Reward Management Assignment Help

Reward Management Assignment Help
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Reward Management Assignment Help

Definition of Reward Management

Reward management is referred to as a highly a motivational method or practice which is now widely followed in target-driven and contemporary organizations. Reward is a way business used to show employees that their work is being appreciated. Students seeking Reward Management assignment help not always look for conceptual build-up understanding but want to know what its role in making a company popular is or a successful employer among its employees. There are many ways in which a company can reward its employees for their success and achievements.

As a key rule to reward management, it is important that a company lays down certain parameters against which its performance is assessed and then rewarded. Each company is required to put in place a clear and thorough Reward Management System so that the employees set clear goals and follow steps to achieve those goals.

Also, as a matter of fact, it is essential that the employees have a clear understanding of goals, rules, along with respective rewards that they are subjected to in case they deliver exceptional performance. To keep the rewarding consistent, employees at different levels and with same nature of work get the same reward which is organized and set in place right from the beginning. To ensure that the Reward Management happens smoothly, students have to learn the use and access of a website so as to track employee development. This is another important topic that is covered by professional essay writers offering Reward Management assignment writing help.

Outlining the Significance of Reward Management

In the current times, rewards hold great importance and significance and are subjected to all those employees who can deliver great performance. For employees, success matter but to a major chunk of individuals working in professional capacity, having a reward attached to the same work as an allure. Well-created incentives schemes and promised hikes and promotions boost the employee’s morale to function better at particular level which in turn contributes to company’s income and growth. It won’t be incorrect to state that rewards now days matter more than actual performance which therefore gets reflected in salaries hikes or bonuses earned by employees.

What is the Role of Reward Management in a Company?

Reward is a component that is covered within the commendation management system followed and managed by a company. Reward system delivers a significant role in a business which ensures that Labor contributes to Capital and Organization and helps it grow. Human factors associated with a company expect compensation in the form of rewards and hike to keep performing well and contributes in bringing about the process business or production in motion.

What is the Core Types of Rewards Discussed in Reward Management Assignment Help?

  • Rewards and Extrinsic Rewards – These are two sub categories of rewards that explains Intrinsic rewards which is indicated to the satisfaction that a person gets from the profession itself. It deals with the factors of esteem and self-actualization so that employees’ needs are satisfied on all fronts. Such rewards can be named as work prestige, accomplishment, being an active team player, etc. On the other hand, Extrinsic Rewards are referred to the additional benefits which can be seen and evaluated in terms of money and fringe benefits. Such rewards or additional benefits are pre-set by the employees and they have to work hard to earn the same.
  • Financial Rewards and Non-financial Rewards – As the name indicates, Financial Rewards are the ones that are made as direct and indirect payments so as to work towards employee’s well being. These can be illustrated as salary, wages, commissions, bonus, incentives, allowances etc. contrary to this, indirect payments are inclusive of medical insurance, pensions, paid leaves, paid CL, discounts, purchases, etc. With Non-financial Rewards include provision of preferred lunch hours, availability of parking spaces, desired work assignments, impressive job title, personal secretary etc.
  • Membership Based Rewards/Performance Based Rewards – In these two categories and methods, employees are benefited with rewards based on performance. These kinds of rewards totally depend on the caliber of an employee to perform. Such are exemplified by the pay plans per piece, use of commissions, incentive systems, offering group bonuses or through other types of merit pay plans. Membership Based Rewards are the ones that are paid on the basis of just being an organizational member. It is given on the basis of organizational membership and does not depend on the performance of an employee.

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