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Reward Practices in Business - How to Inspire Employees to Greater Levels of Achievement For the Benefit of the Company Essay Example

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Reward Practices in Business - How to Inspire Employees to Greater Levels of Achievement For the Benefit of the Company

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Reward Practices in Business - How to Inspire Employees to Greater Levels of Achievement For the Benefit of the Company. There are a great number of ways in which rewards can be viewed within a company. Basic rewards are defined through expected compensation. Rewards that are based on the needs of the employee in regard to advancing their perception of their position, both through acknowledgement and through actual promotion, can provide a great sense of satisfaction. Creating rewards that satisfy the individual with regard to the way in which they perceive their value to the organization has a far greater impact than simple rewards of a non-related form. People need to feel purpose and this need, through the aspect of self-actualization will have the greatest impact on employee performance when it is satisfied through a reward.

 There are a great number of ways in which rewards can be viewed within a company. Basic rewards are defined through expected compensation. Rewards that are based on the needs of the employee in regard to advancing their perception of their position, both through acknowledgement and through actual promotion, can provide a great sense of satisfaction. Creating rewards that satisfy the individual with regard to the way in which they perceive their value to the organization has a far greater impact than simple rewards of a non-related form. People need to feel purpose and this need, through the aspect of self-actualization will have the greatest impact on employee performance when it is satisfied through a reward. 2. Human Resource Management Strategies for rewards are often developed and administered through the human resource department of an organization. According to Bratten and Gold (2001, 238), reward systems are one of the top four responsibilities of the human resource department.  In order to pursue organization goals, reward systems, most often starting with pay and ending with incentive programs, are implemented and administered through this area of the company. The most frequently challenging source of impact on the reward end of administering an organization is the economic impact that will change how the rewards can be distributed. . Reward Practices in Business - How to Inspire Employees to Greater Levels of Achievement For the Benefit of the Company.

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