Explain the difference between a "reward strategy" and a "compensation strategy."

A reward strategy is the plan for the mix of all of the financial and nonfinancial rewards of work (i.e.,the mix of extrinsic and intrinsic rewards)the organization plans to provide to its employees,along with the means through which they will be provided.Used to create the reward system,this design plan needs to be determined before the compensation strategy.The compensation strategy is one part of the reward strategy and is used to create the compensation system (which is the economic or monetary part of the reward system).The compensation strategy is the plan for mix and total amount of financial returns,tangible services,and benefits employees receive as part of the employment relationship.