incentives to encourage creativity and commitment. Non-monetary rewards and profit-sharing schemes can complement this approach, aligning with employee motivations and the company's success without contributing to financial instability.
Step-by-step explanation:
For a group like Beth Collins's product development group at Lifton Wells Inc., which emphasizes flexibility, creativity, and commitment, a reward system should encourage these values without creating undue financial variability that could mirror the unpredictability of international profits due to currency fluctuations. An incentive-based reward system could include a combination of fixed salaries to ensure financial stability and performance-based bonuses linked to the achievement of creative and strategic goals. It's crucial to find a balance where the incentive component is significant enough to motivate employees but not so large that it creates financial stress or excessive risk for them.
Moreover, non-monetary rewards can be powerful in such environments, emphasizing recognition, opportunities for professional development, and other forms of reward that align with the employees' intrinsic motivations for creativity and flexibility. Additionally, profit-sharing schemes could be implemented to give employees a sense of ownership and a stake in the company's overall success, they should be designed in a way that does not lead to significant income instability for the workers.