Reward Management 5RMT
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One important factor for every employee is reward and remuneration they are provided with, the rewards can be very effective if they are aligned with business and are beneficial for the employees. Every organisation needs to shed some light on this concern as there are numerous availabilities of methods through which the organisation can recognise the services contributed by its employees.
- To understand the unit “Reward Management” you first need to understand what reward is about. The reward is given in exchange for the services provided.
- This unit guides how an organisation should manage reward. There are various policies and different approaches to managing the reward. One very effective approach is “Strategic Reward Management”.
- This unit further teaches that the organisation should settle the basic pay and final earning of their employees as the difference amount is usually the rewards provided by the organisation.
- The rewards can be non-financial and financial. Non-financial rewards are the benefits of career development and personal growth. Where financial rewards involve cash settlement.
The final outcome of this unit is that the learner would be able to understand how pay and rewards should be managed and how rewards effects organisation.
This unit is useful for HR management and for those who want to pursue a career in HR.
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