A reward system is an essential component of the organization. It is important in teamwork situations. There are many persons who prefer to work independently. However, reward systems are both monetary and non-monetary. The reward system is very important for any nature of business, organization, and institutions. It is a natural process that human performance is based on inspiration and motivations are connected with a reward system. Therefore, the reward system is best to gain high-quality work to the employee.
Objectives of the reward system:
The Edward and Agway concluded that the reward systems having the following major objectives. A reward is a compensation which an employee receives from an organization. The objectives of the reward system are most important in the literature review. It gives a detail about the literature reviews.
- Attracting and retaining employee
- Inspiring performance
- Promotion skills and knowledge development
- Employee’s satisfaction
- Encourage employee
- Controlling of labour cost
According to the author Arrant,
”A reward system includes all the valuable outcomes that employees derive from their work, including base pay, incentives, non- salary benefits.”
According to the author Puwanenthrin,
”If the worker will be a reward, he will be more motivated. The lower employee rewards lead to lower motivation. In other words, the reward system seeks to attract people to join the organization. It also motivates them to do the best work. A reward system motivates to people to perform the best level.”
A reward system can increase worker performance and the reward can improve employee performance in the very best manner. A reward system is the part of a business plan by which we can attract, retain and motivate the student to achieve good grades in the class.
According to the Birr and Owes, there are two main types of rewards.
The intrinsic rewards (Non- financial rewards)
The extrinsic rewards (Financial rewards)
A unique quote of the Wilson (2002)
“Technology can be replicated, capital can be acquired, and distribution channels can be created through new alliances, but the action of people has become the critical factor in achieving enduring success. It can create with the reward system “.
A literature review of the reward system
There are many traditions to retain employees and keep them happy. Appreciation, recognition, incentives and rewards are several motivations tools that are used by the organization to keep employee morale high. A reward system can attract to the students and employees. A reward system can motivate the students to fulfil the goals of the organization. A reward system is the best way to motivate the students. It gives a new zeal and zest to the students to achieve their goals. They want to become stronger in order to gain good grades. It is an essential part of the success of any country. A reward system is essential for MCL, because, its business is based on aesthetic and the reflections. A reward system helps to achieve integration in the organization. A reward system helps to motivate the employee to achieve high-quality performance.
