Introduction

Reward management in companies are essential benefactors for employers, employee satisfaction and company best practice. Rewards can be spread over a spectrum varying in each company. In this essay I will attempt to conclude and justify the true meaning and evaluation of Reward Management.

With regards to ‘Reward Intelligence’ and the use of ‘Strategic Rewards’ both come from the core of the company. From a Human Resources professional view point, key factors surrounding the ‘Ultimate Reward Package’ can include bottom line profit along with what type company holds the employment. The general corporate values of the company and on going ‘employer and employee expectations and over all relationship. The term ‘reward’ generally covers a wide range from financial packages made to the employees to pensions, annual paid leave and further cash incentives such as bonuses. These financial packages (reward package / benefits) would be classed as Extrinsic rewards.

Rewards can also include small incentives such as for example; leaving work early every Wednesday to attend an appointment as you are in early most days for work. This could be classed as a small incentive and become the norm for some employees. Although this sort of incentive would not be written in a contract of employment it can be classed as a ‘Psychological Contract’ thus defining ‘the perceptions of the two parties, employee and employer, of what their mutual obligations are towards each other' (“CIPD, The psychological contract” July 2014). This could also be defined as an Intrinsic reward.

Key factors surrounding the reward environment can occasionally depend upon the employee. Of what said employee may class as either an incentive and or reward. Non financial rewards may be important to perhaps a younger or more junior employee of which could include career development and training