reward management, total reward & it's significance, objectives of reward management, reward management system, components of reward management, methods of wage fixation

1. MANAGEMENT
Reward
B y D e b a r u n P a u l

2. Reward Management
Wh at is Reward?
What is Reward Management?
Philosophy of Reward Management
Reward System

3. Total Reward & it’s significance
What is Total Reward?
Components of total Reward

4. Cont.
Significance of total reward
• A persuasive recruitment tool
• Increased awareness of all the benefits the
employer provides
• Higher employee
retention rates
• Improved performance and productivity

5. Support organisation’s strategy
Recruit & retain
Motivate employees
Ensure Internal & external equity
Strengthen psychological contract
Sustain Financially
Comply with legislation
Administer Efficiently
Objectives of
Reward Management

6. Extrinsic Reward
Intrinsic Reward
Title Here Title Here
Reward Management
system
Financial Reward
Membership based Reward
Non Financial Reward
Performance based Reward

7. Components of
Reward Management
Compensation
Benefits
Recognition
Development
Work/life
balance

8. Methods of
Wage fixation
• Legislation
• Collective bargaining
• Wage board
• Pay commission
• Adjudication
• Arbitration

9. THANK YOU!