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Employee Reward is a monetary or non-monetary recognition that an organization provides to its employees in order to express appreciation for good performance or behavior. Employee reward is usually considered as a concept different from employee compensation (a regular salary), benefits (regular extra options for compensation) and appreciation (saying thanks for specific contribution), so employee reward is considered as a frequent systematic payment or any supportive action that is regulated by appropriate organizational program (sometimes rewards can be unsystematic: one-time bonuses, valuable gifts, or anything like this).
A systematic approach to employee rewarding is a part of corporate strategy which stands for continual rising of the performance level for the whole company, a workgroup, a company unit, and individuals. It requires establishing an accurate system of employee performance monitoring. In a more advanced meaning employee rewarding combines the features of all other remuneration types:
- Employee recognition (results-oriented payment);
- Appreciation (motivational action);
- Benefits (regular option for extra earnings);
The purposes of employee rewards are:
- Attracting, retaining and effectively rewarding qualified, talented and diligent employees;
- Supporting exceptional performance and outstanding employee efforts;
- Performance-related motivation of effective labour, self-education, mutual coaching, etc;
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