- Identify what information is needed in order to create an appropriate rewards system in an organization.
- Recommend strategies for an organization to create an appropriate pay mix that considers monetary and non-monetary rewards, benefits and special rewards.
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In order to create an effective rewards system that will be successful in motivating and boosting the morale of the employees, it is essential to know the real needs or factors that will motivate the employees. As per Maslow’s Need Hierarcy theory, once the basic needs of humans are being met, they seek higher level needs, such as self esteem and self actualization need. Examples of such higher level needs include need for achievement, self confidence, etc. Thus, organizations should carefully study the need and wants of employees to establish appropriate reward systems for employees at different levels.
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For example, employees at operating or lower levels will be motivated via basic needs and thus rewards like bonuses and …
