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THE IMPORTANCE OF REWARD MANAGEMENT SYSTEM

THE IMPORTANCE OF REWARD MANAGEMENT SYSTEM


              The elements of reward management within a business organisation are all the things that they use to attract potential employees into their business which includes salary, bonuses, incentive pay, benefits and employee growth opportunities such as professional development and training opportunities. Having a reward management system in place provides the business with many advantages, especially in small to medium size organisations where the managers must have a good relationship with the employees.

1. Reward management system is very helpful in retaining current employees in the organisation.

2. By the reward management systems employees become loyal with the organisation.

3. Reward management systems inspire, motivate the employees.

4. It is very helpful attracting new employees in the organisation.

5. Reward management always appreciate the work performance of the employees.

6. This is the system that we can use in analyzing the work efficiency of the employees.

7. It is show the integrity of the employees.

8. It create discipline between employees in the organisation.  

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