Reward
In HRM
reward is most important source in each and every organisation as well as every
individuals. It includes employee satisfaction and increasing the working sprit
of each and every individuals. The word reward means employee gain something
through from employer. It such beneficial thing ,in other words advantages from
the employer. The reward based on economic or social consequence.
Features of Reward
- Timeliness
In this type fully based at time,
the reward goes to who do the work fastly, who complete the work sonly these
are the thing management should watch and provide some reward to that
candidates. The main aim of reward means employee motivation.
- Performance
It play an important role in
rewards, that is which the employee do the work correctly and fastly these
thigs where noted and provide it.
- Durability
It based on time management,
because in every orders they must follow time durability , so the organisation
provide the work in such groups. Then they monitor smoothly, finally the
organisation checked the working speed of the employees and we noted which
group has completed the work early. In this manner we provide rewards.
- Visibility
It means the high authority will
through directly the performance of the workers. Then they provide commitments
or give promotion.
Types of Rewards
- Financial Reward
It means the
organisation will provide some cash, salary increment for his performance.
- Non-Financial Reward
Non-Financial
reward means some such promotion, wishes from high authority etc…
- Membership
It is based
on the organisation provide insurance, invite some company parties, provide job
training.
WAGES
The word wages means
amount paid to the labour for his services to the employees.
Types of wages
- Minimum wage
It means organisation provide
some agreement between the management and the workers
- Fair wage
It is something above from the
minimum wage, it means the workers go out our own country , they provide more
much better from minimum wages.
- Living wage
Something increasing from the
fair wage, it means the family men choosing this type because he run his own
family.
- Real wage
It is totally different from all these
above because the real wage is depend the movement in the value of money, it
also depends on time.
Wr
= Wn ,
PG
Wr
--------real wage
Wn -------- Money wages
PG ---------
Price level
Methods of wage payment
- Time rate
It
based upon time duration that is
Wages
= Number of days worked x Rate per Day
- Piece rate
It is
based on output
Wages
= NxR,
Where
N is number of production,
R
is rate per unit
- Balance or debt system
This is
combination of above two ,that is for
example ,. If today wage is 100 means the organisation provide only 50rs, the
balance 50rs is collected tomorrow that
is know as debt system.
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