BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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They do not serve as means of influencing the culture of an organization.
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They focus efforts on high priority tasks.
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They motivate high levels of individual and collective task performance.
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They represent an effective control mechanism.
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Detailed explanation-1: -’Reward system refers to all the monetary, non-monetary and psychological payments that an organisation provides for its employees in exchange for the work they perform.
Detailed explanation-2: -The purpose of the reward system is to attract, retain, and motivate qualified employees and to maintain a pay structure that is internally equitable and externally competitive. Rewards have both surface and symbolic value. Rewards take the form of money, benefits, perquisites, awards, and incentives.
Detailed explanation-3: -A fourth mechanism used by organizations in allocating rewards is distributive justice. Under this approach, employees receive (at least a portion of) their rewards as a function of their level of contribution to the organization. The greater the contribution (such as performance), the greater the reward.
Detailed explanation-4: -The custodial model is based around the concept of providing economic security for employees – through wages and other benefits – that will create employee loyalty and motivation. The custodial model mainly focuses on the financial reward aspects of being employed by the organisation.