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Rewards Management

Rewards Management. Aims to motivate staff will being fair to all employees, clearly communicated, relevant, cost effect, integrated with corporate strategy and be simple. Rewards Can be: Monetary – have a financial value Non-monetary – do not have financial value Extrinsic Intrinsic.

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Rewards Management

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  1. Rewards Management Aims to motivate staff will being fair to all employees, clearly communicated, relevant, cost effect, integrated with corporate strategy and be simple

  2. Rewards Can be: • Monetary – have a financial value • Non-monetary – do not have financial value • Extrinsic • Intrinsic Types of Rewards

  3. Intrinsic Rewards – rewards derived from the Job it’s Self, includes non-monetary rewards only Job: • Interesting Work • Sense of achievement • Challenge • Promotion Environment: • Relations with co-workers • Effective leadership • Social Activities • Safe and Health work Environment Intrinsic Rewards

  4. Rewards given/provided outside of the job itself, Includes monetary and non-monetary Direct: • Wages/salary • Commissions • Monetary Incentives Indirect: • Insurance • Holidays • Child and Medical Care • Travel expenses and Company cars Extrinsic

  5. Rewards can be given based on group performances • Also known as Gain-sharing plans • Aims to have effective and well run labour resources • Supports team based business culture • Can cause rivalry and conflict if not managed properly Group Rewards

  6. What Rewards Aim to Do

  7. Regarding the Business • Business strategy • Economic Conditions • Organisational objectives of rewards • Rewards and benfits of competitors • Relevant awards and agreements, minimum employment standards • Union power • Profitability/viability of business Issues Affecting Benefit Designs

  8. Regarding the Employee: • Performance Related – what will best improve performance • Job Related – Looks at all aspects the employee’s job entails • Other Individual Considerations – group incentives, employee’s values, specific job conditions, individual’s bargaining power

  9. Rewards Management • Google has a successful reward management programme aimed a motivating employees. • Google has a range of on-site employee non-monetary rewards including access to laundries, a doctor, a massage therapist and a range of free restaurants. Employees are also given access to electric Google cars if they wish to explore the area. Surveys to the employees further reveal they are appreciative of the benefits. What research and theorists such as Mayo concur is the reward system pleases not only monetary needs but social and human needs. • Monetary rewards include salary as well as a modern working environment. Google

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