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Business Management - Human resource management: recognition and reward
Recognition and reward
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Recognition, reward and remuneration - the desired outcomes of the
employment process for any employee. Employers must find a way to
appropriately recognise, reward and remunerate their employees so that the
employees continue their employment with the organisation and so that their
performance is at the benchmark.
Recognition and rewards may take many forms as provided by an employer.
They include:
* wages and salary - award and over-award payments
* fringe benefits - expense accounts, low cost loans, mortgage repayments
* non-monetary rewards e.g. office location, canteen facilities, motor
vehicles, medical benefits
* commissions and performance based remuneration - stock issues, bonuses
* social based benefits
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Recognition and reward will boost the moral of new recruit.
Rewards and recognition are great tools for employees Its a n incentive for them to work harder to complete a task in an organization.
What is fringe benefit? and state two examples
How challenging can it be for small businesses/organisations when they implement staff recognition and reward program?
Recognition system is essential to keep good staff at all.
Recognition and rewards may take many forms as provided by an employer. They include: wages and salary - award and over-award payments fringe benefits - expense accounts, low cost loans, mortgage repayments non-monetary rewards e.g. office location, canteen facilities, motor vehicles, medical benefits commissions and performance based remuneration - stock issues, bonuses social based benefits
Recognition and reward motivate worker for more work
How are social benefits like?
How do non-monetary rewards benefit an employee?
Recognition can take a variant of forms for any organization stemming for monetary to non-monetary. To have employees continue working for any organization at the benchmark level, it is paramount that the HR manager find the best model/option for his/her organization.