REWARD MANAGEMENT SYSTEMS

REWARD MANAGEMENT SYSTEMS

           Reward management is a motivational practice that businesses use to reward employees for their achievements and success. The company sets goals and establishes rules for its employees to follow to achieve those goals. It makes sure that employees are clearly aware of these goals, rules, and the rewards they will get for high performance. All employees follow the same reward system, and the system is organized and just. Using a website to track employee development enables the employee and employer to monitor progress and easily identify when goals are reached and rewards earned.

            Reward management is concerned with the process, strategy, aims, and the philosophy of rewarding people in organisation. Michael Armstrong defines it in this way : “Reward management is concerned with the formulation and implementation of strategies and policies, the purpose of which are to reward people fairly, equitable and consistently in accordance with their value to the organisation.