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Reward Management
Reward Management
Reward Management
About Rewards
Reward management is a good motivational practice that companies use in
order to reward their employees for their success and achievement. The
company sets their goals and authorizes rules for their employees so that they
can follow and achieve those set goals.
This makes sure that the employees are completely aware of the rules and goals
and they receive their rewards for their performance. All employees follow the
generic reward system as it is a just system.
Having a wonderful reward system helps keep employees satisfied, happy and
loyal to the company. They stay eager to take more steps and climb up the
ladder and reach a mightier place within the company.
Rewards like additional pay and public recognition motivate employees so that
they can work harder. Using software in place to track the employee
performance empowers the employee and the employer to monitor the progress
and identify when goals are achieved and rewards are earned.
1. Extrinsic Rewards: Extrinsic rewards satisfy the basic needs like bonuses,
salary raise, gifts, promotion in job etc.