Once people are in their jobs, they need to be rewarded for good performance. Compensation is the most obvious and tangible mean of rewards. It includes salary, bonus, benefit packages, perquisites, insurance, etc. The reward system must balance the organisations long-and short-term goals of the organisation.
Rewards can be intrinsic or extrinsic.
Rewards acts as motivator for employees. The three important factors are:
The two functions of rewards are:
The following is a partial list of potential reward:
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