Reward Manageent System
Reward Manageent System
Reward Manageent System
Jamil Ahmad
Muhammad Inam
Sayed Galib Hassan
Shahid Mehmood
Ather Zubair
Reward Management
• Reward management is concerned with the formulation and
implementation of strategies and policies the purposes of which
are to reward people fairly, equitably and consistently in
accordance with their value to the organization and to help the
organization to achieve its strategic goals
Objectives of Reward Management:
There are three main objective of reward management in an
organization to attract and retain competent employees.
• Employee Retention
• Improve productivity
• control labor costs through motivation
Intrinsic rewards:
• Participate decision making
• Autonomy
• Achievements
• Personal Growth.
• Status
Extrinsic rewards:
• Extrinsic rewards are directly controlled and distributed by the
organization and are more tangible than intrinsic rewards it
includes:
• Formal recognition,
• Incentives benefits,
• Pay promotion
• Social relationship
• Work environment
Criteria of reward management:
• Customer satisfaction
• Work quality
• Problem solving
• Work quantity
• Setting and achieving objectives
• Improving work processes
• Attendances
• Acquiring new skills
REWARD MANAGEMENT SYSTEM IN
COCA COLA’S
• Coca Cola’s rewarding system to employee is excellent as they
are caring with excellent rewarding parameters just to retain,
motivate and influence employees towards organizational goals
with their best potential utilization. They are rewarding relating
with employee’s performance in a way to increase productivity
and effectiveness.
FINDINGS
Main parameters used as a base of reward system
• Market potential (what of individuals worth according to his/her
expertise, job experience etc.)
• Matching with his/her presence career path
• Personal development of an individual
• Sales rewards
Cont…
Supporting practices
• Safety
• Re-creational activities
• Training and development
• Individual goal setting
Criteria of rewarding employees:
• They are using different techniques to define their reward
criteria to work according to define standards of organization.
• Grade jump
• Designation change
• Special assignments (inter departmental transfer)
• Financial aspects
• Grade jump and designation change
• Training and development
• Personal development of an individual
• Career grooming
Performance Standard cycle:
• All done at four basic steps, like wise:
• Goal setting
• Monthly review
• Mid year review
• Final review
Types of Rewards of Coca Cola
International
• Yearly Basis:
• Employee salary increment
• Grade Jump
• Designation change
• Annual incentive Plan (AIP) (for business performance, but fixed)
• Personal Progress report (PPR) (Annual Appraisal)
• Monthly Basis:
• Making the move (MTM, sales target achieve)
• Monthly turn hall (extraordinary performance)
• Quarterly Basis:
• Employee of the Quarter (EOQ, non sales)
• Sales Dangle context
• Gold Context
Criteria Employees being Nomination
• Nominees for the quarter must have a permanent status.
• Employee should be disciplined; has no disciplinary action
taken against him/her in the past year or so.
• Employee should have a good attendance record.
• Employee should have no marked absent and should be
punctual.
• Employee takes responsibility for his/her actions.
• Employee owns the results achieved by him/her.
• Employee completes most of the tasks assigned to him/her (as
per their objective and goals).
Reward System of Sales Officer
Job Description:
• Keeping in contact with existing customers in person and
by phone
• Making appointments with and meeting new customers
• Agreeing sales, prices, contracts and payments
• Meeting sales targets
• Promoting new products and any special deals
• Advising customers about delivery schedules and after-
sales service
• Recording orders and sending details to the sales office
• Giving feedback on sales trends
Standard for Reward: