Human Resource Rewards

Rewards for Human Resource

Human Resource Management

HR management involves an assessment of where the organization is, where it wants to go, and how it plans to get there. An HR process anticipates future needs, develops scenarios and determines the set of required actions that will provide the organization with the requisite human resources in place to achieve its strategic goals.

Remuneration

It is the compensation received by an employee for services rendered to a particular company or institution. The efforts may be physical, mental and / or visual, which develops a collaborator for an employer (Anand, 2007).

Salary

It is the compensation, which is assigned to an individual on a regular basis by virtue of their position or job. Payments made to employees are on an hourly basis.

The incentive

It is a form of participation proposed by the company. Any company can optionally provide its employees a profit sharing plan tied to results and performance. The formula for calculating the profit is freely defined by an enterprise agreement that can hold either a profit-sharing or an interest in the performance. It must however apply to all employees of the company (Trevor, 2006).

Bonus

A bonus is an additional compensation which is awarded to an employee. The bonus is always above the normal wage of the employee. Usually, a bonus is given to an employee as a reward for accomplishing particular goals set by the organization.

Pay for Performance

In pay for performance, an employee increase in pay is dependent on the achievement of some predetermined standards/benchmark. The biggest strength of pay for performance strategy is that it fosters the system that can evaluate performance at the individual level, group level or at organizational level.

Incentive Based Pay

Incentive base pay is to encourage and motivate employees to go an extra mile and produce above ...