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REWARD SYSTEM
Submitted to: Dr. RAJNI JAIN Submitted by: ANURODH KUMAR (3) DEEPANSHU OHLAN(5) KUMAR ANKUR(10) UTTAM KUMAR(26)
INTRODUCTION
Employees dont work for free. Most businesses are not volunteer services, so you have to compensate them in some way for their time and effort. What used to be called pay and then became remuneration is today often termed reward. It refers to all of the monetary, non-monetary, and psychological payments that an organisation provides for its employees. How can you put all this together? There is no magic, one-size-fits-all solution: it should vary in different organisations.
Objectives
Reward systems have three main objectives: (a) To attract new employees to the organisation. (b) To elicit good work performance.
Reward Systems
Intrinsic Rewards Status Growth
Responsibility
Extrinsic Rewards Non-financial (office, staff, title, etc.) Financial (direct and indirect compensation)
Public Private
Mandatory versus Voluntary Contributory versus Non-contributory
Incentives
Cost-of-Living Adjustments (COLAs) Merit Pay
Pay Adjustments
Fixed Rate Increases
step increases, flat dollar increases
Percentage Increases
across the board, competitive percent
Incentives
Levels of Incentives
Individual
Group Company-wide Executive
Company-wide Incentives
Profit Sharing
(Cash Plan or Deferred Plan)
Gainsharing
Executive Incentives
Salaries Stock Options
Evaluation of Incentives
Attention getter? Understandable? Establishes culture through values? Improves communication? Pays when it should?
(achievements versus failures)
THANK YOU