Team Management

  Reward management formulates policies to reward people fairly, based on their performance (Rose 2014). Therefore, SHRM has developed a unique points system which employee get to build up points by offering to do voluntary work for the organization such as promote safety programs, products and offers while gaining an incentive. Moreover, turnover refers to employees moving from one company to other, retention and stability refer to employees preferring to stick to one company (Ton 2014). According to a survey, staff turnover, stability and retention rates have affected by several internal factors such as organizational culture, rewards, and job satisfaction. Also, the external factors like market condition, economy, and location. While external factors are out of organizations control. However, the SHRM ensures that internal factors are considered and attended in a timely manner. Although these methods are usually governed by best practice approach of the Team Management. However,...

Reward management is intrinsic rewards focus on personal accomplishments and psychological satisfaction, extrinsic rewards are financial in nature and offered mostly in the form of a pay hike, incentives (Dysvik & Kuvaas 2013). Therefore, pay rise, incentives form part of extrinsic rewards whereas intrinsic rewards focus on motivating employees to perform a task. Furthermore, researchers have identified a strong correlation between the two which says, rewards motivate an employee to perform well, provide good service and thereby generate profit, and vice versa (Herzberg 2017). According to Mayo’s theory, employees, if given a degree of freedom and a feeling of importance, tend work well to achieve business productivity (Mottershead et al. 2015). Rewards can also be in the form of verbal appreciation of monetary appreciation. Therefore, a series of job design-job extension technique is a popular method in HRM used to boost their morale and sense of responsibility, by adding addition...