rewards, benefits and incentives of an organization
DESCRIPTION
From here we can know the facilities of employees provided by the organization.TRANSCRIPT
![Page 1: Rewards, Benefits and Incentives of an Organization](https://reader034.vdocument.in/reader034/viewer/2022052622/55962d401a28ab61448b4750/html5/thumbnails/1.jpg)
![Page 2: Rewards, Benefits and Incentives of an Organization](https://reader034.vdocument.in/reader034/viewer/2022052622/55962d401a28ab61448b4750/html5/thumbnails/2.jpg)
Submitted To,
Md. Awal HossenLecturer
Department of Business Administration
LEADING UNIVERSITY
![Page 3: Rewards, Benefits and Incentives of an Organization](https://reader034.vdocument.in/reader034/viewer/2022052622/55962d401a28ab61448b4750/html5/thumbnails/3.jpg)
Ehsan Ahmed Chy.1201010230
Syed Ali Hasan1201010248
Mahmudul Karim1201010205
Masum Hussain1201010202
Abdul Motin1201010219
Abu Ahmed Shahib1201010247
![Page 4: Rewards, Benefits and Incentives of an Organization](https://reader034.vdocument.in/reader034/viewer/2022052622/55962d401a28ab61448b4750/html5/thumbnails/4.jpg)
Something that incites or has a tendency to inciteto determination or action
What is Incentives ??
![Page 5: Rewards, Benefits and Incentives of an Organization](https://reader034.vdocument.in/reader034/viewer/2022052622/55962d401a28ab61448b4750/html5/thumbnails/5.jpg)
Requirements of Incentive Plans
• The first concerns the procedures and
methods used to appraise employee
performance.
• Second requirement is that the
incentives (rewards) must be based on
performance.
![Page 6: Rewards, Benefits and Incentives of an Organization](https://reader034.vdocument.in/reader034/viewer/2022052622/55962d401a28ab61448b4750/html5/thumbnails/6.jpg)
are said to exist where an agent can expectsome form of material reward
Types of Incentives
Financial incentives
are said to exist where a particular choice is widely regarded as the right thing to do
Moral incentives
are said to exist where a person can expect that the failure to act in a particular way will result
Coercive incentives
such as curiosity, mental or physical exercise, admiration, fear, anger, joy, or the pursuit of truth
Natural Incentives
![Page 7: Rewards, Benefits and Incentives of an Organization](https://reader034.vdocument.in/reader034/viewer/2022052622/55962d401a28ab61448b4750/html5/thumbnails/7.jpg)
which motivate anindividual personthrough their tastes,desires, sense of duty,pride
the distinction above wasmade for the purpose ofunderstanding andcontrasting the socialincentive structures
Personal Incentive
Social Incentive
Other Types of Incentives
![Page 8: Rewards, Benefits and Incentives of an Organization](https://reader034.vdocument.in/reader034/viewer/2022052622/55962d401a28ab61448b4750/html5/thumbnails/8.jpg)
1. To increase productivity
2. To drive or arouse a stimulus work
3. To enhance commitment in work performance
4. To psychologically satisfy a person which leadsto job satisfaction
5. To shape the behavior or outlook ofsubordinate towards work
6. To inculcate zeal and enthusiasm towards work
Importance of incentives
![Page 9: Rewards, Benefits and Incentives of an Organization](https://reader034.vdocument.in/reader034/viewer/2022052622/55962d401a28ab61448b4750/html5/thumbnails/9.jpg)
Money or another kind of payment that is given orreceived for something that has been done or that isoffered for something that might be done.
What is Reward ??
![Page 10: Rewards, Benefits and Incentives of an Organization](https://reader034.vdocument.in/reader034/viewer/2022052622/55962d401a28ab61448b4750/html5/thumbnails/10.jpg)
Results• Learning• Personal development• Stable, strong job performance
Properly administeredrewards
Timely and instructivefeedback
EffortAbility
Feedback and Rewards Are Important Links In the Job Performance Cycle
![Page 11: Rewards, Benefits and Incentives of an Organization](https://reader034.vdocument.in/reader034/viewer/2022052622/55962d401a28ab61448b4750/html5/thumbnails/11.jpg)
Types of Reward
![Page 12: Rewards, Benefits and Incentives of an Organization](https://reader034.vdocument.in/reader034/viewer/2022052622/55962d401a28ab61448b4750/html5/thumbnails/12.jpg)
Bonuses motivates the employee to putin all Endeavour‟s
Types of Extrinsic Reward
Is achieved after hard work and effort of employees
Mainly presented as a token of appreciationfor an achievement
This can be done by elevating the employeeto a higher stage
![Page 13: Rewards, Benefits and Incentives of an Organization](https://reader034.vdocument.in/reader034/viewer/2022052622/55962d401a28ab61448b4750/html5/thumbnails/13.jpg)
Recognition
employee’s performance by verbal appreciation.
