Rewards System by William Tay
| Table of Contents | Page | 1 | Introduction: Why are rewards systems important? | | 2 | Extrinsic rewards | | 3 | Extrinsic rewards: Financial rewards | | 4 | Extrinsic rewards: Non financial rewards | | 5 | Non financial rewards: Recognition and Appreciation | | 6 | Extrinsic Rewards Case Study | | 7 | Intrinsic rewards | | 8 | The four senses of intrinsic rewards | | 9 | How can organization provide intrinsic rewards to employees? | | 10 | Intrinsic Rewards Case Study | | 11 | Conclusion | | 12 | Reference | |
Introduction: Why are rewards systems important?
Rewards system is the reward given by the organization to its employees. Employees play a key role in each and every organization. In order for any organization to succeed with employees working effectively and efficiently with maximum effort, organization needs to consider the use of different strategic reward systems for different types of employees. Therefore, it is the responsibility of a organization to find out what is important for the employees and thus aligning organizational goals and employee goals. A well planned rewards system will have a great impact on the success of a organization and will affect each workers performance positively. Rewards system is mainly required to fulfill the aims and goals of an organization.
Importance of rewards system to the organization
Rewards system is needed to improve and maintain organizational effectiveness in terms of achieving organizational goals and strategies and maintaining a competitive advantage. Rewards system is plays a key role in competing in the labour market, as organizations need to attract and retain highly skilled workers. Rewards system also help organizations to be more manageable and controllable, and reduce administrative burdens of the personal department thus it becomes easily manageable and controllable so that the policies can be implemented consistently.
Introduction: Why are rewards systems important?
Rewards system is the reward given by the organization to its employees. Employees play a key role in each and every organization. In order for any organization to succeed with employees working effectively and efficiently with maximum effort, organization needs to consider the use of different strategic reward systems for different types of employees. Therefore, it is the responsibility of a organization to find out what is important for the employees and thus aligning organizational goals and employee goals. A well planned rewards system will have a great impact on the success of a organization and will affect each workers performance positively. Rewards system is mainly required to fulfill the aims and goals of an organization.
Importance of rewards system to the organization
Rewards system is needed to improve and maintain organizational effectiveness in terms of achieving organizational goals and strategies and maintaining a competitive advantage. Rewards system is plays a key role in competing in the labour market, as organizations need to attract and retain highly skilled workers. Rewards system also help organizations to be more manageable and controllable, and reduce administrative burdens of the personal department thus it becomes easily manageable and controllable so that the policies can be implemented consistently.
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