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A reward strategy consists of compensation, benefits and personal and professional growth opportunities. Compensation will encompass the base pay made up of salaries and wages, merit pay which will be based on an employee’s performance and incentives which will also be based on an employee’s performance. Benefits, on the other hand, will consist of health insurance, retirement benefits and leave pay (WorldatWork, 2007). Personal and professional growth will include training in specific fields, career development, and management skills.

To implement these reward strategies, the human resource management staff will have to assess the existing reward system, in order to know the loopholes that currently exist in the system and find solutions to the loopholes in the new reward system. After assessing the current system, the team will be expected to design a new system which will deal with all the issues not dealt with in the previous system. The corporation’s budget should be considered in order to plan the amount of money that every employee will receive depending on the level of the employee (Milkovich, et al., 2008). The team will then execute this reward system and after execution, it will be expected to evaluate the effectiveness of the reward system.

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