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Reward Systems and Recognition Schemes | Report

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Added on  2020-02-03

Reward Systems and Recognition Schemes | Report

   Added on 2020-02-03

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ACADEMIC RESEARCH& WRITING
Reward Systems and Recognition Schemes | Report_1
TABLE OF CONTENTSTASK 1............................................................................................................................................3TASK 2............................................................................................................................................4TASK 3............................................................................................................................................1REFERENCES................................................................................................................................2
Reward Systems and Recognition Schemes | Report_2
TASK 1In the current scenario organizations are seen that there are problems occurs with theemployees in the business. The major problem occurs with the employees is related to the rewardsystem or recognition schemes. The businesses should motivate to the employees in order toprovide rewards. The rewards and recognition system may be in terms of non monetary andmonetary form. An organization which is either national or international, it has to give rewardsand recognitions to the employees. For this the organizations explore the four elements which arewill be helpful to the organizations in order to solve the problems. The four key elements aresuch as skill development, research, incentives or rewards and communication (Burke andNoumair, 2015). These four key elements are of a performance improvement programme. Ituniversal in the firms to motivate the employees. From the present report a reader should be ableto know about the reward systems and recognition schemes. He will be able to understand thatwhy it is necessary to give the rewards and recognitions to the employees of the organization.From this reader will be able that the reward systems are how become effective and how theyoperate and apply in the business entity.In the businesses there are so many issues with the non monetary reward system andincentives which provided to the employee for motivating them. The issues are such as with thepayments, because it is not necessary that every financial year firm earn same profit or highprofit. Sometimes the profit can be decreases in comparison to the previous years. Another issueis that sometimes the employees are may be not more productive after rewarding them. Forrewarding them the company is measure the return on investment (ROI) of the firm. It is astandard measure and on the basis of this the firm decide and take action that whatimplementations has to be done and what the reward systems are to be adopted for employees(Marqués-Iturria, and et.al., 2015). It indicates and shows that to change the performance ofemployees is not easy task as it looks easy. To motivating the employees various strategies andvarious plans are used by the business entities which helps to increase productivity as well asprofit level of the firm.Incentives versus RecognitionIncentives and recognition both are helps to the firm in order to motivate employees.Incentives is a monetary reward system while recognition is a non monetary reward system.
Reward Systems and Recognition Schemes | Report_3

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