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The implementation of rules and procedures that reward every employee in the company equally and consistently across the board is referred to as reward management. Rewarding employees for exceptional performance helps them feel valued and may be a great motivator for increased productivity.

Employees are given the opportunity to advance in their careers, and businesses are able to recognize good employees through the most successful incentive management programs.

Reward Management

The reward might be monetary or non-monetary (e.g., psychological gratification, joy from completing a task, etc). (Bratton & Gold, 278). Indeed, incentive management is an important tool for encouraging healthy competition among employees, increasing motivation, and eventually enhancing performance.

As a result, as a performance management tool, reward fosters and reinforces favorable employee attitudes and behaviors, as well as financial advantages.

Career advancement, such as promotion, and annual wage increases are examples of monetary rewards. A wage raise, for example, comes with a promotion.

Victor Vroom’s “Vroom’s Valence x Expectancy Theory” helps us better comprehend the link between motivation and reward. This hypothesis, according to Gellman (2009), comprises the mental process involved in an employee’s decision-making.

According to this hypothesis, there is a direct link between the strength of the expectations or rewards that may emerge as a consequence of the act and the inclination to behave in that manner (Gellman, 2009).

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