Chapter 5 - Performance Management Flashcards
1
Q
What is reward strategy?
A
Reward strategy is policies and practices which align with the organisational goals and culture.
2
Q
Why is reward strategy important?
A
It is essential for retention, attraction and motivation.
Financial and non financial rewards.
3
Q
What does an reward strategy consist of?
A
Costing and affordability
Reward which is attractive
A reward strategy which fosters knowledge and competence that enables a business to succeed.
