Compensation and reward

There are two type of reward, financial and non financial. Financial is like money, profit
sharing. Non financial is like overtime and paid vacation, promotion to the new position, gift
card at cetera.
There are 3 objective by give a compensation
Attract employee : benchmark with labour market to secure the good candidates
Retaining staff: competitive pay package will ensure that effective performers stay with you
Driving change: higher base-pay , bonus and promotion can tie to new behavior, attitude
and skills gained by employee

A performance management process aligning individual employee accomplishments with the

organization’s mission and objectives and making the employee and the organization understand the
importance of a specific job in realizing outcomes. By establishing clear performance expectations
which includes results, actions and behaviors, helps employee understand what is expected by their
jobs. feedback and coaching, it provides an advantage of diagnosing the problems at an early stage
and taking corrective actions.

Internal communication
Effective internal communication helps ensure that all members of the organisation are working
collaboratively towards a common goal. It empowers employees to make the right decisions in
line with the organisation’s goals. This in turn leads to greater efficiency and productivity and
improves customer service. These outputs are relevant to every organisation, so size really
shouldn’t matter in this respect

Involvement
to ensure that the employees do not leave the company, a manager must involve
employees in every decision making, so that no employee does not want to do a job

EQUAL OPPORTUNITIES
this refers to the racism that companies do during the period of recruitment, training,
assessment. if a company establishes discriminatory regulations, it will make employees
uncomfortable on the company so it will ended up to employee turnover

employement security
if you is a manager, it’s important to understand that people want to feel safe and secure. If an individual is
constantly worried and stressed about the future of their job, it is going to be very hard for them to do their best
work. If you want your employees to work to the highest of their abilities, you need to communicate to them
that they are valued, safe and secure, both now and into the future. By planning an employee's career
well it will make employees feel safe and can do the best in their work. And you can add
a bonuses whenever they reach the goal it will make them motivated too.