It is a universal phenomenon that productivity increases and a positive work environment is formed, when in an organization or a company, employees are recognized and rewarded with incentives for their performances. Reward management is a developed system that is established and maintained to continue rewarding their employees and thus nurturing and motivating them to reach higher heights. It helps to achieve the company’s objectives and goals while thus developing a rise in production. The management should have proper resources to keep a keen interest in certain employees for their hard work, contribution and dedication. A reward can be give on the basis of the long term relationship the employee shares with the employer, or the employee can also be given incentives for their outstanding contributions to the company. Individuals can be rewarded for their attendance, their excellent customer relationships, direct financial benefits to the organisation or even for their work ethics.
Rewards can be given either in monetary or non monetary form:
Employees are rewarded for their performances in the form of money which include project bonuses, cheques, a direct deposit, money orders or even in the form of gift certificates, car allowances, paid parking and savings bonds.
This category of rewards goes a much longer way than the monetary rewards. Employees being treated with respect, unconditional verbal and non-verbal motivation and appreciation from the management and formal and informal acknowledgments give the employees a sense of belongingness to the company, thus encouraging higher performance and over all positive growth. Non-monetary rewards further include flexible hours, opportunity to have a role in decision making, to contribute, holiday packages, trophies, meals, and miscellaneous items of clothing and accessories.
Role of Management
Reward management is one of the vital factors in determining employee efficiency. The management which plays an important role must have a well developed system of rewarding which must be pre-planned and consistent to play fair and justice to all employees. The method of rewarding must have a scheduled manner or a formal method of acknowledging the accomplishments and the contributions of an individual or an entire team.
Employees must be rewarded for their outstanding achievements, their new modified technique of work, project completion, punctuality, reaching company’s goals and objectives, valued suggestions, and customer and public services. Employees can also be rewarded for their exemplary efforts, discipline and their dedication to the values and rules of the organisation. Special rewards must be developed to honour those individuals leaving the company after years of service and a system of recognising an employee of the month is a good idea.
Purpose of rewarding
Rewarding is a powerful tool at the hands of the management to encourage those individuals who perform well. It helps in bringing about a positive change, an innovation and support to the objectives and goals of the organisation. Rewards help maintain high performers and encourage those individuals who have the potential to reach more eminent heights. They nurture healthy coordination in teams, motivate employees at every stage of employment and give them a sense of achievement for their hard work.
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