The backbone of any organization is the employees that work for it. The continuous toil and hard work put in by these members of the company often goes unnoticed behind cubicle frames and computer screens. They are seldom the face of the company and are often left far away from the limelight, but these very individuals are responsible for the fundamental growth that forms an integral part of the continuous progression and the success mantra of any organization. Significant progress can only be made by setting aside petty differences and working as a team towards achieving a common goal. The entrepreneur, founder, or even professional management cannot have their hands on and attend to all the intricacies in an organization. Delegation of work towards employees is a must. Therefore, for these employees to perform their tasks diligently and with complete responsibility, it is vehemently important for an organization to acknowledge the efforts of every working individual and reward them unstintingly for their continuous efforts. The team of managers is entrusted with this responsibility. They help to keep the staff motivated by instilling in them a sense of importance, creating a healthy workspace environment, and using reward schemes to compensate every individual handsomely for their hard work. There are several ways in which managers can use these schemes:

· Employees in an organization should feel a sense of worthiness. Rewards and compensations should be given exclusively and in accordance with the credible inputs and efforts put in by every individual. That their efforts are recognized by the senior members of the organization makes them feel respected and happy. This will inspire in them a sense of motivation to carry on working with the same enthusiasm.

· The HR managers should never engage in the act of favoritism. This will have a detrimental impact on the organization as it may encourage the less liked employees to cut corners and use unfair means to achieve their targets. A sense of transparency must be maintained by the compensation committee while presenting these reward schemes.

· The reward schemes must also be used to acknowledge extraordinary performances by individuals. These performances shouldn’t be taken for granted and successful employees should distinguishingly be rewarded. This distinguished recognition between small and large accomplishments can be used to create a healthy competitive environment in the organization.

· Non-monetary rewards may also form an essential part of the reward schemes. In fact, research shows that these rewards have the largest impact on employee performance. Social recognition or accomplishments published in the annual brochure are ways in which the company can motivate its employees to strive harder and conquer significant milestones.

· The reward schemes can also be churned from time to time. A continuous churn will create a sense of surprise amongst the employees which will further excite and motivate them to work with greater zeal to achieve the rewards.

Mentioned above are some of the many ways that the managers at an organization can use these reward schemes to get the most out of their employees. We and our model at FatakPay look to challenge the stereotypes. We welcome all those individuals with open arms who dare to dream big and can help transform the fintech industry in our country. We consider our employees as our foremost priority. With flexible working hours and an in-house professional development program, we look to invest in our employees and help them achieve their goals. Our compensation program may also involve rewarding our employees with stock options under our ESOPS program. We consider the wants and needs of every individual working for us as paramount and make it our mission to contribute to their holistic development and growth in our organization.        


An entrepreneur at heart and a financial expert by training, FatakPay is the third company that Abhishek has cofounded over the years. Abhishek is a sought after expert in the Financial domain and has landed coverage in broadcast and digital outlets around the country, including the Economic Times, Radio City, Business Standard, The New Indian Standard, DNA India, Money Control, The Week, Financial Express, YourStory and Inc42 to name a few. Abhishek holds a CFA and an MBA from Erasmus University, a BE in Computer Science.

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