Reward Management Essay examples

6973 Words Oct 8th, 2012 28 Pages
Table of Contents

Reward Management 4 Objectives of Reward System 5 Alternative to Reward Management 6 Types of Rewards 6 Criteria of Reward Management 7 Relating Rewards to Performance 9 Job Satisfaction and Rewards 10 Rewards and HRM Cycle 10 Reward Management System in Coca Cola International 11 Reward Management System 11 Findings 12 Criteria of rewarding employees 13 How Coca Cola International Motivate Employees 14 Pay system of Coca Cola International 15 Types of Rewards of Coca Cola International 15 Employee of the Quarter Program 16 Analysis of survey 17 Recommendations 19 Reward System Management in Eco-Care and Aware 21 Introduction about the Organization 21 Reward System Followed
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Usually competent employees will find the company that can give them a good reward. The example of the company that provide a good reward system is Tenaga Nasional Berhad in which the employees are well served with the reward to make sure that they can provide a better service to the customer by having the best employee in it.

Secondly is to elicit good performance. Rewards are also intended to maintain and improve performance. Nobody can truly motivate: employee motivation can only come from within. But the promise of a bonus or a pay rise is intended to encourage employees to motivate themselves to reap the rewards. It is normal to say that the employee tend to perform better as they want to earn the reward.

Thirdly is to maintain a good commitment. The reward system also serves to maintain and strengthen the psychological contract. It indicates what behavior the organization values, i.e. what is paid for. For example, if your company values teamwork, then there will probably be a team bonus of some kind. The psychological contract will partly determine what employees perceive to be “fair” in terms of reward for the work they do.
Alternative to Reward Management

There are different alternatives to reward management such as pay for knowledge system, group incentive, gain sharing plan, profit sharing, cost saving and cafeteria style benefits. These all are used to help reward management strategies to make them more gainful.

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