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Ans. Reward systems are the policies that are framed by the organization in order to award the best performers of the organization. Reward systems can be in the form of compensation, benefits, professional development, work-life balance, and recognition. Compensation is the form of reward in which the extra cost benefits are given to the employee in addition to their salaries like, cash bonus, profits, and incentives. Benefits are the rewards that are given by the employer to his employees in the form of paid vacation, sick leaves, entertainment expenses, health insurances, and pension programs. Professional development in the form of reward systems in which the training is being provided to the employees for their overall development. Training is provided by the experts, or the persons working at the senior levels, or various online courses are conducted for the development of the employees which help in increasing their skills capability and knowledge. Employers also provide an opportunity for their employees to maintain their work-life balance in the form of permission to come late to the office for attending their children’s school events, etc. Recognition is also an important element of the reward system that aims at recognizing, praising, and appreciating the employees in front of their peers, subordinates, superiors, and colleagues.
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