Enhance employee motivation: Reward Management is adaptation of policies that reward employee on consistency, fair and equitable basis in line with organizational values. In the broadest sense of the word, performance evaluation and reward systems are designed for employee development and raising motivation with the purpose of achieving better and more visible results. Employees join the organization within certain expectation of reward. Similarly, if an employee has self-esteem need, providing recognition and appreciation may be an appropriate … Ineffective reward system reduces the performance of employees and the hampers in the productivity of an organization. • Literature Review • Reward is the ‘oil’ of the entire Human Resource process shields • Reward is = Is concerned with the formulation and implementation of strategies and policies that are to reward people fairly, equitably and consistently in accordance with their value in the organization. Praise can be simple recognition for work in presence of other employees. Employee rewards and recognition system is not just a positive thing to do with people but communicating it effectively is an efficient tool in encouraging them to create and bring business for you.


Rewards comprises of praise, challenging work, avenues for growth & development. Reward system exists in order to motivate employees to work towards achieving strategic goals which are set by entities. Reward management consists of analysing and controlling employee remuneration, compensation and all of the other benefits for the employees. But, if it not effective, it may affect adversely to the employees and organization. Reward management aims to create …

Effective Reward System in HRM Rewards motivate employees and make positive towards the organization. Treating your employees like your assets and maintaining harmonious relationships with them doesn’t only yield business in present but also an effective strategy for future. Reward management is one of the ways used by organizations to attract and retain suitable employees as well … The major function of reward system is to enhance the employee motivation. It will raise the morale, efficiency and cooperation among the workers. This will only create an economic burden on the organization. Such system would be easy to implement, so that it would not penalize the workers for the reasons beyond their control and would not result in exploitation of workers. If reward system doesn’t meet the need of employees, it will not motivate the employees to perform better in the future.
To survive in this market they should be able to rapidly respond to changing customer demands. When an employee helps an organization in the achievement of one of its goals, a reward often follows. • From Oxford Definition 1. IMPACT OF REWARD SYSTEMS ON THE ORGANIZATIONS PERFORMANCE IN TANZANIAN BANKING INDUSTRY: A CASE OF COMMERCIAL BANKS IN MWANZA CITY JESCA N. KIKOITO A DISSERTATION SUBMITTED IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF HUMAN RESOURCE MANAGEMENT OF THE OPEN UNIVERSITY OF … If it is implemented effectively, it proves to be an efficient tool in encouraging the employees to create and bring business for the company. What is Reward System in HRM? The achievement and benefit received by employees for their job performance in an organization are known as reward. Keywords: Reward system, chain stores, human resources management, productivity, Iran INTRODUCTION Nowadays, organizations are working in a very competitive and dynamic environment. HRM - Rewards and Recognition Employee rewards and recognition system is not just a positive action towards employees. Reward management is concerned with the formulation and implementation of strategies and policies that aim to reward people fairly, equitably and consistently in accordance with their value to the organization.. Rewards are positive outcomes that are earned as a result of an employee’s performance. For example, if an employee has a physiological need, an economic benefit may be an appropriate reward for him/her. Reward systems have a direct impact (and in most firms the most important one) on the cost side of the organization's financial statement. These rewards are aligned with organizational goals.