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A reward is the set of policies and strategies formulated for employees’ benefits, which reward employees of the organization who have performed well to encourage them to maintain their efficiency. 

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What is a Reward?

A reward is concerned with the implementation, design, and maintenance of reward practices and processes, which are geared for the improvement of team, organizational, and individual performances.

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Rewards means the development of strategies and policies to reward the employees on an equitable basis. It is vital because it motivates the employees to perform well in an organization so that they get a reward. Rewards are in the form of recognition, praises, monetary, membership, etc. A reward in an organization is grouped into two categories. These are intrinsic rewards and extrinsic rewards.

What are the Features of a Reward?

There are some features that a good reward should possess. These features are highlighted in our Reward assignment help in Australia:

  • A person who receives the award should feel rewards are important.
  • It should be distributed among the employees equally and fairly without discriminating based on gender, religion, race, favouritism, etc.
  • It should be visible so that employees understand its importance.
  • Various rewards should be given to employees for various performance levels.

The Objectives of a Reward

The objectives are summarized in our Reward homework help provided by coursework experts:

  1. Retention and attraction: An organization that offers a reward can attract employees. Organizations with a good reward system can satisfy them and help to retain them for a long time.
  2. Motivation: Another objective is motivating the employees to perform better that can help in the growth of organizations. As employees are recognized and praised, their self-confidence enhances and they are motivated.
  • A positive environment: Reward systems enable in the creation of a positive culture. If the employees are rewarded for their contribution towards the development of an organization, they shall feel they are a part of an organization. This will create a positive culture within the organization.
  • Improving knowledge and skills: Professional development is an objective of a reward system. Employees with the help of training and development programmes develop knowledge and skills. This improves productivity in an organization.

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The Benefits of a Reward System

  • Mutual benefits: A reward is beneficial mutually to the employers and employees. Employees receive a reward for their contribution and they feel more committed to the organization. This increases the productivity of employees and helps in the growth of an organization.
  • Absenteeism: Absenteeism gets reduced with rewards. As employees get rewards and recognition, they shall be regular in their work.
  • Motivation: A reward system is a good motivator as an employee is recognized and praised for his excellent work. His confidence level enhances and feels motivated.
  • Teamwork: A reward system creates teamwork among the employees.
  • Loyalty: It can help to increase loyalty among the systems. Employees who are rewarded should remain loyal to an organization.

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