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Introduction Advertisements have us chasing cars and clothes working jobs we hate so we can buy stuff we dont need We are the middle children of history with no purpose or place We have no Great War or Great Depression The Great War is a spiritual war The Great Depression is our lives - Tyler Durden Fight Club We live in an era of relentless pressure and frenetic competition Today the world is a free agency replete with signing bonuses and stock options a world where every employer is afraid of losing their top performing employees Only a few manage to attract and retain their talent at the desired level What do they do differently Is there a magic formula behind their practices When analyzing the various programmes companies implement and use it is apparent that leading-edge organizations that have invested significant efforts in developing testing and rationalizing their approach to reward management run programmes that deliver comparably higher value to their businesses Unarguably reward management is a sensitive and controversial area that has been extensively debated at both practical and theoretical levels This report delves into the intricacies of reward values structures and processes and explains how reward management can be used to enhance employee efficiency by influencing their behavior Meanings and types of Rewards The significance of pay as a means of attracting retaining and providing tangible rewards to people is not to be underestimated It is important to get it right - much harm can be done by getting it wrong But as a means of generating long-term commitment and motivation pay has to be regarded as only part of the whole It is the non-financial rewards that will ultimately make the difference Michael Armstrong and Duncan Brown Reward structures can speak volumes not only in their implications of values equality and worth to the employees and the community they serve but to the performance
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