Classification or types of rewards, HR Management

Assignment Help:

Classification or types of rewards: rewards or incentives can be classified into:

1. Direct compensation, and

2. Indirect compensation

Direct compensation: includes the basic salary or wage that the individual is entitled to for his job, over time work and holiday premium, bonuses based on the performance, profit sharing and opportunities to purchase options etc.

Indirect compensation: includes protection programmes (insurance, plans, pensions), pay for time not works, services and perquisites. But these are maintenance factors rather than reward components. Since they are making available to the all employees, irrespective of performance, they will tend to retain people in the organization but not stimulate then to greater effort and higher performance. Some -times, the rewards are also termed an intrinsic rewards and extrinsic rewards. The former are those that an individual receives for himself. They are largely a result of the job that the worker does. The techniques of job enrichment, shorter work weeks, flexible work hours, project structures, and job rotation can offer intrinsic rewards through providing interesting and challenging jobs, and allowing the worker greater freedom.


Related Discussions:- Classification or types of rewards

Retrenchment, Retrenchment is the refocusing of effort on core businesses a...

Retrenchment is the refocusing of effort on core businesses and organizational forces and divestment of peripheral interests.

Formulation of HR plan for a new business, What are the components of HR pl...

What are the components of HR plan for a new entreprenuerial business if interior design and decoration

Advantage and disadvantage of hard and soft hrm, who wrote the article Post...

who wrote the article Posted Date: 3/11/2013 5:08:05 AM | Location : United States

Miss Ella, evaluate the hard and soft HRM to increased organizationL PRODU...

evaluate the hard and soft HRM to increased organizationL PRODUCTIVITY

Training system in an organisation, Question 1: Describe job rotation, ...

Question 1: Describe job rotation, job enlargement and job enrichment, and discuss their relevance to the motivation of officers in the Public Sector. Question 2: Iden

Principal of red hot stove, Q. Principal of Red hot stove? Principal of...

Q. Principal of Red hot stove? Principal of immediate action: as the case of touching red hot stove, the burn is immediate. In the same way, the penalty for the violation shoul

Write a menu-driven program, Write a menu-driven program 1) The cost to...

Write a menu-driven program 1) The cost to become a member of a fitness center is as follows: (a) Senior citizens discount is 40%, (b)If membership is bought and paid for

Disadvantages of the job enrichment, Disadvantages of the Job enrichment: ...

Disadvantages of the Job enrichment: 1. The first basic problem is that majority of the workers do not want the type of changes which are introduced by Job enrichment. They do

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd