Share Ownership Schemes
Share ownership schemes are a type of non-pay financial benefit offered by employers, in which employees are given the opportunity to purchase shares in the company or are given shares as part of their...
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Types of Pension Schemes
Pension schemes are a type of non-pay financial benefit offered by employers to help employees save for retirement. These schemes may be funded by the employer, the employee, or a combination of both. The...
Non-Pay Financial Benefit
Non-pay financial benefits refer to the benefits that an employer may offer to employees, in addition to their regular salary or wages. These benefits can help to enhance the total compensation package of an...
Cafeteria Approach to Rewards Management
The cafeteria approach to rewards management is a compensation strategy that allows employees to choose their own rewards based on their individual needs and preferences. This approach recognizes that employees have different needs and...
Expectancy Theory: Victor Vroom 1964
Expectancy theory, developed by Victor Vroom in 1964 and expanded upon by Edward Lawler and Lyman Porter in 1968, is a motivation theory that explains how individuals make choices regarding behavior in the workplace....
Key Elements of Philosophy of Pay/Reward System
The philosophy of pay/reward systems refers to the underlying principles and values that guide the design and implementation of compensation and rewards systems in organizations. A well-defined philosophy of pay/reward systems can help to...
Performance and Rewards
Performance and rewards are two important concepts in the management of organizations. Performance refers to an employee’s ability to effectively carry out their job duties and achieve desired outcomes, while rewards refer to the...
Categories of Non-Financial Rewards in the Workplace
According to Armstrong (2017), non-financial rewards are incentives given to employees that are not related to monetary compensation. These rewards can take various forms and are designed to motivate, engage, and retain employees by...
Non-Financial Reward
Non-financial rewards refer to incentives or benefits that are not directly related to monetary compensation or financial gain. Instead, they focus on providing employees with intangible benefits that can enhance their job satisfaction, motivation,...
Concept and Type of Financial Reward
Financial rewards are a type of reward that involves monetary compensation given to employees in exchange for their work performance. These rewards may include job-based pay, person-based pay, pensions, financial recognition schemes, and share...
