• Share
  • Email
  • Embed
  • Like
  • Save
  • Private Content

Loading…

Flash Player 9 (or above) is needed to view presentations.
We have detected that you do not have it on your computer. To install it, go here.

Like this presentation? Why not share!

Unit v final

on

  • 1,350 views

 

Statistics

Views

Total Views
1,350
Views on SlideShare
1,350
Embed Views
0

Actions

Likes
1
Downloads
41
Comments
0

0 Embeds 0

No embeds

Accessibility

Categories

Upload Details

Uploaded via as Microsoft PowerPoint

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

    Unit v final Unit v final Presentation Transcript

    • Unit-5REWARD SYSTEMDEFINITION
      Reward Management is about the development, implementation, maintenance, communication and evaluation of reward processes.
      These processes deal with the assessment of relative job values, the design and management of pay structures, performance management, the provision of employee benefits and pensions.
    • OBJECTIVES
      • What the organization values and want to pay for
      • The value they create for their organizations
      • The right behaviors and actions of the employees in order to reinforce appropriate behaviors and outcomes
      • Foster and maintain a high performance work culture
      • Motivate employees in order to obtain their commitment and engagement
    • OBJECTIVES
      Attract and retain talents the organisation needs
      Emphasize the right mix of financial and non-financial rewards
      Develop a positive employment relation and psychological contract
      Align reward practices with the business strategy of the organisation and communicate business values and direction to employees
      Operate in ways that are fair, equitable, consistent and transparent.
    • COMPONENTS
      Financial reward – Salary, Wages, Incentives, etc.,
      Non-financial reward – Medical Insurance, Life insurance, subsidized canteen, subsidized transport, free uniforms, interest free loans, etc.,
      Psychological satisfaction – Social interactions with others in the workplace, job training, career advancement opportunities, recognition,
    • DIMENSIONS
      Intrinsic Reward – Psychological reward that is experienced directly by an individual. Ex: Feelings of accomplishment, Increased self-esteem, satisfaction of developing new skills, sense of fulfillment, etc.,
      Extrinsic Reward – A reward that is provided by outside agent, such as a supervisor or work group. Ex: Bonus, promotions, increase in salary, perks, appreciation or praise, etc.,
    • CONSTRAINTS
      Statutory compulsions
      Industry wise wage boards
      Operative long term settlements
      Lack of mutual trust
      Lack of visional and innovative approaches
      Lack of commitment
      Lack of system
      Fear on personal authority
    • LINKAGE BETWEEN THE REWARD AND PERFORMANCE
      Value of reward
      Abilities and Traits
      Intrinsic Reward
      Efforts
      Performance accomplishment
      Satisfaction
      Extrinsic Reward
      Received Effort-reward probability
      Task Perceptions
    • IMPLICATIONS FOR MANAGERS
      Determine the rewards valued by each subordinate.
      Determine the performance desired
      Make the performance level attainable
      Link rewards to performance to maintain motivation
      Analyze what factor might counteract the effectiveness of the reward
    • IMPLICATIONS FOR ORGANIZATIONS
      The organisation’s reward system must be designed to motivate the desired behaviour and results.
      The jobs should be designed to the employees to fulfill some of the higher needs such as independence or creativity
      The immediate supervisor has an important role in the motivation process. He has to trained in the motivation process and given enough authority to administer rewards.
    • MONETARY AND NON-MONETARY REWARDS
      MONETARY REWARDS
      NON-MONETARY REWARDS
      Salary increments
      Promotions with increments
      Paid up insurance
      Loans
      Transport(Car/Two Wheeler)
      Telephone
      Profit sharing
      Free Lunch
      Picnics
      Dinner with boss
      Birthday treats
      Trophies
      Certificate
      Letter of Appreciation
      Vacation trips
      Special Leave