Rewards in terms of Incentives benefits play an important cultural and work-life

Question

Rewards in terms of Incentives benefits play an important cultural and work-life balance concerns. In the Human Resource cycle, awards are important to the process for various reasons. Awards such as monetary incentives helps an individual decide whether or not to be associated with a particular job profile, especially in the cases where the job profile itself is not as lucrative as expected by such individuals. Wages and salaries are an integral part for hiring any employees. Appropriate salary structure gives an assurance to the employees to perform in their best possible way to achieve his personal and departmental goals. Hence when it comes to the Management as well, high performance can lead to more efficiency in the system thereby contributing to the overall profitability of the Organization. Hence incentive plans are good for boosting performance as well as to enhance the job satisfaction levels of the employees thereby ensuring more earnings to the Management. But it is to be further noted that just like monetary incentives, various non-monetary incentive plans also play an important role in boosting the morale of the employees. Such incentives could include promotion and transfer to a better team with a better profile, awards and recognition could also help take an employee a long way with the organization thereby increasing the earnings of the management in a better way.

However, HR also needs to study different types of rewards change over a period of time as one progress through one’s career. When the person is new to the job, what play an important role is the monetary incentives because that forms the basis for survival and motivation to continue working for the organization. However, as the generation progress and an employee gains more and more knowledge and work experience, these monetary incentives components changes from commission and bonuses to participation to the Stock-options schemes of the Management, Fringe benefits pertaining to health and post retirement plans etc, because in the matured generation, all these incentives make more sense to the employees. Further, the non-incentives types also change from recognition of good work of employees in terms of Formal Appreciation ceremony, Awards and Felicitation at work place, flexibility in working conditions and in work contribution in terms of ideas and opinions to voice out for to incentives such as granting them a scope to contribute to the decision-making activities of the Organization. In this way, different types of awards are tailored to different generations which form an important part of study for the Human Resource cycle and hence reward is important to the process.

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in the Human Resource cycle why is reward important to the process

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