Asked by
Jemoi Gibbs
on Oct 16, 2024Verified
The main difference between a reward system and a compensation system is that a reward system rewards only good performance while a compensation system provides pay to all employees.
Reward System
The structure or set up an organization uses to incentivize and recognize employee performance.
Compensation System
The structure and policies an organization uses to determine how employees are paid, including salaries, benefits, bonuses, and incentives.
Good Performance
An elevated level of achievement where an employee meets or exceeds the expectations and job requirements set by an employer.
- Decode the variances between systems of compensation and those of rewards.
Verified Answer
TS
Learning Objectives
- Decode the variances between systems of compensation and those of rewards.