Reward System
INTRODUCTION
Management faces lots of challenges in determining their employees reward. The reward system an organization adopts must have a balance in market competitiveness, organizational performance internal equity, and individual performance considerations ( Scott et al, 2011 )
The above authors pointed out the importance of fairness in setting up reward systems and pointed out that no matter how complicated the reward policies and practices seems to be, employees must have a perception of fairness in order to successfully attract, engage and retain employees
Business environment in today’s setting is highly competitive as a result of this competition, organizations allocate numerous rewards to attract and motivate workforce, such as pay, fringe promotions and benefits.
However, not all employers have the required knowledge and proficiency for effective decision regarding the structure of their reward systems.
The success of an organization lies in a motivated workforce because highly motivated employees make every effort to produce at the highest possible level and put in greater effort than workers who are not motivated (Bagraim, 2006:70).
Rewards are one of the vital elements to motivate workers for their best contribution towards generating great innovation ideas leading to better business functionality both financially and non-financially.
For employees to share and fully get involved in the organization’s vision, Edward and Christopher (2006) believe that motivation is a necessary ingredient. Indisputably, many researches have proven that reward strategies are the mechanisms that make this happen (Lee and Wong, 2006; Paul, 1981).
UNDERSTANDING REWARD STRATEGY
http://rosariolongo.blogspot.co.uk/2011/04/importance-of-reward-strategy-rhetoric.html
Reward strategy, according Armstrong (2000) is the policy that provides clear-cut directions for an organization to design and develop programmes that will ensure it
Management faces lots of challenges in determining their employees reward. The reward system an organization adopts must have a balance in market competitiveness, organizational performance internal equity, and individual performance considerations ( Scott et al, 2011 )
The above authors pointed out the importance of fairness in setting up reward systems and pointed out that no matter how complicated the reward policies and practices seems to be, employees must have a perception of fairness in order to successfully attract, engage and retain employees
Business environment in today’s setting is highly competitive as a result of this competition, organizations allocate numerous rewards to attract and motivate workforce, such as pay, fringe promotions and benefits.
However, not all employers have the required knowledge and proficiency for effective decision regarding the structure of their reward systems.
The success of an organization lies in a motivated workforce because highly motivated employees make every effort to produce at the highest possible level and put in greater effort than workers who are not motivated (Bagraim, 2006:70).
Rewards are one of the vital elements to motivate workers for their best contribution towards generating great innovation ideas leading to better business functionality both financially and non-financially.
For employees to share and fully get involved in the organization’s vision, Edward and Christopher (2006) believe that motivation is a necessary ingredient. Indisputably, many researches have proven that reward strategies are the mechanisms that make this happen (Lee and Wong, 2006; Paul, 1981).
UNDERSTANDING REWARD STRATEGY
http://rosariolongo.blogspot.co.uk/2011/04/importance-of-reward-strategy-rhetoric.html
Reward strategy, according Armstrong (2000) is the policy that provides clear-cut directions for an organization to design and develop programmes that will ensure it