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HRM's basic aim is to enhance motivation, job engagement and commitment by injecting new policies and processes that ensure that people are valued and rewarded for what they do and achieve, and for the levels of skill and competence they acquire.
Reward Management Defined
Reward management basically concerned with the formulation and implementation of strategies and policies that aim to reward people fairly in the workplace for their extra effort. It deals with the design, implementation and maintenance of reward processes and practices that are geared to the improvement of organizational, team and individual performance.
Meaning of reward management
Reward management means the formulation or development of policies and strategies in order to reward the employees on a fair and equitable basis. Reward management is very important as it motives the employees to work with dedication in order to perform well in the organization so that they get a reward for their performances. Rewards can be in the form of praises, recognition, etc. Reward management is important to provide just and fair treatment to all the employees who perform well in the organization. Rewards in any organization can be categorized into two categories:
- Intrinsic rewards
- Extrinsic rewards
Intrinsic rewards are the rewards that are non-monetary in nature and provides a certain level of motivation to the employees. Intrinsic rewards can be the praises, recognitions, appreciations in front of peers and colleagues, overall development of the employees in the form of training, etc.
Extrinsic rewards can be in monetary terms. These are rewards that satisfy the fundamental needs of the employee. Extrinsic rewards can be in the form of compensation along with the base pay, job security, incentives, etc.
In order to implement effective reward management in the organization, the employer must consider a few points. These are as follows:
Public recognition- the employee who has performed exceptionally well in the organization must be recognized in front of all the employees of the organization that includes his or her peers, colleagues or team members. Recognition in front of others helps in motivating the employees to the great extent and encourage them to perform efficiently and effectively in the future as well.
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Putting rewards on official records- the reward management is very effective if the name of the person who is getting the reward will be reflected in the official records of the organization. This becomes the source of motivation for the other employees as well as they want their names also to be reflected in the official records as the best performers of the organization.
Specific reward- rewards must be given only if there is a specific purpose, reason, or achievement. Unnecessary rewards to all the employees for all the purposes must not be given as it will not form effective reward management.