Rewards Flashcards
What are the three main purposes of rewards within the workplace?
Secure: recruit new employees
Retain: keep current employees
Motivate: get employees to work harder
What is the purpose of rewards management?
It deals with the design, implementation and maintenance of rewards systems
What are the two factors of total rewards?
Extrinsic rewards: tangible, transactional, rewards for undertaking work
Intrinsic rewards: intangible, rewards derived from work and employment
What categories can rewards come under?
Pay and rewards Pension and group risk Healthcare and wellbeing Work-life balance Other benefits (such as recognition and celebration)
What are the three objectives of rewards?
Equity
Efficiency
Economic stability
What are the four agendas towards employees?
Employees are our greatest asset, they need to be used effectively.
Employees are a liability, they need to be controlled.
Employees are customers, understand and serve them.
Employees are corporate allies, develop a mutual success agenda.
What will happen is a person feels controlled during an experience?
They will come to remember the experience negatively, even if they were being controlled through the receiving of rewards, which are a good thing.
What is a negative side of rewards?
They encourage individual thought, which creates competition, and interferes with collaboration and performance.
What are the four P’s of rewards?
Pay
Praise
Promotion
Punishment
