Reward Management in a Professional Organisation Essay

2280 Words 10 Pages
In today’s dynamic business environment, every organization is galloping its pace to cope up with the change and dynamism of the market, in order to captivate greater competitive edge and market share. The existing scenario enriched with time based competition and mass customisation has agitated many organisations to etch in the market with such intellectual capital that can withstand according to the stated situation. The human resource of the firm plays a vital role in achieving its targets and goals because planning and setting objectives does not seen as sound means to grab them if the execution is not implemented with its core theme and that is possible only when human resource of the firm will be considered as strategic partner of …show more content…
The main objective of reward strategy is to fabricate such a systematic mechanism which retains, attracts and motivate the staff.
REWARD HISTORY
The keen analysis of history eyeshot salaries as the key factor to which an employee is attracted, bonuses and incentive scheme plans are destined to motivate them while other benefits and leverages are helpful in retaining their loyalty with the organisation (Dessler, 2003). These rewards were remunerated to the employees with the purpose to bring in their efforts, skills, abilities, knowledge and expertise that subsequently helped the organisation in achieving its vision and mission. Reward was considered to have three basic parts which include remuneration, perquisites and benefits. Remuneration were meant to deal with aspects like salary structures, job evaluation and incentive schemes, and perquisites used to cover the benefits provided to the discrete categories of the employees like private healthcare, company car or allowance, house rent and so on, while benefits were offered irrespective of the employee’s position in the company such as paid leave, free training courses or parties.

REWARD IN MODERN ERA In today’s modern era, it has been observed that individual are not only attracted towards the financial benefits only but they do have concern in getting non-financial

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