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Reward Management.docx

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MANA 298
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REWARD MANAGEMENT Financial Reward It comprises of all rewards that have monetary value. (i) Salaries Fixed amounts per month or year for performing a role; these are common for most managerial positions (e.g.Accountant, Payroll Manager) (ii) Employee Benefits Very common in businesses of all kinds; these include: - staff discounts - contributions to travel costs - staff uniforms - sick leave: (encourage employees not to take unnecessary sick leave, unused sick leave is being paid cash), - productivity bonus - attendance bonus - Pensions: When you retired you get some reward. (iii) Time-rate pay Pay based on time worked; very common in small businesses where employees are paid per hour. (iv) Piece-rate pay Pay per item produced – becoming less common (v) Commission Payment based on the value of sales achieved. (vi) Other performance-related pay: E.g. bonuses for achieving targets (vii) Contingent Pay Additional financial reward may be provided that are related to performance, competence, contribution. Non Financial Reward They are those that focuses on the needs of people have to varying degree for recognition, achievement, responsibility, autonomy, influence and personal growth. (i) Job enlargement Job enlargement involves adding extra, similar, tasks to a job. 1 In job enlargement, the job itself remains essentially unchanged. However, by widening the range of tasks that need to be performed, hopefully the employee will experience less repetition and monotony. Apossible negative effect is that job enlargement can be viewed by employees as a requirement to carry out more work for the same pay. (ii) Job rotation Job rotation involves the movement of employees through a range of jobs in order to increase interest and motivation. For example, an administrative employee might spend part of the week looking after
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