Based on the variations of firm in case of rewards, most rewards can be categorized as:-
· Monetary and Tangible Rewards
A monetary reward is a money-based reward given when an employee meets or exceeds expectations. It includes cash bonuses, stock options, profit-sharing etc. Tangible rewards are material rewards given by a company to its employees for their services. These rewards are either given in the form of cash or can be easily converted into cash. It includes club membership, vacation, Subsidized meal etc.
· Social Rewards
This are non-material reward that increases confidence of an employee in their work place, and make feel them that are perfect fit or doing well in his/her job. It includes:- affection (hug, handshake, high five, smiles, kiss etc.), praise (saying great job, well done!!), invitation to company parties.
· Status Enhancement
Type of tangible reward that makes an employee feel that he/she is superior compared to his/her colleague. It includes Office location with outside natural view, promotion to higher rank, carpeting etc.
· Intrinsic Job Reward
This type of reward tends to give personal satisfaction to individual. For example:-recognition (employees performance by verbal appreciation), job autonomy, trust, feedback (offers guidance to employees) etc.
