Employee Reward and Recognition Systems Essay Example | Topics and Well Written Essays - 1750 words

Employee Reward and Recognition Systems - Essay Example The compensation strategy offered by the company for its employees must be fair and without any biases. The company must have compensation policies wherein it would reimburse or compensate the full amount for the employees for any accident or any such condition faced during the working hours. However, the company will have to ensure that such situations have not arisen out of any negligence on the part of the worker. These would include fatal accidents within the company premises only. Every employee desires to be awarded and appreciated for his work and efforts. The company needs to make sure that it addresses this need of the employee from time to time so that it retains the interest and morale of the employee. Rewarding the employee financially by providing different sorts of benefits is essential in this respect. However, the company needs to ensure that it forms its financial reward system by remaining unbiased and transparent. The company needs to evaluate its internal as well as its legal formalities while forming such a system for awarding its employees. Intangible or non-financial benefits can also be given but it has been seen that it is the tangible or precisely the financial form that makes more impact on the employee performance. In the case of Electra Pvt Ltd, the company is on a growing spree. It wishes to expand its business. As such it would include more manpower and sources. It thus becomes all the more crucial to retain as well as absorb new recruits which can be done by appreciating their work on a regular basis. The company must be impartial and fair while rewarding its employees.