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Jain and D’lima (2018) stated that reward strategy can be defined as the concerns that help in designing and implementing different reward practices and policies for supporting as well as advancing the objectives of organizations. In addition to this, it has been observed that different organization have different choices of rewards and offering it to the employees. For instance, Unilever has ‘Unilever Heroes Awards’ program and this has been done for encouraging employees and recognizing their achievements (small or big) ad appreciating them for the same. Hence, it can be stated that rewarding is one of the important aspects for paving way towards success for an organization. In reference to the context of Bussin and Thabethe (2018), it can be implied that reward strategies can be developed in either of the two ways such as deliberately planned or unplanned response to different changes in the environment. However, in both the ways reward strategies is most often the reason of employees’ satisfaction, enhanced performance and behaviour. Hence, Leia technologies also need to focus reward strategies and fill the gaps between the knowledge of the employees that has been identified. Some of the principles of rewards strategies that the concerned company must follow are listed below:
Developing natural and positive experiences of reward: This is one of the important reward principles that must be followed as this helps in making the employees respond positively by designing the rewards on par with the needs and expectations of the employees.
Aligning reward with the goals of the organization: This is the second principle and this holds great importance of Liea Technologies as it will help in fillip the identified gaps by supporting the achievement of the objectives of the organization and thereby benefiting both employees as well as the company as per the suggestion of Ali and Anwar (2021).
Considering the two principles it can be stated that both organizational culture and performance would be enhanced with the proper implementation of above mentioned principles and the company will be able to move ahead in the competitive market as well.
Figure 1: Strategic pay packages
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As per the suggestion of Rai et al., (2019), it can be stated that companies like Liea Technologies implement reward strategies and practices for supporting the objectives of the organization as well as delivering an effective and motivated workforce. In addition to this, it has also been identified that Liea Technologies has understood that implementing policy and practices are important for the company as rewarding employees help in making them feel valued and motive and this ultimately boost the overall rate of success as well as the productivity of the concerned company. This is the reason different ways of implementing policy and practices are needed to be known by the concerned company so that the same can be done effectively in order to make the employees feel valued and respected within the organizations. For example, Amazon implements policy practices and initiative for the development of different innovative strategies in order to motivate employees with the advanced innovative ideas and make them work harder for the betterment of the company.
From the article of Bussin and Thabethe (2018), it has been noted that rewarding employees is one of the best ways f managing employees and this will also have positive impacts on the employees as well as their performance. Some of the ways that Liea Technologies can consider for implementing policy practices and initiatives are listed below:
Getting employees involved: As per the suggestion of Ali and Anwar (2021), it can be implied that involving employees in developing the reward policies and practices can help in knowing the employees better as they will brainstorm and provide different ideas for such development in the organizations. This as per the suggestion of Bussin and Thabethe (2018) would help in giving an clear idea to the employees as well in terms of expectations of the company for considering employees for such rewards.
Tying the goals of the company with rewards: In reference to the context of Bussin and Thabethe (2018), it can be stated that tying the goals of the company with the reward policies and practices helps in making the policy developers know the exact need of the company and develop polices on the basis of that along with preparing employees for making the best out of such reward system as per the idea of Chinyio et al., (2018)
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