What is "Reward Management "❓
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It is interesting to evaluate the idea of wages over the centuries. The first of these being slave laborers who were paid no wages but received basic food, clothing, and accommodation from their masters. In this stage, the wage was not paid in today’s terms of cash.
The next stage
is where a large portion of the wage was paid in kind and a small industrial
revolution, workers had a greater choice of jobs and higher wages, but
subsequently had to accept stricter discipline in the industry and overcome the
difficulties of adjusting to cash wages. Since the mid-20th century, workers
have begun to enjoy developed fringe benefits such as holidays with pay, social
security, medical services, bonuses, and facilities.
Wages are the major factor in the economic and social life of any economy. Industrial workers and their families depend almost entirely on wages to provide themselves with food, clothing, housing, and other necessities of life. In any industry, the wage is the largest portion of the employer’s cost of production.
The goal of wage administration is to design the lowest-cost pay structure that will attract, motivate and retain competent
employees that will also be perceived as “fair” by these employees.
There are many forms of compensation and all forms of
pay or rewards going to employees and arising from their employment. Salary,
earnings, take-home salary, minimum wage, fringe benefits are the instances for
such forms of compensation.
According to the legislation, it prescribed time
bounds to pay wages on a different basis and prescribe deductions from the
salary. Those deductions could be authorized and other deductions.
As well as wages employers introduce some incentives
for their employees. According to Earnest Ditcher, “the incentive is a stimulus
or a reason for producing action. Almost all of the human motivations can serve
as an incentive”.
Through the incentives, an organization could be
increase productivity, above-average performance, develop the confidence of
employees, control tardiness and absenteeism, retention of competent employees
and reduces grievances of the employees
There are different types of incentives. Those are individual incentive schemes, group incentive schemes, financial incentives, and non-financial incentives. |
Reward System Dissertation
Figure 1: Reward system HRM dissertation (source: study-aids.co uk)
What are the differences between Rewards and Recognitions ❔
Figure 2: Employee Rewards and Recognition Ideas (source: blog.vantagecircle.com)
However, despite all these differences, both rewards and
recognition firm a potent combo. A thoughtful reward or recognition presented
properly at the correct time can help in establishing employee engagement in an
organization.
The Evaluation of Employee Reward management.
References
1.CIPM, 2019, CIPM Study Text Whiting, B, Reward Management: Process & Types, Study.com viewed 20th May 2021
2.(Dutta, 2021)
Good arrangement and nicely written.
ReplyDeleteRewards in the workplace can be defined as admiration/appreciation, and support in employee retention. As a result, HRM is in process of executing a well-known rewards system throughout the organization. Employees must be rewarded based on performance, which will increase employee satisfaction and, in return, it will increase organizational performance.
Personally most of us might already experienced these kind of rewards in our practical life.
Thank
Thank you UMESH for your idea. Rewarding helps to motivate the employees toward the goals. It is a practical point as you mentioned , We all might be experienced.
DeleteNicely done Parami.Very eye catching arrangement.
ReplyDeleteExplained briefly on the rewards system which relates to motivation in HR context. This is used commonly in many organizations for employee motivation. So it is clear that Rewarding plays a key role of keeping the employees happy and motivated towards achieving the organizational goals and objectives.
Hi Parami , very nice article . Interesting to read. Rewarding people is the direct way to motivate people. Rather than rewarding based on designation organizations should find a way to reward by employees contribution. Rewarding mechanisms can be used as a way to recognize to contribution of employees.
ReplyDeleteDear Parami,
ReplyDeleteBetter rewards always motivate people and better rewards management organisations always attract high skilled workers. Modern organisations always treating as people as an asset and not as a cost. Effective rewards management will give better results to a company.
Nice job.
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ReplyDeleteInteresting topic Parami, Reward management is a major concern when it is talking about employee satisfaction. As you clearly mention in the modern wold, staff not seen as cost but the most important asset. Proper reward management system will raise the morale, efficiency and cooperation among the workers. It, being just and fair would provide satisfaction to the workers. Thanks for sharing this.
ReplyDeleteSimply, reward management is the implementation of strategies or policies to help reward everyone in the company, in a fair and consistent way. When you reward your employees for good work, they feel valued and more motivated which can overall boost the productivity and success of your business. Further we can discuss the approaches that have been developed during last decade to Manage the rewards. And I believe HR practitioners use the Physiological ways than the physical nowadays. Your argument is worth and timely.
ReplyDeleteReward Management is a Basic principle in Human Resources and key element as well. Reward Management is directly linked with employee motivation, as fair reward has to be given for accomplishing the task beyond expectation. Reward Management has to be fair and transparent in the modern context. Fair reward system will lead to employee retention, employee satisfaction, employee recognition and in return the employer too saves a lot by retaining their best employees. In deed an important HR topic discussed in very clear to the point.
ReplyDeleteWell written Parami. Reward management is regarded as one of the indispensable factors in motivating the employees towards the performance of their job duties. When the employees are rewarded for their job duties, they are able to form constructive viewpoints in terms of work and organizational as a whole, stimulate their mind-sets and develop interest and enthusiasm. This will provide a win win situation to both empoyer and employee. Thankyou for sharing.
ReplyDeleteThank you for sharing this Parami, good article.
ReplyDeleteReward is one of the key motivating factors for employees in any organizations in the world and it is important for employers to implement proper reward management system to motivate employees thereby improve the performance of overall business and you have given a good overview of development of reward system before industrial revolution.
Well written Parami. Nowadays, people often don't remain at the same job . Each time a new employee is hired, the organization spends money on hiring and training that it could have spent elsewhere. Having a good reward system helps to keep employees happy, loyal to the company, and eager to move up the ladder. Rewards, like public recognition and additional pay, motivate employees to work harder. Thanks for sharing
ReplyDeleteRewards for better performance and success matter more than the actual achievement itself. Indeed, as the global financial crisis showed, rewards were everything for the employees, as they strove for more reckless bets and increasing risk taking. Interesting topic, Thank you for sharing Parami..
ReplyDeleteImplementing a proper reward management system can influence the overall employee satisfaction and motivation. Could be salary increment, incentives or other benefits all have an influence on the value of the employee and increase the efficiency and productivity. A must needed topic. Well explained.
ReplyDeleteGood topic Parami.Reward management is a critical aspect of Human Resource Management and revolves around development, designing and implementation of appropriate salary system. This system surely helps improve company’s performance and keep employees motivated at work.
ReplyDeleteThe term "reward management" refers to the process of determining and awarding a reward to an employee based on their job performance. This will encourage employees to work hard to achieve the organization's goals. Benefits, facilities, and job advancement are all examples of rewards. It should be appropriate for the job's degree of performance, the needs of the employees, and the organization's total capability.
ReplyDeletevery interesting topic !Having a good reward system helps keep employees happy, loyal to the company, and eager to move up the ladder. Rewards, like public recognition and additional pay, motivate employees to work harder. Reward management is important for the following reasons: ... Avoids the cost of hiring and training new employees.
ReplyDeleteWonderful blog! Appreciation is a simple gesture or praise that can boost employee morale and motivate them. Especially, in the remote workplace, the need for recognition grows even more crucial. We bring virtual rewards and recognition ideas to engage remote employees in recognition activities at the workplace.
ReplyDelete