Reward Management

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Reward management concern with strategies, policies, and processes required to ensure that the value of people and their contribution to achieving organizational goals are recognized and rewarded (Armstrong, 2012).

Rewards Management Employee's Perspective

Source: YouTube (Boorer, 2013)

Reward management at Amazon

The minimum wage for all employees (including all full-time, part-time, temporary (including those hired by agencies), and seasonal employees across the U.S.) in Amazon is 15 dollars per hour.
Apart from wages, Amazon offers the following benefits to all employees in U.S
  • Medical, prescription drug, dental, and vision coverage
  • Paid time-off and holiday overtime pay
  • Resources for overall well-being
  • Discounts on Amazon purchases
  • If children struggle with developmental disabilities company provide Online resources for parents
  • Adoption assistance for all employees who qualified domestic and international adoption expenses.
  • Company-paid for the short-term and long-term disability

Amazon’s medical plan allows employees to choose multiple medical plans that fit their families. This medical plan included a medical savings account and both employer and employee contribute to it. Apart from that, it also includes dental & vision plans as well as a Flexible Spending Account for health and dependent care. For the mental health Amazon provided free and confidential counseling services for all employees (Amazon, 2020).

Reward Management at ABC company
  • Minimum wage starting from LKR 35,000/= and following benefits available for employees.
  • Flexy working hours.
  • Extra contribution for ETF & EPF funds. (for ETF 5% and EPF 15%)
  • Provide medical insurance free of charge and minimum plan starting from LKR 250000/=
  • Work at home facility
  • 3time bonus provided annually
  • Free internet and telephone facilities.

Due to the above reward management company have the following benefits. 
  • Increase Productivity
  • Stimulates Development and Career Progression
  • Brings a Sense of Satisfaction & Builds Morale
  • Enhances Teamwork Spirit
  • Creates a Strong Employer Brand
  • Attracts Potential Candidates

Reward management consists of financial and non-financial rewards. Financial rewards may motivate the employee temporarily. But non-financial rewards stay in the employee’s mind forever. Nowadays most employers provide benefits for their employees by covering employees’ families and considering both the physical and mental fitness of the employees. Managing a good reward system in the facility, the organization able to attract and retain good employees and get maximum from employees in order to achieve the organizational objectives while achieving employees’ personal objectives.



References
Amazon, 2020. Amazon. [Online]
Available at: https://www.aboutamazon.com/amazon-fulfillment/working-here/compensation-and-benefits[Accessed 18 6 2020].
Armstrong, M., 2012. Armstrong's handbook of human resource management practice. 12 ed. New Delhi: Kogan Page
Boorer, L., 2013. YouTube. [Online]
Available at: https://www.youtube.com/watch?v=XPQt4ekb8Tc [Accessed 18 6 2020].

Comments

  1. ShanthawijesingheJune 20, 2020 at 7:28 PM

    Ways, benefits and other related information on reward management has explained clearly with examples and in global cocontext .

    ReplyDelete

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