“Effective rewards management system enhances the performance of employee” Discuss with suitable examples
Answers
Reward management is concerned with the formulation and implementation of strategies and policies that aim to reward people fairly, equitably and consistently in accordance with their value to the organization.[1]
Reward management consists of analysing and controlling employee remuneration, compensation and all of the other benefits for the employees. Reward management aims to create and efficiently operate a reward structure for an organisation. Reward structure usually consists of pay policy and practices, salary and payroll administration, total reward, minimum wage, executive pay and team reward.[1]
Modern reward management techniques, such as those introduced by uflexreward in 2019 digitise the reward policies themselves, such that reward spend and ROI can predicted and tracked in real-time.