HRM
In todays business environment it is getting harder and harder to get the talent you need to survive. Organisations compete with each other over the talent they need. Big salaries, all kinds of compensation; they reach far back in their pockets to pay what is necessary. While this is going on, another important development is taking place. Getting the talent you need, is one thing; keeping the talent you have and making sure that the talent becomes more than just that, is something else, for example Philips, in the line of their employability program no loner offered employees a steady job. Instead they offered a contract which included that both parties agree that they will work on a career path for the employee.
Different kinds of reward systems include:
Specific Specific Focuses on the desired behaviours and provides the performer with clear line of sight between action and the (business)result.
Personalized Meaningful The value of the reward is worth the effort to both performer and organization
Immediate Timely The rewards are provided as timely as necessary to reinforce the desired behaviours that achieve desired results.
Contingent Achievable The results are viewed as achievable, though not easy.
Sincere Reliable The rewards are provided contingent on taking an action or achieving a result.
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