In: Economics
HRD & Rewards to Employee
It is not the interest or love most of the employees engage in
work. They expect and demand for incentives along with salary for
their benefit of working hard for companies. Human Resource
Department will manage to plan and distribute the rewards for
employees to keep improving their efficiency and keeping them close
to the work. HRD have to provide bonuses, special rewards for their
achievements, medical and health care support etc. as extra rewards
to the employees. Also, they have to make it cost effectively in
the aspect the company. Thus, HRD tries to balance between the
benefits of employees and employer.
Salaries along cannot motivate the employees in their work.
Additional benefits are necessary to keep them motivated in their
job. A reward less efforts will reduce the productivity and other
capabilities of employees. Thus encouraging through providing
bonuses, other utility service like insurance, health policies etc.
could encourage and motivate the employees which helps in the
performance of the company as a whole. The rewards not only retain
the employees but also will attract efficient and new people to the
company. The more compensations and rewards will increase the
competition between the employees even without higher pressure
which will benefit for both employees and employers. It can only be
done by the HRD team to detect and distribute the deserving rewards
for the employees. These rewards are different from salary and it
is the main stimulant that encourages the efficiency of the
employees and the company.