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

Hr398, New employment encourages the heart and motivates the spirit to lear...

New employment encourages the heart and motivates the spirit to learn and grow...to be part of something bigger and achieve one''s goals and purpose. This is a significant point i

About HRM Models, Sir/Madam I would like to know about the different...

Sir/Madam I would like to know about the different advantages and disadvantages of the various Human Resource Management Models. Also, I would like to collect information on

Changing role of the hr management, Changing role of the HR management: ...

Changing role of the HR management: 1. New organizational forms (teams, boundary less organizations) have come in place of pyramid shaped units. 2. Employees are being empo

Enhance the group decision-making process, Question 1: "Group Decision ...

Question 1: "Group Decision Support System (GDSS) is also known as an Electronic Meeting System (EMS) and is one type of Decision Support System (DSS) which can be used for gr

Training programme, Problem 1: You have just been appointed as HRD Mana...

Problem 1: You have just been appointed as HRD Manager in a well established firm specialised in the retail trade. You have been asked to carry out a Training Needs Assessment

Disadvantages of bars, Disadvantages of BARS: a. It is very time consum...

Disadvantages of BARS: a. It is very time consuming and expensive to develop BARS for the every job. b. Behaviours used are more activity oriented than result oriented. Seve

Employers layers approach, Using the layers approach, I first attacked the ...

Using the layers approach, I first attacked the question by trying to locate a federal law, as to date I could not find any cases or laws that were applicable. I could not find any

HRM, "EFFECTIVE HUMAN RESOURCES MANAGEMENT DEPENDS UPON SOUND REWARD SYSTEM...

"EFFECTIVE HUMAN RESOURCES MANAGEMENT DEPENDS UPON SOUND REWARD SYSTEM" COMMENT

Determine the basic functions of performance appraisal, Question 1: Tut...

Question 1: Tutti Fruitty Co Ltd is a small locally own chain of restaurants and has not been doing greatly these days. It has twelve different outlets and employs 15 employees

Motivation and affect management, The social and motivational forces that e...

The social and motivational forces that exist between team members create a bond, or cohesion, among them (Beal et al. 2003, p. 989). Motivating/confidence building involves encour

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