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Definition: Reward Management is the secondary business process concerned with the formulation and implementation of strategies, policies and processes that aim to ensure that the contributions of people in the organization are recognized fairly, equitably and consistently in accordance with their value to the organization, in order to improve the organizational, team and individual performance.
Rewards can be extrinsic (money, promotion, employee benefits) and intrinsic (satisfaction).
RM also aims to:
- Align the corporate strategy with employee needs and values
- Increase employee motivation, employee loyalty
- Support employee retention and recruitment
- Grow human capital, etc.