Reward systems within an organisation

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In developing a reward system, organisations hope to support the goals of the organisation by aligning the goals of employees with these. Reward systems can be used to motivate employees to work in the best interest of the organisation.

A reward is something given, to an individual or group, in recognition of their services, efforts or achievements. The rewards that an organisation offers to its employees can either be intrinsic or extrinsic. 

Intrinsic rewards arise from the performance of the job itself. This includes the feeling of satisfaction that comes from doing a job well, being allowed to make higher level decisions or being interested in your job.

Extrinsic rewards are separate from the job itself and are dependent on the decisions of others. Pay, working conditions and benefits are all examples of extrinsic rewards.

The offering of positive rewards to employees is a key motivational issue for most organisations. However, rewards system should be carefully designed in order to ensure that they:

● are fair and consistent for all employees, even for those workers with different job sizes or required levels of skill

● are sufficient to attract and retain staff

● maintain and improve levels of employee performance 

● reward progression and promotion

● comply with legislation and regulation 

● control salary costs

Rewarding employees for their contribution towards development of an organization , boost the motivation of employees and in return employees tend contribute more ,its a Win Win situation for both parties.Same time it helps to build employee employer bond that is very important for any organization that seeks long term stability.

Tyron Seneviratne.

Comments

  1. UnknownDecember 21, 2017 at 10:11 PM

    An interesting & timely read. My organization could definitely benifit from such a rewards scheme. Im personally interested in schemes designed to leverage the psychological aspect of individuals working in teams. This way a loss of a reward carries an additional pressure to perform better.

    ReplyDelete
  2. UnknownDecember 22, 2017 at 12:16 AM

    Employee rewarding might be change organizations performance and it will be benefited to increased corporate reputation about the organisations.
    As my experience , if the organisation reward their employees base on performance , those organisations are performing continuesly . They have minimum competitor threats.

    ReplyDelete
  3. UnknownDecember 22, 2017 at 7:58 PM

    Having a proper rewarding system is essential to organizations & specially, rewarding the right person at the right time is very important. This will enable the employees to engage with the organization & deliver the best to achieve the company goal.

    ReplyDelete
  4. UnknownDecember 22, 2017 at 8:13 PM

    Need a Simple appreciation employees will be quick motivation.For keep good environment of work Rewards + Punishing needed therefore you can extend your report to analze it.

    ReplyDelete
  5. NeoshineDecember 22, 2017 at 9:41 PM

    The reward organization offers should address the need of the employee. Based on the hierarchy of needs different people will get motivated at different factors. Rewards decided without having a proper knowledge on what motivates your employees, might not return the expectations.

    ReplyDelete
  6. ajaykrDecember 21, 2021 at 1:29 AM

    Wonderful blog! Appreciation is a simple gesture or praise that can boost employee morale and motivate them. Especially, in the remote workplace, the need for recognition grows even more crucial. We bring virtual rewards and recognition ideas to engage remote employees in recognition activities at the workplace.

    ReplyDelete

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