Trust
vital aspect between living individuals
Feedback
offers guidance to employees whether positive or negative
Types of Intrinsic Reward
![Page 14: Rewards, Benefits and Incentives of an Organization](https://reader034.vdocument.in/reader034/viewer/2022052622/55962d401a28ab61448b4750/html5/thumbnails/14.jpg)
Schedule of Reward
![Page 15: Rewards, Benefits and Incentives of an Organization](https://reader034.vdocument.in/reader034/viewer/2022052622/55962d401a28ab61448b4750/html5/thumbnails/15.jpg)
Fixed Ratio
Variable Ratio
Fixed Interval
Variable Interval
Types of Intermittent Reinforcement
![Page 16: Rewards, Benefits and Incentives of an Organization](https://reader034.vdocument.in/reader034/viewer/2022052622/55962d401a28ab61448b4750/html5/thumbnails/16.jpg)
• Long-term incentive programs (last longer than 6 months) increased employee performance by 44%
• Intermediate length incentive programs (last 1-6 months) increased employee performance by 30%
• Short-term incentive programs (last less than 1 month) increased employee performance by 20%
Length of Reward Program
![Page 17: Rewards, Benefits and Incentives of an Organization](https://reader034.vdocument.in/reader034/viewer/2022052622/55962d401a28ab61448b4750/html5/thumbnails/17.jpg)
1
Keep talented employees from leaving
Motivate employees to perform optimally
Steps for Launching an EAP Program
Foster personal growth and development
Increase employee satisfaction with their work
2
3
4
5 Attract talented employees
Reward’s Effect on Stages of Work
![Page 18: Rewards, Benefits and Incentives of an Organization](https://reader034.vdocument.in/reader034/viewer/2022052622/55962d401a28ab61448b4750/html5/thumbnails/18.jpg)
• Attract talented employees.
• Motivate employees to perform optimally.
• Foster personal growth and development.
• Increase employee satisfaction with their
work.
• Keep talented employees from leaving.
Importance of Reward System
![Page 19: Rewards, Benefits and Incentives of an Organization](https://reader034.vdocument.in/reader034/viewer/2022052622/55962d401a28ab61448b4750/html5/thumbnails/19.jpg)
What is Benefit ??
![Page 20: Rewards, Benefits and Incentives of an Organization](https://reader034.vdocument.in/reader034/viewer/2022052622/55962d401a28ab61448b4750/html5/thumbnails/20.jpg)
Objectives of Benefit Programs
• To Improve Morale
• To Meet Health and Safety Needs
• To Attract Good Employees
• To Reduce Turnover
• To Reduce Unionism
• To Maintain a Competitive Position
• To Enhance the Organization's Image
![Page 21: Rewards, Benefits and Incentives of an Organization](https://reader034.vdocument.in/reader034/viewer/2022052622/55962d401a28ab61448b4750/html5/thumbnails/21.jpg)
![Page 22: Rewards, Benefits and Incentives of an Organization](https://reader034.vdocument.in/reader034/viewer/2022052622/55962d401a28ab61448b4750/html5/thumbnails/22.jpg)
Vacations and Holidays
Parental Leave
Supplemental Unemployment
Benefits
Supplemental Pay Benefits
Unemployment Insurance
Sick Leave
Severance Pay
Pay for Time Not Worked
![Page 23: Rewards, Benefits and Incentives of an Organization](https://reader034.vdocument.in/reader034/viewer/2022052622/55962d401a28ab61448b4750/html5/thumbnails/23.jpg)
Employee Benefits Required by Law
![Page 24: Rewards, Benefits and Incentives of an Organization](https://reader034.vdocument.in/reader034/viewer/2022052622/55962d401a28ab61448b4750/html5/thumbnails/24.jpg)
TYPES OF BENEFITSTOTAL PERCENTAGE
(All Companies)
Payments for vacations, sick leave, holidays,
etc.5.0%
Legally required payments 8.0 %
Medical and medically related benefit
payments6.0 %
Retirement and savings (employer’s share) 7.0 %
Paid rest periods, lunch periods, etc. 3.0 %
Miscellaneous benefits 1.0%
Life insurance .5%
Total employee benefits as percent of payroll 30.5%
Typical Cost of Benefits
![Page 25: Rewards, Benefits and Incentives of an Organization](https://reader034.vdocument.in/reader034/viewer/2022052622/55962d401a28ab61448b4750/html5/thumbnails/25.jpg)
![Page 26: Rewards, Benefits and Incentives of an Organization](https://reader034.vdocument.in/reader034/viewer/2022052622/55962d401a28ab61448b4750/html5/thumbnails/26.jpg)
![Page 27: Rewards, Benefits and Incentives of an Organization](https://reader034.vdocument.in/reader034/viewer/2022052622/55962d401a28ab61448b4750/html5/thumbnails/27.jpg)