This document discusses different types of rewards that can be used for compensation management, including intrinsic rewards like participative decision making and extrinsic rewards such as direct compensation through basic salary and bonuses, indirect compensation like benefits, and non-financial compensation like preferred work assignments. It was prepared by Manu Melwin Joy, an assistant professor at the Ilahia School of Management Studies in Kerala, India, who can be contacted by phone or email for permission to use the slides.

1. Different kinds of rewards
Compensation Management

2. Prepared By
Kindly restrict the use of slides for personal purpose.
Please seek permission to reproduce the same in public forms and presentations.
Manu Melwin Joy
Assistant Professor
Ilahia School of Management Studies
Kerala, India.
Phone – 9744551114
Mail – manu_melwinjoy@yahoo.com

3. Different kinds of rewards
• Intrinsic rewards
• Extrinsic rewards.
– Direct compensation.
– Indirect compensation.
– Non financial Compensation.

4. Intrinsic rewards
• Participative decision making.
• More responsibility.
• Opportunities for personal
growth.
• Greater job freedom and
discretion.
• Diversity of activities.

5. Extrinsic rewards – Direct Compensation
• Basic Salary or Wage.
• Overtime and holiday
premiums.
• Performance bonus.
• Profit sharing.
• Stock options.

6. Extrinsic rewards – Indirect Compensation
• Protection programmes.
• Payment for time not
worked.
• Services and perquisites.

7. Extrinsic rewards – Non financial Compensation
• Preferred office furnishings.
• Assigned parking spaces.
• Impressive designation.
• Preferred lunch hours.
• Preferred work assignments.
• Own secretary.