... and Hertzburg. Reward is a wider concept than pay. It includes pay, remuneration and compensation and represents a portfolio of managerial practices where financial and non-financial elements are flexibly directed at enabling and rewarding employees who add value in the interest of competitive advantage. Since employees are considered to be a valuable assets for modern business. These are the financial incentive available for workers: Base pay Which can be expressed as an annual (salary), weekly and hourly rate Additions to base pay Individual performance related pay Bonuses for successful individual, organizational or team performance Incentive payment for reaching target levels of performance Commission related to sales generated Service related to pay or increment for each year of service Skill pay Competence related pay, linked to the level of competence Allowances for shift working, call outs The sum of base pay and additions represent the total earnings of ...

See this essay or coursework document in full right now