Explain the process of job analysis and job design. Discuss different functions related to recruitment, selection and outsourcing in your ...
Explain the concept of intervention. Describe the interventions which have been used in an organization you are familiar with. Give reason...
RETRENCHMENT STRATEGIES Retrenchment is a short-run renewal strategy designed to overcome organizational weaknesses that are contribu...
TURNAROUND STRATEGY Turnaround is a strategy adopted by firms to arrest the decline and revive their growth. A turnaround situ...
STABILITY OR CONSOLIDATION STRATEGY Nature Of Stability Strategy A firm following stability strategy maintains its cu...
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Sunday, November 2, 2008
Explain what is reward system ? Describe the reward system of your organization you are acquainted with. How financial reward systems have been helping in improving organizational performance?
One of important attributes of work organization is the ability to give reward to their members. Pay, promotions, fringe benefits, and status symbols are perhaps the most important rewards. Because these rewards are important, the ways they are distributed have a profound effect on the quality of work life as well as on the effectiveness of organization.
Organization typically rely on reward system to do four things :
1. Motivate employees to perform effectively.
2. Motivate employee to join the organization.
3. Motivate employee to come to work, and
4. Motivate individuals by indicating their position in the organization structure.
There are several principles for setting up an effective reward system in an organization :