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Reward Management

The reward management varies with each organization. Basically it is made up of the following steps;

Reward Management process

Step one: Employment of highly qualified staff who will facilitate achievement of the organizations goals.

Step two: Continuous analysis of the activities and capabilities of the employees.

This is key in identifying areas where training and development is required. It helps in assessing whether the employees are motivated or not.

Step Three: Employees Motivation

The organization should have a good reward system and rewards that are in tandem with the employee’s needs. Motivated employees are a key asset of any organization.

Step Four: Analysis of the process

Involves activities geared towards identifying the impact the rewards have on the employees. This is in terms of future performance levels. It enables the employer find out if the method of motivation is sufficient.

Development of the reward processes.

To have a successful reward process, every organization needs to consider;

1. Involvement of both the human resource and direct managers.

Both play a vital role as the human resource develops the reward systems while the direct managers implement them.

2. Establishment of organizational reward systems and policies.

Organizational policies have an impact on the rewarding system of an organization as it affects the rewards whether intrinsic or extrinsic. There is a great correlation between the organizational policies, company performance in previous year and general industry standards.

3. Putting in place market oriented reward systems.

The reward systems should be based on the market conditions regarding demand and availability of skilled labor.