TOPIC 6.3 DIFFERENTIATE REWARDS IN EMPLOYEE COMPENSATION

Define Rewards in Compensation

• rewards is one part compensation

• Rewards is part of gift for the employee

• Employee should gift to the boss

What is common financial rewards?

• Performance awards

• Sponsorship

• Profits Sharing

What is common non-financial rewards?

• Bonus

• Shares

• Rewards for long service

• Commission

What is salary increment?

• a lump sum of money awarded for outstanding performance

• most common financial incentives that encourage and support employees in their career advancement

• awards cash to employees typically or annual basis

• can be given on a group or individual basis

What is bonus mean?

• special gift for special person

• one part of compensation

• cost of living adjustment

• a lump sum of money awarded for outstanding performance

What is performance awards mean?

• provide sales with a commission

• encourages the employees to increase the client base of the organization

• Can be given for a variety of a special achievements

What type of rewards for long service can be given?

• a teddy bear

• a trip to oversea

• a lover