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Reward Management
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In Human Resources terms reward management is a management methodology that is based on giving employees ‘rewards’. This kind of management technique aims to motivate employees to work to the best of their abilities and to remain with a company for as long as possible by making them feel valued by giving them something back for their efforts.
In many cases the rewards on offer here will be financially focused. These will not necessarily always be given as fixed rewards. In some cases an employee may be able to earn extra awards if they hit targets or achieve specific career goals and aims. Rewards typically used here include:
- Salary driven rewards (i.e. performance related pay and bonus payments)
- Benefits driven rewards (i.e. share options and the ability to earn additional benefits)
- Ad hoc rewards (i.e. vouchers and holidays)
Rewards here can be geared to work for both individuals and for teams. So, for example, a sales person could earn a performance related pay rise and a bonus payment for exceeding their targets over a period of time. If their sales team also exceeds its target then all sales people within the team could be given an additional reward of a weekend away or vouchers, for example.
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