Reward Management and Employee Motivation

With the development of the modern business organization and the complex needs and wants of the people, it is identified that the skills and capabilities of the people are creating unique advantage for the people as well as organizations. Hence, it is understood that the retention of the people is one of key goal of an organization while supporting them to develop their skills and capabilities to a better standard. (Becker & Gerhart, 1996)

The reward management could be identified as a process or a component which is connected with the people management in the modern human resource development and management. It is identified that the reward management essentially dealing with the different processes, policies and strategies which are connected towards the employee commitment, contribution towards the performances of the organization.(Management Study Guide, n.d.) The reward management systems are required to be consistent and independent which creates an equal treatment among all the employees of an organization without making conflicts(Ali, 2013). Hence, it is identified that the designing of the rewards management system is critical for any organization while creating a better level of motivation and commitment with the employees in an effective and efficient manner. When it comes to the performance management and rewards management, it is understood that the people could experience two key elements including the financial rewards as well as the non-financial rewards to manage their level of commitment and the loyalty towards the organization. (Management Study Guide, n.d.)

When it comes to the reward management and employee motivation it is clear that there are several types of rewards which could exist to serve many different purposes of the organizations. In essence, it is identified that the rewards could create better employment relationships, loyalty and the management of the employee turnover of the organization while creating a higher level of productivity among the employees of the organization. When it comes to the different types of the rewards, it is identified that the people could be defined them as financial and non-financial rewards which could support the overall development of the business organization as well as the personal needs and wants of the employees of the organization. It is understood that many people are referring the salary, bonuses and other key financial considerations as the rewards while there could be two major categories when it comes to the rewards including the extrinsic rewards and the intrinsic rewards.(Management Study Guide, 2019)

References

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Adewoye, J. O. & Obasan, K. A., 2012. The Impact of Information Technology (IT) on Human Resource Management (HRM): Empirical evidence from Nigeria Banking Sector. Case Study of Selected Banks from Lagos State and Oyo State in South-West Nigeria. European Journal of Business and Management, 4(6), pp. 28-37.

Ali, A., 2013. Significance of Human Resource Management in Organizations: Linking Global Practices with Local Perspective. Researchers World, 4(1), p. 78.

Allen, M. R., Ericksen, J. & Collins, C. J., 2013. Human Resource Management, Employee Exchange Relationships, and Performance in Small Businesses. Human Resource Management, 52(2), pp. 153-173.

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