Talent Management MBA

The Most Important Questions

Antim Prahar

1 Reward Model and Career and Succession Planning 

1. Reward Model:

A reward model outlines how an organization recognizes and compensates its employees for their contributions and achievements. It encompasses various forms of rewards beyond just financial compensation. Here are key elements of a reward model:

Compensation: Includes base salaries, bonuses, profit-sharing, commissions, and other monetary incentives tied to individual or organizational performance.

Benefits: Encompasses healthcare plans, retirement benefits, insurance coverage, paid time off, and other perks provided to employees to enhance their overall well-being and work-life balance.

Recognition: Involves acknowledging and appreciating employees’ efforts and accomplishments through formal and informal recognition programs, awards, certificates, and public praise.