Lecture 07 - Reward Management.ppt - Reward Management Lecture 07 Ms Chalani Kuruppu MLRHRM(Col BBA(Hons(Sheff Hallam Lecturer Faculty of Business SLIIT

Lecture 07 - Reward Management.ppt - Reward Management...

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Reward Management Lecture 07 Ms. Chalani Kuruppu MLRHRM (Col.), BBA (Hons) (Sheff Hallam Lecturer Faculty of Business SLIIT - Malabe Campus
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Learning Outcome Define pay and reward management Identify and describe objectives of reward management Explain the significance of pay management and factors affecting wages Explain pay for performance, flexible benefit plans and other types of reward plans Find how to design effective reward systems Identify and describe fringe benefits Define incentives and identify and describe objectives of incentives, types of incentives, major categories of incentives and how to develop successful incentive systems
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What is Pay? Pay is the basic reward an employee receives: usually a wage or salary. Is a payment made to an employee in return for his/ her contribution to the organization. Differences between wage and salary Wage Salary As per payment base Wage is paid according to the number of units produced or sold. Salary is paid according to the time spent for working. As per types of jobs Wages are generally given to production employees and sales employees. Salaries are paid to clerical, supervisory and managerial employees. As per time of payment Wage is paid daily or hourly. Salary is paid weekly or monthly. As per nature of works Wages are paid to works which are measurable clearly and quantitatively. Salaries are paid to works which are difficult to measure quantitatively (they are more subjective). As per accounting base Wages are considered as expenses in order to calculate production cost (in the production account) or gross profit (in the sales account). Salaries are considered as expenses in order to calculate net profit (as an administrative item in the profit and loss account)
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Reward Management The formulation and implementation of strategies and policies that aim to reward people fairly, equitably and consistently in accordance with their value to the organization. It deals with the design, implementation and maintenance of reward practices that are geared to the improvement of organizational, team and individual performance.
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Objectives of Reward Management To attract suitable qualified person to the organization.
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  • Spring '17
  • Anne Mendis

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