The primary aim of rewards is to retain and stimulate the employees to reach higher levels of performance. Performance without quality is meaningless, more so, in an educational institution that moulds the young enthusiasts who in turn shape the economic destiny of a country. Rewarding `quality performance among the teaching fraternity is of utmost importance in the progress of a nation as no nation can develop without `quality education.

Motivating employees has never been as challenging as it is today. `Performance through people' is the latest corporate mantra and the `employee' suddenly finds himself elevated to the level of being labeled as an asset .Sounds great. In this performance-oriented world, every individual, before undertaking any task, asks a simple question, "What's in it for me?" Again as per the expectancy theory of motivation, an individual tends to act in a particular way depending upon the outcome and its attractiveness. These attractive outcomes are known as rewards or incentives. An incentive or a reward is given to an employee to attract his attention, retain it, and to further stimulate him to do better and to be more effective in his job. Rewards could be financial or nonfinancial. All said and done `money' still continues to be the best motivator of all times except for those lucky few who are blessed with pots of it. Strangely enough a study says that it is the moneyed people who crave for it more than those who have not got much. As per Abby Brown (Today's Employees Choose Their Own Recognition Award), there is no controversy in the fact that most employees seek information concerning what activities get rewarded and then tend to do those more often than the ones not rewarded.

Just as any other management, reward management in an organization is a process of ensuring that employee performance is rewarded adequately, timely, and without any fear or favor. Effective reward management is also seen as a strategic tool to remain competitive and to deliver quality.

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