this presentation is all about rewarding employees to keep them motivated and boost their performance. the detailed description is in presentation itself so no need to describe below. hope you will enjoy my presentation. this presentation is for academic course showcase not for practical hr reference as i have talked about theotrical aspects only.
Reward is an incentive plan to reinforce the desirable behavior of workers or employers and in return for their service to the organization.
Compensation and Reward system plays vital role in a business organization.
Reward Management is concerned with the formulation and implementation of strategies and policies that aim to reward people fairly, equitably and consistently in accordance with their value to the organization.
Concept of Reward and Total Reward System, Five Elements of Total Rewards (Compensation, Benefits, Work-Life, Performance & Recognition, Developmental & Career Opportunities)
Reward is an incentive plan to reinforce the desirable behavior of workers or employers and in return for their service to the organization.
Compensation and Reward system plays vital role in a business organization.
Reward Management is concerned with the formulation and implementation of strategies and policies that aim to reward people fairly, equitably and consistently in accordance with their value to the organization.
Concept of Reward and Total Reward System, Five Elements of Total Rewards (Compensation, Benefits, Work-Life, Performance & Recognition, Developmental & Career Opportunities)
Performance and reward management - aiu(final)-1Donasian Mbonea
Today’s organizations are operating in a very dynamic and highly competitive environment. To remain relevant in the market, they have to be able to respond quickly to ever changing customer demands. Rewards management is one of the ways used by organizations for attracting and retaining suitable employees as well as facilitating them to improve their performance. (Armstrong, 2010: 261)
Nowadays there is so much changing occurring in the business world and every business entity or organization has much relay on employee’s good performance. Rewards are considered as an important tool to check the employee’s performance. (Armstrong, 2010: 260)
An employee reward system consists of an organization’s integrated policies, processes and practices for rewarding its employees in accordance to their contribution, skills, competence and their market worth. It’s developed within the framework of the organization’s reward philosophy, strategies and policies and contains arrangement in the form of processes, practices, structures and procedures which will provide and maintain appropriate types and levels of pay, benefits and other forms of reward (Armstrong, 2007).
Reward system is an important tool that the management uses to channel employee’s motivation in desired ways such as better functionality and further improve company performance.
Employees are the most valuable asset to an organization and they play an important role in preserving the successful image of organization. Employee performance is the main factor in ensuring that the organization is run smoothly and successfully.
Managing employees' reward appropriately is an important factor as a return for their contributions or performance to organization.
The essay explore the meaning of various concepts such as performance, rewards, reward management, reward system, Literature review on performance and reward from other scholars as well as reviewing one case study on the topic.
Reward Management. A rare topic in the Internet. which is more important in HRM. this includes the principles of rewarding, purpose of rewarding, types of rewarding and rewarding definition of the father of reward management. as well as the motivation theories based on reward management, such as:
1. Adam's Equity theory
2. Locke's Goal-setting Theory
3. Vroom's Expectancy Theory
Compensation is a systematic approach to providing monetary value to employees in exchange for work performed. Compensation may achieve several purposes assisting in recruitment, job performance, and job satisfaction.Compensation Management is a Process of compensation management is to establish & maintain an equitable wage & salary structure & an equitable cost structure .it involves job evaluation, wage & salary survey, profit sharing &control of pay costs.
According to Thomas J. Bergmann(1988) compensation consists of four distinct components:
Compensation = Wage or Salary + Employee benefits +Non-recurring financial rewards+ Non-pecuniary rewards.
Compensation is a tool used by management for a variety of purposes to further the existence of the company. Compensation may be adjusted according the business needs, goals, and available resources.
Performance and reward management - aiu(final)-1Donasian Mbonea
Today’s organizations are operating in a very dynamic and highly competitive environment. To remain relevant in the market, they have to be able to respond quickly to ever changing customer demands. Rewards management is one of the ways used by organizations for attracting and retaining suitable employees as well as facilitating them to improve their performance. (Armstrong, 2010: 261)
Nowadays there is so much changing occurring in the business world and every business entity or organization has much relay on employee’s good performance. Rewards are considered as an important tool to check the employee’s performance. (Armstrong, 2010: 260)
An employee reward system consists of an organization’s integrated policies, processes and practices for rewarding its employees in accordance to their contribution, skills, competence and their market worth. It’s developed within the framework of the organization’s reward philosophy, strategies and policies and contains arrangement in the form of processes, practices, structures and procedures which will provide and maintain appropriate types and levels of pay, benefits and other forms of reward (Armstrong, 2007).
Reward system is an important tool that the management uses to channel employee’s motivation in desired ways such as better functionality and further improve company performance.
Employees are the most valuable asset to an organization and they play an important role in preserving the successful image of organization. Employee performance is the main factor in ensuring that the organization is run smoothly and successfully.
Managing employees' reward appropriately is an important factor as a return for their contributions or performance to organization.
The essay explore the meaning of various concepts such as performance, rewards, reward management, reward system, Literature review on performance and reward from other scholars as well as reviewing one case study on the topic.
