Reward System Report

10090 Words41 Pages
CHAPTER – 1

INTRODUCTION TO THE STUDY

Reward system is a key instrument that organization to redirect for specialist motivation in hungered for ways. In same words, reward systems attempt to attract delegates to join the association to keep them heading off to their work, and goad them to perform to strange states execution. The prize structure contains all the affiliation parts – including specialist's systems models and decision making activities included in scatter the pay and points of interest to the association delegates consequently for their complete responsibility to the affiliation. A respectable Reward System is segregating bit of the affiliation's blueprint. How well they fit with the other of the structures in an affiliation
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Rewards and recognition vary in definition but still convey the same idea of distinguishing and motivating employees. These perks can be given at anytime, specifically at the beginning, middle, or end of a company goal just as long as they align the incentives with an organization’s mission and goals. When properly implemented, rewards and recognition helps aid a company in the pursuit of strategic and operational goals. In a global economy with millions of businesses vying for customers, an organization must be able to motivate and properly compensate employees or risk falling behind competitors or worse, have employees with knowledge of the organization leave for competitors. With employee rewards and recognitions, one must understand the human need for acceptance, an accurate definition for reward and recognition, how rewards and recognition aid in meeting the human need for acceptance and motivation, the importance of having an employee rewards and recognition system in place, the benefits of this system, and various types of monetary and non-monetary aspects of an employee rewards and recognition system. People crave acceptance. This desire can be seen in every stage of life and is universal. Dave Ramsey (2011) writes in EntreLeadership, "The feeling and reality of acceptance gives people the best opportunity to become their best. People yearn for approval (239). This need is all about one feeling a sense of belonging and approval. People want to feel connect with others. On the opposite spectrum, people hate rejection and will even act contrary to their beliefs in order to not be rejected. The psychologist Abraham Maslow created the famous hierarchy of needs and included acceptance as part of the third classification, love and belonging, as the most important element of human needs. Acceptance
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