Reward Management Assignment Help Singapore
Reward Management System includes framing in addition to applying the policies and strategies, which target at rewarding workers moderately, justly and without fail in accord with the value that is served to the business.
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Reward Management: Meaning
To keep the employees motivated, several schemes have been adopted by the companies; these plans are referred to as reward management.
The reward can be any appreciation in the form of money, any certificate of excellence or promotion.
You might also be asked to design some reward management program for a company. You just need to complete your course work by explaining various aspects of reward management and applying it in an example.
Some of the rewards are given to employees based on the performance; these functions are managed as reward management.
The keynotes of such plans are extensive and vigorous budget and proper ownership by the management team (Director, Manager or Supervisors).
Participation under reward management management justifies financial rewards for employees for their personal achievement in a particular promotion, whereas such professional suggestions demand substantial resources.
The motivational nature of reward methods, explains that they encourage people to do better as it is perceived as following through with directions rather than achieving something that is not expected.
Types Of Rewards
There are mainly two types of schemes which are implemented by the companies to motivate their employees. These two reward schemes include monetary rewards and non-monetary rewards.
1 Monetary reward: As the name suggests, it is just a kind of reward that is a monetary figure.
Trader, Reliable Person, Valuable Employee and Beneficial Employee are the types of monetary rewards which are usually given to employees.
Whereas, Effort recognition for an employee is also regarded as a kind of monetary reward program, in which an employee will get some sort of award on the basis of seniority.
Companies like American Express, Visa and ExxonMobil have their own gold cards issued by them that you have to go through in order to get any benefits and discounts given to you with regards other people.
- Referral programs
- Extra allowances
- Employee stock options
2 Non-monetary reward: It is essentially very useful and productive if experts from HRM support your business in getting various such non-monetary rewards to motivate your employees.
For example, you can write an anonymous review about your employees so that the boss can get to know the value and quality of each staff.
The concept for appreciation for a director website is also a good gift to give to your employees or bosses.
In any case, monetary or non-monetary rewards in whichever form it takes influence the minds of human beings since human beings are always eager to get monetary benefits and with non-money benefits, it’s a condition that makes them even happier.
- Flexible working
- Give employees time to work on their own projects
- Extra leave
- Allow time to do volunteer work
- One-on-one meetings
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We consider the following points while designing a reward management program for you
1) The reward management program should be well planned. This implies that the employees should be aware of the changes in programs and their benefits before it is implemented.
2) The reward management program should not be too complicated. This implies that it should not have many schemes and conditions. It should also be simple to understand, so that the employees can easily follow it and apply for it.
3) The reward management program must have a clear set of rules and procedures so that it can easily be followed by all the employees. This will make sure that no employee is deprived of any benefits, as this will help avoid disputes among them.
4) The reward management program should be based on the company’s policies. If there are any contradictory rules, it should be decided which one will be followed by the employees. This will make sure that the reward management program is in accordance with the company’s policies.
5) The reward management program must have an objective and measurable criteria to judge its success. This implies that it should have clear targets or goals to be achieved for evaluating its success.
6) The reward management program must have a plan for monitoring its results. It must also provide feedbacks to the employees about their performance so that they can improve themselves and increase their productivity further, which will help achieve more results in future.
Intentions Of Reward Management
In order to encourage the achievement of the organizations business goal, any organization implements reward management by developing and executing the reward strategy, operations and practices.
Our Do My Assignment helps experts of reward management have described some of the intentions of reward management for you are as follows:
- For best results organizations reward the best resources to convey the exact information about what is important regarding predictable behaviours.
- Companies reward people for their extra efforts and the value they create and add to the organization.
- Organizations give additional facility to skilled people and create competition among the people for the best outcomes.
- Create total reward and identification processes that are based on perspective about what the organization values and require accomplishing in the long run.
- Both reward business goals and employee’s values are arranged in a line of reward practices.
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