Employee Rewarding System

Employee Rewarding System

Abstract

These days, several companies are being plagued by low level of employee engagement. With rapidly changing global markets, technological advances, and companies doing cost reductions, job security has become a major concern for the employees. The stress levels have increased, affecting their loyalty towards the company. As a result, HR professionals are being challenged with negative attitudes, low productivity, reduced employee retention rates and increased absenteeism from the workplace.

To deal with these challenges, every organization requires a strategic employee reward system that can address compensation, recognition, benefits and appreciation. In most of the rewards systems existing in business world these days, one or more of these elements are missing, and even when these elements are addressed, they are not aligned with other corporate strategies and core values. Employees need to know, and must be informed if they are doing bad, good, or excellent. Recognizing their value, offering benefits, and providing a good life/work balance are quite effective employee motivator.