rewards. a well-planned reward system is a key strategy in… attracting, motivating & retaining...

REWARDS

A WELL-PLANNED REWARD SYSTEM IS A KEY STRATEGY IN…

ATTRACTING, MOTIVATING & RETAINING EMPLOYEES

REWARDS SYSTEMS SHOULD…

- MOTIVATE STAFF- BE EQUITABLE- CLEARLY COMMUNICATED- DEFENSIBLE- RELEVANT- COST EFFECTIVE- INTEGRATE WITH

CORPORATE STRATEGY

WHAT REWARDS WOULD YOU

APPRECIATE OR EXPECT WHEN

WORKING?

SYLLABUS

1) MONETARY & NON-MONETARY

2) INDIVIDUAL & GROUP

3) PERFORMANCE PAY

1

REWARDS FOR WORK MAY BE

MONETARY OR NON-MONETARY

MONETARY- WAGES/SALARY- BONUSES- FRINGE BENEFITS

NON-MONETARY- FLEXIBLE WORKING

HOURS- JOB SATISFACTION- RECOGNITION

2

REWARDS MAY BE GIVEN TO THE

INDIVIDUAL OR GROUP

INDIVIDUAL REWARDS- PAYMENT BY RESULTS- BONUSES- COMMISSIONS- WAGE/SALARY

INCREASES

GROUP REWARDS- PAYMENT BY RESULT- TEAM BONUSES- PROFIT-SHARING

GROUP REWARDS HELP BUSINESSES ACHIEVE DESIRED LEVELS OF EFFECTIVENESS

3

PERFORMANCE PAY CAN REWARD EMPLOYEES EITHER INDIVIDUALLY OR COLLECTIVELY FOR WORK

TOWARDS ACHIEVING CERTAIN GOALS

DO YOU THINK THERE ARE ANY

ISSUES WITH THIS?

PERFORMANCE PAY CAN CAUSE FEELINGS OF

SUPERIORITY, WHICH MAY LEAD TO CONFLICT

IN A WORKPLACE