What is the main characteristic of strategic reward?

Reward strategy provides a sense of purpose and direction and a framework for developing reward policies, practices and process. It is based on an understanding of the needs of the organization and its employees and how they can best be satisfied.

What are the four main types of rewards?

4 Reward Systems to Have for Employee Morale
  • Monetary Reward Systems.
  • Non-Monetary Reward Systems.
  • Employee Assistance Programs.
  • Employee Recognition Programs.

What are the factors influencing the reward management?

The study findings show that several factors affect the organizations reward system, namely, job design, affective commitment, motivation level, organizational culture, performance management, government and level of competition in the industry.

What is efficient reward management?

An effective reward management system is essential for high satisfaction and motivation of employees at work. It is the most powerful tool available to reinforce organizational values and translate them into employee actions It is concerned with the process of employee attraction, motivation, and retention.

What are the types of rewards management?

Types of reward scheme
  • Piecework schemes. Under Piecework schemes, a price is paid for each unit of output. …
  • Individual performance-related pay schemes. …
  • Group-related performance-related pay schemes. …
  • Knowledge contingent pay. …
  • Commissions. …
  • Profit-related pay. …
  • Stock option plans.

What are the classification of rewards?

There are a number of ways to classify rewards. Three of the more typical dichotomies are: Intrinsic versus extrinsic rewards, financial versus non financial rewards, and performance-based versus membership based rewards. These categories are far from being mutually exclusive.