Reward management assignment help

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Reward management assignment help

We provide all kinds of reward management assignment help required with performance and reward management homework and assignment. As we all have the idea that what exactly is the reward management. We have a devoted expert group of management professionals who can assist you to answer different issues, assignments, and tasks included in reward management. We give reward management assignment help in all areas involving motivation theories, job evaluation, performance appraisal, etc.

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Reward management

Reward Management is related to the implementation & formulation of policies and strategies that goal or intent to recompence persons consistently, fairly, and equitably in harmony with their worth to the society, association, or group.

 

Reward management is also considered as a motivational preparation that industries apply to prize staff for their success and achievements. The firm sets aim and begins with the rules for its staff & workers to trail to attain and accomplish those aims. It ensures that workforces are undoubtedly attentive with the rules, goals, the rewards, and aim they will have for top - class presentations or working. All workforce trails the same reward or prize arrangement, and the system is planned and ordered just. Using a web-based platform or site to track the development of employees allows the employer and employee to monitor development and without difficulty recognize and find when the aim is touched, and rewards received.

Purpose of Reward management

Here some purpose or objectives of the reward management is mentioned:

  1. Recruit & retain
  2. Support the strategy of the organization
  3. Internal & external equity
  4. Motivate employees
  5. Financially sustainable
  6. Strengthen psychological contract
  7. Efficiently administered
  8. Comply with legislation

Rewards

Figure: Reward structure

 

 

Classification of Rewards

The reward can be classified as per the types and rewards by individual, organization, or team. More on this given below:

  1. Kind of Reward

Rewards can be further classified into two types:

  1. Extrinsic rewards: this type of reward gratify basic requirements such as survival, conditions, security, Pay, and treatment.
  2. Intrinsic rewards: this type of reward gratify high - level requirements such as development and esteem.
  1. Rewards by Individual, Organization, or Team

Here, Rewards can be further classified into three types:

 

  1. Reward by Individual: it includes base pay, benefits, incentives, rewards attendance, competence, and performance.
  2. Reward by Team: it includes rewards group cooperation and team bonus.
  3. Reward by Organization: it includes shares, profit-sharing, and gain-sharing.

 

 

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Role of the Reward management system

Reward and compensation systems have a great role in a firm, company, or organization. Every firm has 4 main pillars which are known as 4 Ms of the company. Those M are given below:

1. Men

2. Material

3. Machine

4. Money

From these Ms. Men has proved the most significant features, it is a very vital part of a process of business.

Everything that is a part of the business process, expects some return from the trade. See the table given below for an example.

Sr. No.

Body

Return Expected

1

Landlord

Rent

2

Capitalist

Interest

3

Entrepreneur

Profits

4

labor

Wages

 

In the same way, a human is a great part of the business process and they also have expectations, egos, emotions, and ambitions. To satisfy all the human needs, one requires a reward management system. This system is to give compensation or reward to the manpower. Reward management motivates the manpower.

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