![]() ![]() There are two broad types of employee rewards i.e. According to Armstrong (2010) reward management is defined as the strategies, policies, and processes required to ensure that the value of people and the contribution they make to achieving organization, departmental and team goals is recognized and rewarded. Therefore, effective management of the systems is very important. Organisations need to develop and implement their reward systems well to motivate people for various purposes. Reward system refers to all the monetary, non-monetary and psychological payments that an organisation provides for its employees in exchange for the work they perform (Bratton and Gold, 2007). The term ‘total reward’ is used when organisation offer their employees both financial and non-financial benefits. However, different people are motivated by different stimuli, and therefore, organisations need to implement different reward systems to motivate them and recognise their contribution.Īccording to CIPD (2021) the term ‘reward’ refers to financial provisions such as pay, and wider benefits such as paid leave and pensions that organisations offer to their employees. ![]() Employees need to be motivated to carry out the responsibilities they are entrusted with. This article explores some of the advantages and disadvantages of reward systems for employees in organisations. Advantages and disadvantages of reward systems
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