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Sunday, November 2, 2008

Reward System

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 :

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