Conceptual Framework on Reward Systems in Organizations for Success and its Impacts A Wide View

Organizations in both the public and indeed the private sector consider their employees as a critical asset in the organization towards the attainment of the organizational goals. As a consequence of competitive markets, technological advancements and globalization, organizations are facing challenges in retaining their human capital. In addition to the direct costs, the exit of employees also implies the loss of valuable intellectual capital and thus competitive advantage changed essential frame of reference for considering issues of human resource management. Traditional sources of success such as product and process technology, protected markets, economies of scale, etc. can still provide competitive leverage but an organization's human resources are more vital for its sustainability. In order to retain its staff, organizations often focus on main retention strategy as rewards could be effective in reducing the risk of staff turnover in organizations through their relationship with effective commitment and motivation. Organizational reward systems play a critical role in enhancing employee satisfaction as the primary aim of the reward system is to enhance performance and extrinsic motivation by satisfying an individual employee's needs. This study will have lots of contributions to the business world. Organizations may improve or change their reward systems to survive in today's environment with the help of this study. They may renew their reward systems and put more efficient and effective ones. Dr. G. Balamurugan | A. Princia "Conceptual Framework on Reward Systems in Organizations for Success and its Impacts: A Wide View" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-2 , February 2019, URL: https://www.ijtsrd.com/papers/ijtsrd21445.pdf