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