Suzzy Krist Addo
This article has discussed the various facets of rewards management and the factors that determine monetary and nonmonetary rewards. The article also discusses the impact of the ongoing economic crisis on the quantum of rewards both monetary and nonmonetary that are being actualized across the world. To start with, except for Wall Street and the Bankers, salaries have taken a hit in almost all sectors. Indeed, it can be said that the quantum of the pay hikes has been substantially lower across all sectors and everywhere in the world ever since the great recession has started. Further, many organizations have scaled down on their budgets for fun and entertainment as well as cut down on the nonmonetary rewards like perks and benefits. The implications of the recession on rewards management have indeed been dire and gloomy.
Keywords: Rewards Management, Performance Management, Total Rewards Management System