Different kinds of rewards - compensation management - Manu Melwin Joy

Different kinds of rewards Compensation Management

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Manu Melwin JoyAssistant Professor

Ilahia School of Management Studies

Kerala, India.Phone – 9744551114

Mail – [email protected]

Different kinds of rewards

• Intrinsic rewards

• Extrinsic rewards.

– Direct compensation.

– Indirect compensation.

– Non financial Compensation.

Intrinsic rewards

• Participative decision making.

• More responsibility.

• Opportunities for personal

growth.

• Greater job freedom and

discretion.

• Diversity of activities.

Extrinsic rewards – Direct Compensation

• Basic Salary or Wage.

• Overtime and holiday

premiums.

• Performance bonus.

• Profit sharing.

• Stock options.

Extrinsic rewards – Indirect Compensation

• Protection programmes.

• Payment for time not

worked.

• Services and perquisites.

Extrinsic rewards – Non financial Compensation

• Preferred office furnishings.

• Assigned parking spaces.

• Impressive designation.

• Preferred lunch hours.

• Preferred work assignments.

• Own secretary.