HUMAN RESOURCE ESSAY PAY AND REWARD STRATEGIES Explain and evaluate the main pay and reward strategies adopted by organisations. What are the benefits and drawbacks of each approach? INTRODUCTION Reward management has been criticized (Torrington and hall ) ‘old win in new bottles’ Hr manager has to be aware of need to ensure that the reward packages are fair and Jan 01, · Pay, Reward, Collectivism and Individualism Pay “is used to denote the wages, salaries or fees paid by employers in return for the provision of labour”. (Hollinshead, Nicholls and Tailby, , p. ) The concept of reward has developed over the last twenty five years and has evolved from the concept of basic pay Jan 01, · Performance Related Pay And Employee Rewards Management Essay. Performance Related Pay (PRP) has been defined by several scholars including Armstrong () and CIPD (). They suggested that PRP is a method of remuneration that provides individuals with financial rewards in the form of increases to basic pay or cash bonuses which are
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The aim of this paper seeks to examine the concept of total rewards in the process of increasing prominence in organisations.
In this paper, I will following this concept to explore more detailed of effectiveness total reward in the organisation prominence. The concept of rewards has developed over the time to represent more than just to pay cheque an employee at the end of the month.
The concept of total rewards was emerged in the s as a new way of thinking about the deployment of compensation and benefits, combined with other tangible and intangibles ways that company seek to attract best people. Michael Armstrong The direct reward is what an employee receives from the employer in bank account such as base wage, bonuses, commission. Koala Consulting and Training The ability link and balance all aspects of rewards together helps organisations achieve the motivationcommitment, engagement and development of employees.
The consequence is profitability, efficiency and prominence in organisation. Hire a subject expert to help you with Employment and Total Rewards. Zingheim and Jay R. Patricia K. Schuster To increase prominence and efficiency in organisations is responsible equally as an employer, as employees.
The employer responsible to creates an atmosphere in which the best people will want to work in company. Schuster The total rewards scheme concept is simply about the creating an atmosphere by financial and non-financial benefits given to employees in trade for their service, time, abilities and their efforts to support the company.
Schuster wants to work for the company provide better workforce deal that involves the four total rewards components. Employement studies [n d] The company that focuses on individual growth gives opportunity an employee for training, coaching and personal development. Schuster Also, the employee wants to work in organisation where workplace is positive. This means best leadershipteam working and open communication.
Employement studies [n d]. The last component is total pay. Total pay involves basic pay, performance-related pay, benefits, and feedback or recognition. Employement studies [n d] Some companies can balance the four components or choose the only one, for example some companies may have very strong total pay, but the poor work environment.
Other companies may have weaker total pay but develop people, provide a positive workplace. Also, there are five elements of total rewards model, WorldatWork presented the each of which helps to make the strategy to attract, pay and reward essay, motivate and retain employees. It is a one-time payment and must be re-established and re-earned each performance period.
Short-term incentive pay — a form of variable pay, short-term incentive pay is designed to focus and reward performance over a period of one year or less. Long-term incentive pay — a form of variable pay, long-term incentive pay is designed to focus and reward performance over a period longer than one year. SARA Hroot said while one of the most traditional elements of total rewards, it remains a essential for business success.
Benefits area constantly challenged and expanding during the last time from justholiday, health-care benefits to benefits programs which protect employees and their families from financial risks and can categorized such as retirement and medical and dental insurance, as well as non-traditional programs, such as identity theft and pet insurance.
Life-balance area focused to help employees do their job effectively, such as flexible scheduling, telecommuting, child-care programs, etc.
In talent management, performance involves the association of organizational and individual goals toward business success. Recognition is a way for employers to pay special attention to workers for their accomplishments, behaviours and successes. Recognition is necessary to support the value of performance improvement and promote positive communication and feedback, pay and reward essay. Career pportunities area focuses on the planning for employees to go forward their career goalsand a more responsible position in an organization, pay and reward essay.
SARA Full understanding of total rewards concept, key components and elements give opportunity to implement the total reward strategy to attract best people, talent, keep them and have them perform well. After all, effective reward systems help an organization not just retain key employees, pay and reward essay, but also be more competitive and reduce turnover. Pay and reward essay ability to understand the purpose of total rewards helps recognise and identify the main powerful types of total rewards to be more competitive pay and reward essay avoid the staff turnover.
Staff turnover is the most serious problem for the company. The reasons to leave the organisations are: "I'm not sure there's a future here for me. The Vision Link Advisory Group [n d] With an understanding of the reasons people leave an organization, the organisations can easily to improve these areas of an organization's by using the total rewards strategy to creating and sustaining a culture that is not copy able — which is essential to maintaining a competitive advantage in the market place The Vision Link Advisory Group [n d]but if the company will ignore the reasons why people leave the company, there are affecting them in many ways, such as high staff turnover, conflict, stresslow productivity, bad company image and lose of the business.
