Importance Of Reward Management

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Human resource capital is the most important among all the resources an organization owns. To retain efficient and experienced in any organization is very vital in overall performance of an organization. Motivated employees can make it possible to build organization competitively more productive and profitable. The present study is an attempt to find out the major factors that motivate employees through implementing a suitable Reward Management System and it tells what is the relationship among reward and performance while working within an organization and maintaining a work-life balance and long term commitment. The data will be collected from employees of various types of organizations to gain broad representation of Industries. Introduction…show more content…
According to Baron (1983, p. 123), motivation is an accumulation of different processes which influence and direct our behavior to achieve some specific goal. It is such a dynamic in today’s challenging atmosphere that explicitly creates and incorporates a positive impact on job. Within an organization, the best performance is feasible with most committed employees that can only be achieved through employee motivation. Kreitner and Kinicki (2004) assume that motivation contains “those psychological processes that cause the arousal, direction and persistence of voluntary actions that are goal directed.” Motivation depends on certain intrinsic, as well as, extrinsic factors which in collaboration results in fully committed employees. Reward systems are not just bonus plans and stock options. They include both of these incentives; but can also include awards and other types of recognition, promotions, reassignment, or other non-monetary bonuses too. Rewards prove to be as a tool to increase performance and change behaviors in dissatisfies employees. Employees are the assets of the firm and they are the hands and brains through which the whole organizational process comes to life. Therefore, a fair reward system could build job satisfaction and productive behavior in an employee. In Reward systems there are following conceptual framework exist. Intrinsic Rewards + Extrinsic…show more content…
Incentives, rewards and recognitions are the prime factors that impact on employee motivation. As the employees engage in their working activities purposely for own’s sake then they will feel intrinsic motivation in their behaviors as their activities will essentially be enjoyable and satisfactory (Vansteenkiste, 2005, p. 22). The factors like incentives and rewards are the most preferred factors for employee motivation programs. This paper is an attempt that focuses on how incentives, rewards and recognitions impact employee
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