Benefits of Reward Management System to the organization
Short term Benefits of the Reward System
· Increase productivity
Rewards increase the motivation level of the
employees and they do their job effectively and efficiently. This will lead to
an increase in the productivity of the organizational final output. Otherwise,
most of the rewards are based on the performance of the employees so
productivity automatically increased.
· Increase the level of job
satisfaction of the employees
Recognizing an employee's efforts demonstrates that
the work they're doing is effective to the business. It sends the message that
their diligence is worth rewarding and thus must be important. This, in turn,
makes the individual feel that they're making a difference. When considering
this organization offers the right reward to correct employee supported their
performance.
·
Make
employee Happiness
Cheerful and fulfilled employees are often motivated
to perform better due to the positive feeling they need towards the
corporate. If an employer treats its
staff with respect and gratitude, then those staff members will want to try an
honest job reciprocally. This positivity also can be felt across the business,
creating a cheerful working environment that folks will want to be a neighborhood
of.
·
Develop
the team culture of the organization among employees
Rewards that incorporate peer-to-peer recommendations
are great for solidarity, as they encourage staff to ascertain the positive
attributes in each other. Teams are well-placed to try to this, as they work
alongside one another a day. Plus, allowing colleagues to nominate each other
for rewards is empowering, because it demonstrates that they value each other’s
opinion. This attitude is extremely good to the organization and consistent
with the case.
Long term Benefits
of the Reward System
· Reduce retention rate
A high staff turnover
results in poor morale which will make others want to seem elsewhere. The time
required to find and train new staff affects utilization and therefore the
fiscal costs are high, so retaining staff has got to be a priority. The supply
of rewards gives employees a tangible reason to remain. Some organizations
offer lifestyle benefits also. Those are healthcare, employee assistance,
Family support, dental care. Because of these supports, more problems of the
employee's solved and it will lead to low level of retention. Here another benefit is the cost of employee
retention and hiring, recruiting is reduced because of the results of these
benefits. It is very important to the organization. This is a huge money saving
to the organization.
·
Develop
loyalty employees to the organization
Your employees are engaged together with your
business, they're going to be ready to promote and sell your brand much better
than someone who doesn't believe or care about it. Rewarding diligence
generates loyalty and helps your team to feel an emotional bond together with
your organization. This is often a serious future benefit to the organization.
·
Develop
good Company culture within the organization
Company culture is a major
part of the brand of the company so culture is very important. Once the company
offer the best rewards to the employees they become satisfied employees and it
will lead to creating a good environment and good culture within the
organization. This good company culture makes free mindset of the employees to
work and this will lead to increase customers also.
·
Make
talented and valuable employees to the organization
This company has a reward
system which is mainly based on the performance of the employees. Superior
performance deserves a superior reward. So, it is a reason to prepare talented
employees for the organization.
Reference
Brown, L. (2021). Defined:
Employee Rewards and Recognition | BerniePortal. [online]
blog.bernieportal.com. Available at: https://blog.bernieportal.com/the-difference-between-reward-and-recognition.
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