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LEARNING OBJECTIVES. At the end of the chapter, the students are expected to:.

DEFINITION. e7d195523061f1c0deeec63e560781cfd59afb0ea006f2a87ABB68BF51EA6619813959095094C18C62A12F549504892A4AAA8C1554C6663626E05CA27F281A14E6983772AFC3FB97135759321DEA3D7004FB075A8443E283A7673BBBDBFD88DFA513D62253E27B7E9FFF4379D8121322A85C7E16198ADF129F152EEF5340DE1ED504E252F53EAD1F847BC471C6326134.

Reward Management is concerned with the formulation andi implementation of strategies and policies that aim to reward people fairly, equitably and consistently in accordance with their value to the organization..

Reward management policies are also responsible for analyzing and managing compensation, remuneration, and other benefits of the employees..

OBJECTIVES. e7d195523061f1c0deeec63e560781cfd59afb0ea006f2a87ABB68BF51EA6619813959095094C18C62A12F549504892A4AAA8C1554C6663626E05CA27F281A14E6983772AFC3FB97135759321DEA3D7004FB075A8443E283A7673BBBDBFD88DFA513D62253E27B7E9FFF4379D8121322A85C7E16198ADF129F152EEF5340DE1ED504E252F53EAD1F847BC471C6326134.

Reward the people for the value they create.. Motivate people and win their commitment and engagement.

Role of Reward in Organization. If an ideal reward system is designed, it will have positive impact on the efficiency of organization..

REWARD SYSTEM. e7d195523061f1c0deeec63e560781cfd59afb0ea006f2a87ABB68BF51EA6619813959095094C18C62A12F549504892A4AAA8C1554C6663626E05CA27F281A14E6983772AFC3FB97135759321DEA3D7004FB075A8443E283A7673BBBDBFD88DFA513D62253E27B7E9FFF4379D8121322A85C7E16198ADF129F152EEF5340DE1ED504E252F53EAD1F847BC471C6326134.

Are benefits, perks, and rewards the same in Reward Management?.

EXTRINSIC REWARD. INTRINSIC REWARD. TWO DISTINCT CATEGORIES.

INTRINSIC REWARDS. POSITIVE FEEDBACK. EMPOWERMENT.

EXTRINSIC REWARDS. BONUSES/ COMMISIONS. GIFTS. PROMOTIONS.

How to Plan a Reward Management System?.

1. 2. 3. 4. 1. Individual Level. Planning rewards for individuals revolve around policies related to:.

1. 1. 2. 4. 2.Team Level. For rewarding teams, managers need to plan for:.

1. 2. 3. 3. 3. Organizational Level. For reward management of the whole organization, managers need to plan for :.

BENEFITS OF REWARD MANAGEMENT. e7d195523061f1c0deeec63e560781cfd59afb0ea006f2a87ABB68BF51EA6619813959095094C18C62A12F549504892A4AAA8C1554C6663626E05CA27F281A14E6983772AFC3FB97135759321DEA3D7004FB075A8443E283A7673BBBDBFD88DFA513D62253E27B7E9FFF4379D8121322A85C7E16198ADF129F152EEF5340DE1ED504E252F53EAD1F847BC471C6326134.

Attracting and Retaining Top Talents -To recruit and retain the top talents in any industry, it is mandatory to provide them with what they deserve Improves Employee Value Proposition -Every organization aims for positive recognition in the market, and reward management is going to help them. Better Company Culture- Every organization aims for positive recognition in the market, and reward management is going to help them. Employee’s Well- bein g - To ensure the well-being of your employees, you need to acknowledge their efforts..

Motivation and Productivity - Better reward management increases the competition within the organization, which indeed motivates the employees to work harder and improve their productivity. Loyalty- Through proper reward management, organizations can ensure their employees are more loyal to the business. Better Relations with the Employees- ensures that there is a strong bond between the employee and the employer..

Optimization of Performance Management System - an organization can consistently improve and grow the productivity of their workforce or employees. Better Market Reputation - It positively influences clients and customer base, as a satisfied workforce or employees to their best in serving the clients and customers..

REWARD STRATEGY. e7d195523061f1c0deeec63e560781cfd59afb0ea006f2a87ABB68BF51EA6619813959095094C18C62A12F549504892A4AAA8C1554C6663626E05CA27F281A14E6983772AFC3FB97135759321DEA3D7004FB075A8443E283A7673BBBDBFD88DFA513D62253E27B7E9FFF4379D8121322A85C7E16198ADF129F152EEF5340DE1ED504E252F53EAD1F847BC471C6326134.

"A SENSE OF PURPOSE AND DIRIECTION AND A FRAMEWORK FORDEVELOPING REWARD POLICIES, PRACTICES AND PROCESS.".

IT IS BASED ON AN UNDERSTANDING OF THE NEEDS OF THE ORGANIZATION AND ITS EMPLOYEES AND HOW THEY CAN BEST BE SATISFIED. IT IS ALSO CONCERNED WITH DEVELOPING THE VALUES OF THE ORGANIZATION ON HOW PEOPLE BE REWARDED AND FORMULATING GUIDING PRINCIPLES WHICH WILL ENSURE THAT THIS VALUES ARE ENACTED..

COMPONENTS OF AN EFFECTIVE REWARD STRATEGY. An effective strategy is one is which there are clearly defined goals and a well-defined link to business objectives; well designed pay and reward program, tailored to the needs of the organization and it's people and consistent and integrated with one another; effective and supportive HR and reward processes in place..

Reward Guiding Principle. Develop reward policies and practices which support the achievement of businessgoals..

HR and Reward Specialists needs to develop line managementcapability by initiating processes which can readily be implemented by the line manager ,promoting understamding by communicating what is happening, why is it happening and how it will affect everyone, providing formal training as necessary..

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