Introduction
Reward management in human
resource management (HRM) is the process of designing and implementing a system
to recognize and reward employees. The goal is to motivate and retain
employees, and to align their efforts with the organization's goals.
According to the ABC Lanka Pvt
Ltd they have designed a system to evaluate the performance of employees. in
our organization we are assessing an employee's job performance through the
(KPI) key performance Indicator system and overall contribution providing
feedback, identifying areas for improvement and recognizing accomplishment.
Performance evaluation system can be identify as a financial recognition system
for the employee which conducting by the organization in this systematic
process company management assessing their employees level of performance and
documenting it to evaluate at the end of financial year.
performance evaluation process used by the ABC
Lanka Pvt Ltd to assess how well employees are performing their job roles.it
involves reviewing end employees work, behaviour an achievement to if they meet
the company expectations and goals. the goal of performance evaluation is to
provide feedback identify areas for improvement and recognize accomplishments.
an also employees can identify
and they have chance to realize their strengths and weaknesses while for
employers it helps guide decision about promotions, raises, training and other
development needs. Overall performance evaluation helps ensure that both
employees and the company grow and succeed together.
According to the ABC Lanka Pvt Ltd, paying special attention
for non financial reward system to evaluate their employees in the organization
Example- Recognition an appreciation
Best Line performance of the month
Selecting Zero Absent employee of the year
Primary goal is to motivate employees, improve individual
and organizational performance and enhance employee satisfaction and loyalty.
A strategic approach to human
resource management (HRM), reward management focusses on creating, putting into
place, and maintaining a system that efficiently acknowledges and compensates
staff members for their accomplishments and efforts.
By coordinating their efforts with the objectives of the company, it seeks to inspire, involve, and retain talented people.
It's an all-encompassing strategy that includes both monetary and non-monetary benefits in addition to pay.
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This article highlights the importance of reward management in human resources, particularly at ABC Lanka Pvt Ltd. It explains how the company evaluates employee performance through a structured system using Key Performance Indicators (KPIs), which helps recognize achievements and identify areas for improvement.
ReplyDeleteHi, Thilanka ,
DeleteThank you for your great comment.
I totally agree with you. In here evaluate employees performance through structured system using KPI .
clear and well-rounded explanation of how reward management ,both financial and non-financial is effectively used at ABC Lanka Pvt Ltd. I particularly appreciate the emphasis on performance evaluations through KPIs and the inclusion of recognition-based rewards, which can greatly boost motivation and employee engagement. A strong reward system truly helps align individual efforts with organizational goals while fostering loyalty and growth
ReplyDeleteHi Thamashi,
DeleteI totally agree with you.both financial and non financial benifits are really important and effectively can be using factors to the organization to motivate and retain employees.
Hi Nirmani,
ReplyDeleteYou've effectively explained how both financial and non-financial rewards contribute to employee motivation, performance, and retention. The integration of KPI-based performance evaluations and recognition programs like “Best Line Performance” and “Zero Absent Employee” shows a thoughtful and strategic approach to aligning individual efforts with organizational goals.
I completely concur with you. Benefits, both monetary and non-monetary, are rather significant and can be used by the company to effectively inspire and retain staff.
DeleteHi Nirmani,This is a great system. ABC Lanka (Pvt) Ltd is doing a good job using both financial and non financial rewards to keep employees motivated, happy, and working towards the company's goals.
ReplyDeleteHi Hiranthi
DeleteI totally agree with you. According to this organization they doing great job when implementing reward system both financial and non financial
ABC Lanka Pvt Ltd's performance evaluation system effectively motivates and rewards employees, fostering growth and alignment with company goals. By combining financial and non-financial rewards, the company encourages dedication, boosts morale, and enhances employee satisfaction, ensuring long-term success for both individuals and the organization.
ReplyDeleteHi Thiranji,
Deletein here i mentioned that both organizational and individual benefits through rewards system.
Reward management is key in HRM to motivate, recognize, and retain employees. At ABC Lanka Pvt Ltd, both financial rewards like KPI-based evaluations and non-financial rewards such as monthly recognitions are used. This strategic system aligns employee performance with organizational goals, fostering growth, satisfaction, and long-term loyalty.
ReplyDeleteDear Darshi,
DeleteHighly appreciate your comment. KPI based evaluation and non financial rewards system very important for the organization.
This blog effectively highlights the strategic importance of reward management in HRM, combining both financial and non-financial recognition to drive employee motivation and retention. ABC Lanka Pvt Ltd’s use of KPIs and appreciation programs reflects a well-rounded approach to boosting performance, engagement, and aligning individual efforts with organizational goals.
ReplyDeleteDear Shanika,
DeleteThank you, for your valuable comment.In order to increase employee engagement and retention, this blog skillfully emphasizes the strategic significance of incentive management in HRM by fusing non-monetary and monetary recognition.