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29 The practice of reward management > Evaluating reward - Pg. 380

380 Part 5 Performance and reward A recognition scheme can be formal and organization-wide, providing scope to recognize achievements by gifts or treats or by public applause. Typically, the awards are non-financial but some organizations provide cash awards. Importantly, recognition is also given less formally when man- agers simply say, `Well done', `Thank you', or `Congratulations' face-to-face or in a brief note of appreciation. the comparison of reward outcomes with reward objectives to answer the question of how far the reward system has achieved its purpose. The aims are to: find out how well established reward policies and practices are working and identify any problems; establish whether reward innovations are functioning as planned and achieving the objectives set for them; ensure that value for money is obtained from the different parts of the reward system; provide the evidence required to indicate what needs to be done to improve reward effectiveness. employee benefits Employee benefits consist of arrangements made by employers for their employees that enhance the latter's wellbeing. They are provided in addition to pay and form important parts of the total reward package. As part of total remuneration, they may be deferred or contingent like a pension scheme, insurance cover or sick pay, or they may be immediate like a company car or a loan. Employee benefits also include holidays and leave arrangements, which are A failure to evaluate pay and reward practices is a critical blind-spot for many of those involved in reward management. This was noted by Pfeffer (1998: 213), who wrote that: `Little evidence demonstrates the efficacy of rewards, although much evidence indicates that rewards and their design loom large