EMPLOYEES PERFORMANCE EVALUATION AND REWARD SYSTEM IN INSURANCE COMPANY
Journal Title: FBIM Transactions - Year 2017, Vol 0, Issue 2
Abstract
Employees are the key factor in terms of organization, through which the organization achieved positive financial performance and ultimately create a sustainable competitive advantage. They desire the best of everything – competitive salaries, comfortable and aspirational lifestyles, job security, career enhancement options, work-life balance, and so on. In order to attract a talented workforce, organizations need to have a well-defined philosophy and strategy evaluation system and rewarding. The aim of employee reward policies and practices is to help attract, retain and motivate high-quality people. Getting it wrong can have a significant negative effect on the motivation, commitment, and morale of employees. This requires an integrated approach to policy evaluation system and rewarding. Managers have to play their role in maximizing the contribution of employees to achieve corporate goals and purposes. Therefore, employees must understand the business context and the importance of adopting a strategic viewpoint and strategic objectives of the organization. This paper deals with the importance of working efficiency and rewarding the employee as specific functions of human resources management. It begins with the theoretical elaboration of the area previously mentioned and defining the relationship between direct and indirect compensation strategy which will be widely covered throughout the example of an insurance company.
Authors and Affiliations
Tea Menčik, Sendi Deželić, Ana Skledar Ćorluka
Keywords
Related Articles
- EP ID EP331485
- DOI 10.12709/fbim.05.05.02.08
- Views 78
- Downloads 0
APPLICATION OF RFID TECHNOLOGY – SOME PROBLEMS AND DEVELOPMENT DIRECTIONS
In the conditions of modern business and the increasing use of computer technologies, more time constraints are being imposed on businesses, increasing demands in terms of efficiency of the use of machinery, automation o...
ZNAČAJ MONETARNE POLITIKE EVROPSKE CENTRALNE BANKE
Podrška opštim ekonomskim politikama, koja predstavlja jedan od ciljeva Evropske centralne banke (ECB), podrazumeva uravnotežen i skladan razvoj, zapošljavanje i socijalnu zaštitu, što iziskuje aktivniju monetarnu politi...
MODELS OF MANAGEMENT OF EMPLOYEES IN JOINT STOCK COMPANIES
The mechanisms of participation of employees in commercial companies (primarily in joint-stock companies) are different. The basic forms are participation in managing through membership in the bodies of the company (mana...
TECHNICAL SPECIALISM OF HUMAN RESOURCES AS CONDITION FOR DEVELOPMENT OF SMES IN SERBIA
Technical progress and adequate staff profiling are two essential conditions for the development of forces of production, in one company ande country alike. The competitive advantage of SME-s grouped in to the sectors wi...
MODERN INTERNATIONAL BANKING REGULATION: IS OFFSHORE BANKING NEAR TO ITS END?
One of the key reasons influencing the existence of existing ones and the development of new offshore centers and offshore banks is the sluggishness in global tax harmonization, as well as a lack of interest among many c...