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Module 1: The employment cycle

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Human resource management: recognition and reward

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Business Management - Human resource management: recognition and reward


Recognition and reward

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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