Rewards Management and Why your organisation needs it

Rewards Management and Why your organisation needs it

The landscape of competition is constantly changing and so are the organisations that compete in this landscape. The rise of ultra-competition means that organisations have to achieve more by motivating employees to produce better results. The Japanese call this constant improvement Kaizen. But the question now comes: How can organisations drive employee adoption of Kaizen?

Incentivising performance

From a young age, people have always been incentivised to achieve more. Whether it was accolades and certificates in schools, or even acknowledgements and awards in the workplace. People are hardwired to respond positively to incentives and it is only natural that in this ultra-competitive era, incentives play a large role in employee management. Whether these be financial or emotional, these rewards have always pushed individuals to achieve more. Rewards Management, therefore, should be integrated with the functioning of the organisation.

Good management identifies good performance. Great management rewards it.

Rewards management

Traditional rewards management has always been monitored by direct managers. But more often than not, managers themselves are busy and tedious tasks such as rewarding employees have ranked low on their to-do list. This does not mean that managers do not care about their employees but rather that they have higher priority tasks to deal with. This problem needed solving and rewards management tools were the solution.

A rewards management tool takes the hassle away from managers by allowing them to automate these rewards and setting criteria for them. This tool removes the tedious task of reward management and frees up time for managers to focus on getting their work done. Rewards management tools, such as iStratgo, provide a comprehensive outlook on how their employees are performing. The platform allows for managers to appraise their employees’ performance and then rewards them accordingly. It also allows employees to automatically yield the benefits of their hard work. Managers can set financial and non-financial metrics against which to measure their employee’s performance and ultimately reward them.

To find out more about iStratgo and its benefits for your organisation, visit: https://www.istratgo.co.za/rewards-management/

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