Reward management usually refers to the financial reward given to employees in return for their labour. However, a reward package can include financial and non-financial elements.
Employee Motivation comes in many forms
Financial rewards can include basic and performance pay, and employee benefits, which together comprise total remuneration. They are the most tangible expression of the working relationship between employer and employee.
Non-financial rewards include recognition, promotion, praise, achievement responsibility and personal growth, and can often have a more impact.
Both financial and non-financial rewards have tremendous influence upon the employees and employers performance and can:
· Attract and retain high quality people
· Motivate employees to achieve high levels of quality performance.
· Increase employee commitment and effort
· Reinforce desired behaviours and performance levels
· Reward people fairly and consistently for their contribution
· Improve co-operation and effective team working at all levels
· Support the attainment of your business goals and strategies
· Support and change your business culture
How effective is your reward strategy? Does your strategy encourage the right behaviours and performance?
If you think you may be paying too little or too much, or if you want to discuss tax efficient ways to lever your salary spend, contact us today.