Reward Management. A rare topic in the Internet. which is more important in HRM. this includes the principles of rewarding, purpose of rewarding, types of rewarding and rewarding definition of the father of reward management. as well as the motivation theories based on reward management, such as:
1. Adam's Equity theory
2. Locke's Goal-setting Theory
3. Vroom's Expectancy Theory
Compensation is a systematic approach to providing monetary value to employees in exchange for work performed. Compensation may achieve several purposes assisting in recruitment, job performance, and job satisfaction.Compensation Management is a Process of compensation management is to establish & maintain an equitable wage & salary structure & an equitable cost structure .it involves job evaluation, wage & salary survey, profit sharing &control of pay costs.
According to Thomas J. Bergmann(1988) compensation consists of four distinct components:
Compensation = Wage or Salary + Employee benefits +Non-recurring financial rewards+ Non-pecuniary rewards.
Compensation is a tool used by management for a variety of purposes to further the existence of the company. Compensation may be adjusted according the business needs, goals, and available resources.
This is an important aspect of HR especially in a Current Scenario when talent engagement is very important and Reward management plays a vital role in it.
Reward management is concerned with the formation and implementation of strategies and policies that aim to reward people fairly, equitably and consistently in accordance with their value to the organization.
Strategic total rewards management remuneration and rewards summit 11 june 2014Charles Cotter, PhD
Strategic Total Rewards Management (STORM) process, principles and best practice guidelines, Strategic Talent Attraction, Motivation and Employee Engagement and Benchmarking and Evaluating STORM
Communicating Compensation to Executives and ManagersBambooHR
Being able to communicate compensation can be tricky. There are a lot of variables when presenting this to executives and managers. But it's vital you get it right so that you keep your best talent.
Reward management is concerned with the formulation and implementation of strategies and policies that aim to reward people fairly, equitably and consistently in accordance with their value to the organization.
Strategic Human Resource Management Lecture 12RECONNECT
This is the lecture 12 of course "Strategic Human Resource Management"
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Total rewards is a concept that describes all the tools available to an employer that may be used to attract, motivate, retains and engages the employee.
Total rewards may also refer to the function or department within HR that handles compensation and benefits, or the combined intrinsic and extrinsic rewards (or value) that an employee perceives.
1. Reward management
Reward management is concerned with the formulation
and implementation of strategies and policies that aim to
reward people fairly, equitably and consistently in
accordance with their value to the organization.
According to Michael Armstrong, “reward management deals with
the strategies, policies and processes required to ensure that the
contribution of the people to the organization is recognized by both
financial and non-financial means.”
The main objective of reward management is to attract and retain
skilled manpower, maximize productivity, achieve organizational
goals and ultimately, support for job satisfaction among employees.
2. Aims of Reward
Management
Consideration of value
Fulfil common goals
Focus on behaviour and outcomes
Attract and retain quality employees
Motivate employees
High performance culture
4. Extrinsic and intrinsic rewards
Extrinsic rewards
Intrinsic rewards
Extrinsic reward are direct indirect financial and non
financial reward that are external to the job and
come from outside source mainly management. It is
related with job context. Extrinsic reward focuses on
optimum use of human resource, maximize
productivity and achieve predetermined objective.
Intrinsic reward are the personal satisfaction of
employees derived directly from their jobs. It is
related with job content. Intrinsic reward focuses on
job satisfaction high level of motivation of
employees.
6. FINANCIAL AND NON-FINANCIAL REWARDS
FINANCIAL REWARDS
Financial rewards are monetary
rewards in order to enhance
employees financial wellbeing.
They are tangible and fulfill
financial need of employees.
NON-FINANCIAL REWARDS
Non financial rewards are non
monetary incentives created to
add attraction to life on the job.
They are intangible and fulfill
psychological need of employees.
8. Performance based
Performance and membership rewards
Membership based
• Performance based reward are strategy
to provide reward to employees on the
basis of their performance. It means
employees having high level of
performance would get better incentives
vice versa. It implies incentives in terms
of piece rate wage, commission on sales,
bonus on high production, share of profit
etc.
• Performance based reward encourage
competition between employees and
may even lead to conflicting priorities.
• created to maximize productivity and
achieve desired goals.
• Membership based reward are
strategy to provide reward to
employees on the basis of team
performance. every member of a
team is equally rewarded in terms of
incentives.. It implies incentives such
as profit sharing, bonus, merit
benefits, skills incentives and so on.
• Team encourage collaboration and
cooperation to achieve shares and
goals.
• created to achieve synergetic effect
from team members.
9. Performance
based
Piece work
Commission
Incentive plans
Performance
bonus
Merit pay plans
Implied
membership
based
Cost of living
increases
Labor market
adjustment
Time in rank
increases
Profit sharing
Explicit
membership
based
Protection
programs
Pay for time
not worked
Services and
prerequisites
Explicit
membership based
Preferred office
furnishings
Preferred lunch
hours
Assigned parking
spacing
Preferred work
assignments
Business cards
Own secretary
Impressive titles
Financial Non-financial Participation in
decision making
Greater job
freedom and
discretion
More
responsibility
More interesting
work
Opportunities for
growth
Diversity of
activities
Rewards
Intrinsic Extrinsic
10. • Service Benefits
oPersonal Service, Family service
• Other job related Benefits
oFlexible work schedule, Cafeteria Benefits
