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GUIDELINES AND PRINCIPLES |
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Performance improvements result from a
multiplicity of factors of which MONEY is only
one
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Money, in the form of PAY or some other sort of
remuneration, is the most obvious extrinsic
reward and is undoubtedly an important factor in
attracting, retaining and motivating people
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High performance requires that the employees be
:
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energized to perform, because they are well
motivated and highly committed
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empowered to perform, because they have the
ability, skills and knowledge
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enabled to perform through guidance and
support, quality of leadership and autonomy
at work
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Financial Rewards act as incentives only if
people's expectations that they can earn them
are high, the reward is work the effort and
there is a clear link between effort and reward
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The Factors that affect employee's satisfaction
with the Reward System are
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Felt Fairness
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Expectations and Value
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Internal Comparisons
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External Comparison
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Self Evaluation
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Reward Package Mix
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