Effective Reward System

Give an example of how an organization might evaluate the effectiveness of its reward systems. Be sure to include specific metrics and the data that would be gathered as part of the evaluation process.

Cite reliable sources, (apa style)

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It is necessary that employees are rewarded over time for their contribution to the success of a company. This is because a reward system is considered a cost of the business transaction, whereby the primary goal is to minimize the cost. The reward system is also considered an investment program, which sees to it that the return of investment is maximized as well. With this in mind, it is essential to evaluate such a system to make sure that it performs the tasks it is was developed for.

To realize whether a reward system is effective or not, many rigorous processes need to be used. One of them includes using employee opinion surveys, to examine the view of employees and managers on how fair the reward system used on them…

 

(350 words)