Table of Contents
Objectives of Reward System5
Alternative to Reward Management6
Types of Rewards6
Criteria of Reward Management7
Relating Rewards to Performance9
Job Satisfaction and Rewards10
Rewards and HRM Cycle10
Reward Management System in Coca Cola International11
Reward Management System11
Criteria of rewarding employees13
How Coca Cola International Motivate Employees14
Pay system of Coca Cola International15
Types of Rewards of Coca Cola International15
Employee of the Quarter Program16
Analysis of survey17
Reward System Management in Eco-Care and Aware21
Introduction about the Organization21
Reward System Followed by Eco-Care and Aware21
Type of Reward System22
Compensation and Benefitss
Compensation refers to wages, salaries or tips while benefit describes job extras provided by the employer. Meanwhile benefits might include health care packages, dental and life insurances, and paid time off. Reward Management
What is reward management? When we talk about reward management bear in our mind it is about formulation and implementation of strategies and policies in which the purposes are to reward people fairly, equitably and consistently in accordance with their worth to the organization and to help the organization to achieve its strategic goals. It deals with the design, implementation and maintenance of reward systems (reward processes, practices and procedures) which aim to meet the needs of both the organization and its stakeholders.
Reward is special payments for special work. Reward refers to all forms of financial returns and tangible services and benefit employees receive as a part of an employment relationship. Fairness is important in reward allocation process and to retain good employees in the organization manager must be concerned about fairness and appropriately reward those who deserve it. Organizations are interested in reward management for two important reasons. First, the absolute cost of payments bearing on cost effectiveness depends on organizations to organizations. Second affect, on employees work attitude and behavior, employee work effectively, to undertake training and accept additional responsibility.
Rewards is one of the important elements to motivate employees for contributing their best effort to generate innovation ideas that lead to better business functionality and further improvise company performance both financially and non-financially. Edward and Christopher have mentioned that people do not automatically come to work, continue to work, or work hard for an organization. We see that people need motivation to share and fulfill the organization’s vision. Undoubtedly, reward strategy and systems are the mechanisms that make this happen.
Besides, reward can influence employees to work more with greater productivity as well as to reduce cost with effectiveness. Reward can change the behavior of employees, if employee get the reward, he will satisfy with his job and his behavior is good towards others employees. He will be loyal to the organization. If he cannot get the good reward with respect to his job his behavior may be change towards the employees and not loyal to the organization, so the working condition of office is change this will effect to other employees well. That is why reward is such an important method to lead the employee to where they are heading to. Objectives of Reward System
There are three main objective of reward management in an organization. Firstly is to catch the attention of new employees to the organization, to bring forth good work performance, and to uphold commitment to the organization.
First and foremost is to attract and retain competent employees. It encourages and attracts the competent employees to work in the organization and stay longer in that organization. It means...