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Reward management is regarded as one of the indispensable factors in motivating the employees towards the performance of their job duties. When the employees perform their job duties adequately and meet the expectations of their employers, they are given rewards as well apart from salaries. The rewards that are given are normally in accordance to the job duties. The employers need to make sure that when the employees have worked diligently and put in adequate time and effort, they need to be rewarded suitably. When the employees are rewarded for their job duties, they are able to form constructive viewpoints in terms of work and organizational as a whole, stimulate their mind-sets and develop interest and enthusiasm. Within various types of organizations, the employers need to acquire an efficient understanding in terms of strategies that are necessary to be put into operation to manage the rewards. The main areas that have been taken into account in this research paper include, purpose of reward system, the objectives of reward management, strategies to achieve the objectives, types of rewards and strategies to recognize and reward employees.
Keywords: Employees, Job Duties, Motivation, Organizations, Reward Management, Strategies
Within the organizations, individuals get motivated by rewards and incentives, which will enable them to satisfy their own needs. But the needs of the individuals and goals associated with them vary widely. It is difficult if not impossible to predict in a precise manner, how particular reward and incentive will affect the behaviour of the individuals. Management of reward is primarily concerned with management of expectations. In return for their contributions, the employees also expect from their employers certain rewards, incentives, pay and opportunities to enhance their career prospects. Expectations are built into the employment relationship. The starting-point of which from the reward point of view is an undertaking by an employee to make provision of support and assistance to the employers. In return for their efforts and hard work, the employers provide them with rewards, salaries and incentives (Chapter - 7. Reward Management, n.d.).
Reward constitutes an important element in human resource management. Reward management is essentially about designing, implementing and maintaining the pay systems, which render a significant contribution in bringing about improvements in organizational performance. Reward management...