Reward categories -
Rewards are usually placed in the following categories..
- Intrinsic rewards - (psychological rewards, i.e. praise etc)
- Extrinsic rewards - (intangible rewards, i.e. money, company car etc)
The belief that certain kinds of rewards, particularly monetary incentives, can deliver significant improvements in performance is shared by managers and employees.
Issues in paying employees:
Determining pay -
Overpaying or underpaying employees can both have serious consequences. Therefore, pay can be determined through job evaluation, as well as through external factors, including the levels of unemployment, and typical rates of pay locally.
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