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What is employee reward system?
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Every company needs a strategic reward system for employees that addresses these four areas: compensation, benefits, recognition and appreciation. A winning system should recognize and reward two types of employee activity-performance and behavior.
Why is it important to have a reward system?
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This strategy related on intrinsic motivation. Rewards systems can be used as tools to employees not just only to motivate them to achieve for better results but also so that they can develop their job skills. Reward systems are often designed so that pay higher at challenging tasks than normal tasks.
What is an intrinsic reward?
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Extrinsic and intrinsic rewards. Extrinsic rewardsâusually financialâare the tangible rewards given employees by managers, such as pay raises, bonuses, and benefits. They are called extrinsic because they are external to the work itself and other people control their size and whether or not they are granted.