Defining the reward system management as an important form of Employee Motivation Strategy while stating its importance to the organization and different forms of rewards

2. Rewarding the employee is a crucial
part in motivating an employee as
every employee expects to be
rewarded according to the amount of
effort they put into their work.
Employees work with the
understanding of the fact that their
growth is directly linked to the
growth of their organization

3. Importance of Reward System
It is of utmost importance that a company maintains
a competitive and efficient Employees Motivation
Strategy as an unsatisfied employee would be
unable to work to the fullest of their potential and
would always look out for better opportunities.

4. A good reward system helps us
as follows:
•Motivates employees to forge a long term
relationship
•Creates a positive and healthy working
environment
•Constructs a good reputation of the
company
•Attracts new and competitive talent to the
company
•Decreases the costing of recruitment

5. Different forms of Rewards
There are two different forms of rewarding the
employees.
Extrinsic Rewards – This kind of reward
constitutes in kind and is tangible. These kinds of
rewards can be in the form of incentives, bonuses,
fringe benefits, commission, promotion, profit
sharing etc. Such kind of rewards depends on the
policy of the company. They are directly linked to
the work performance of the employee and they
receive it every time they accomplish the set goal or
target.

6. Intrinsic Rewards – This form of
reward cannot be seen as they are
intangible but can be felt emotionally
when the set task is completed. It can
be either in the form of appreciation,
recognition, work contentment or
praise from seniors and peers.

7. Companies can either maintain the
system themselves or can outsource
help for creating strong Employee
Motivation Strategy as it is
foundational for any company to
keep their employees motivated in
order to achieve growth and success
in the long term.

8. Contact Us
Second Floor, Plot-19, Sector-5, Rajendra Nagar
Sahibabad, Ghaziabad, (U.P.) – 201005
Mob No: +918527599523
Email id: info@tridindia.com
Website:
http://www.tridindiahr.com/hr-consulting/employee-performance-
management/