rewards-system

Vocabulary Word

Definition

A 'rewards-system' is a structured way of recognizing and encouraging good behavior or performance. It gives benefits or prizes to people who do something well or achieve a goal. It's used in many places like businesses, schools, or even in homes to motivate people.

Examples in Different Contexts

In employee motivation, a 'rewards system' refers to the structured way a company acknowledges and compensates its employees' efforts and achievements. An HR manager might illustrate, 'Our rewards system includes recognition awards, bonuses, and career advancement opportunities to motivate and retain talent.'

Practice Scenarios

Business

Scenario:

Our annual employee engagement survey shows there's room for improvement. Maybe we need to reevaluate how we recognize hard work.

Response:

We could introduce a more robust rewards-system, providing both financial incentives and non-financial recognition to highlight our employees' contributions.

Tech

Scenario:

The last sprint was tough, the team did a great job. I wonder if there is a way we can acknowledge the team's effort.

Response:

What if we implemented a rewards-system? 'Kudos' for achieving milestones could be exchanged for benefits like a day-off or premium tech gear.