THE EFFECTS OF REWARD SYSTEM ON EMPLOYEE PERFORMANCE
THE EFFECTS OF REWARD SYSTEM ON EMPLOYEE PERFORMANCE The modern world is a global village marked by new technologies, rivalry, and communication channels. These factors improve an organization's capacity to attract, retain, and motivate a skilled workforce. Employers and organizations have found it difficult to help their staff accomplish more with less, and as a result, staff members are asking for bigger incentives. Companies have come to the realization that they need to create a fair balance between the contributions of their employees and the organization in order to gain an increase in performance. Employee performance is critically dependent on a reward system, and higher employee performance will inevitably translate into higher organizational performance. An organization's program to recognize and encourage individual and team performance is known as an employee reward system. A company must define the specific performance that will earn rewards and the organizatio...