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Reward System: Prepared By: Rupender Sharma Pushpanjali Sagar Sirohi Sanchita Sharma
Reward System: Prepared By: Rupender Sharma Pushpanjali Sagar Sirohi Sanchita Sharma
Prepared by:
Rupender Sharma
Pushpanjali
Sagar sirohi
Sanchita sharma
WHAT IS A REWARD…..
USED BEFORE THIS HAPPENS……
WHAT IS A REWARD SYSTEM?
• An employee reward system consists of an
organizations integrated :
▫ Policies
▫ Processes
▫ Practices
• For rewarding its employees in accordance to
their
• Skills
• Competence
• Market worth
REWARD STRATEGY
• All the employee's available tool that may be
used to
▫ attract
▫ retain
▫ motivate
▫ satisfy employee
• It links company’s
▫ strategy
▫ pay system
▫ employee behavior
COMPONENTS OF TOTAL REWARD
SYSTEM
• Financial Rewards
• Employees Benefits (Total Remuneration)
• Non Financial Rewards( Recognition, praise,
achievement)
• Performance management and personal growth
processes.
OBJECTIVES OF REWARDS-
ORGANISATION POINT OF VIEW
• To drive desired behavior in employees.
• To attract, retain and motivate high quality
people.
• To communicate organization values.
• Encourage behaviors that will contribute to
achievement of organization objective.
• Support quality, customer care, team work and
innovation.
OBJECTIVES OF REWARDS-EMPLOYEES
POINT OF VIEW
• Treat them as stake holders
• To meet their expectations that they will be
treated with equality, fairly and consistently.
BUSINESS STRATEGY
HR STRATEGY
REWARD STRATEGY
PERFORMANCE
MANAGEMENT
RECOGNITION
BASIC PAY
EMPLOYEE ACHIEVEMENT
BENEFITS
RESPONSIBILITY
VARIABLE PAY
BONUS
INCENTIVES
ALLOWANCES