The main issue to implement the total rewards strategy is turnover. There pay and reward essay many consequences such as lost of best employees, time and cost of selection and recruitment process, poor performance, conflict, stress and poor company image. The turnover is split on two categories voluntary turnover where employee chooses to leave, pay and reward essay.
The key reasons include better career opportunities ; development, increased compensation and better work environment. Involuntary turnover is when employer is asked to leave for reasons including poor performance or development, an inappropriate behaviour and attendance of employee.
To replaces an employee the HR Management department, pay and reward essay, which is responsible for the recruitment and selection process should prepared all relevant procedures to recruit new worker.
Recruitment and selection process are pay and reward essay expensive and also considers the costs and consequences of employee turnover. There are pay and reward essay, community and workforce pay and reward essay. Lost productivity and additional costs such as overtime or contractor payments to cover for vacancies created by this departures. Recruitment costs such as advertising, employment of job search agencies, pay and reward essay, time and resources spent in processing applications, staff time involved in selection interviews.
David Brereton, Mining David, Ruth Beach. J Aaronson In addition to financial costs, high turnover is very negatively affects operational efficiency, such as a close teamwork, because instability in the workforce, consequences can include increased stress and tension amongst those remaining employees who have to fill the gaps left by departing employees, declining employee morale, and decreased productivity.
The ability to implement and develop the total rewards system will give many benefits to achieve organisational goals, make company efficient and prominent. There are many factors that affect employee performance like working conditions, worker and employer relationship, training and development opportunities, job security, and companies overall policies and procedures for rewarding employees. Nadia Sajjad Hafiza, Syed Sohaib Shah, Humera Jamsheed, Khalid Zaman A satisfied and motivated employee and work force by tangible and intangible rewards can definitely help sustain productivity.
Job satisfaction plays an important role in employee commitment and in reducing employee absenteeism and boredom at work. Smith believed that job satisfaction could lead to cost reduction by reducing absences, errors and turnovers which leads to greater productivity and economic and industrial growth which is a major drive of most organisations. Flexibility has become an important factor in work-life balance. Organizations are recognizing the constraints many workers are facing and providing them with alternatives to ensure the motivational and emotional needs of the employees are met.
Some flexibility rewards that have been implemented in many organizations are instilling various scheduling options and providing telecommuting options. More companies are instituting new work schedules which include longer days but shorter weeks, i, pay and reward essay. With technology becoming more advanced, employers can meet with employees via the web and documents can be faxed or emailed. Cyberessays, Divaqueen. There are many advantages from managing talent, such as makes company more competitive in competition.
This important process of the company increased sales effectively and efficiently. With the position more competitive than the competition, a company can automatically effective market penetration and gain greater market share. Business The ability correctly implements the total rewards strategy give organisations opportunity to become efficient and competitive over competitors. Mary Mosqueda, pay and reward essay, said developing the correct mix for the total rewards strategy is the key to employing and keeping the best talent.
The first step is identifying the culture, employee climate, and employee demographics. This can be determined through an employee appraisal system, focus groups or key employee interviews. After identifying what drives employee motivation, commitment, and loyalty for organization, also the importance to determine how much pay and reward essay are willing to spend. The importance of discussion on relevant question related to the total rewards strategy.
Mary Mosqueda, said the third step is development of policies and procedures regarding the use of new benefits, learning environment, development and compensation systems, pay and reward essay. These policies establish the flow of the process and secure the integrity of both the company and employee, pay and reward essay. Management can easily include these polices into an employee pay and reward essay or handbook.
It is very important that senior management is on board with any changes or new policies with regard to employee total rewards programs, then, the fourth step in this process involves including top management from the pay and reward essay. Educating management on how to successfully implement these strategies with their employees is critical.
This can be achieved through different methods of communication. Communication is next step of the implementation, which is vital to the successful result of total rewards strategy. If this is not communicated properly, it is all for naught. As employees contribute to the organisation in achieving its goals, those same employees need to share in its success. To encourage this win-win situation, senior management needs to ensure that employees have a clear direction and that they pay and reward essay valued by receiving appropriate rewards.
Employees can become over-confident. Amelia Jenkins, Demand Media [n d] Anyway using total rewards strategy the organisation motivate, build a good atmosphere and relationship with employee that fosters a sense of trust, pay and reward essay. In a good relationship, employees may feel respected and comfortable in their working environment. Providing rewards, both tangible and intangible make employees happier. Happier employees often perform better at work and proud of their company.
Conclusion This essay examined the concept of total rewards and the reasons for its increasing prominence in organisation. The components, elements and benefits of total rewards make the clear understanding how it is important for the organisation on the whole. The total rewards have a positive influence on the employee base and the company, because the ability to give the right rewards to the right employee makes the win-win result.
Employees who know they will be rewarded for their efforts, talent and development will continue to perform well and maintains employee satisfaction.
When, employees talk about organisation with good reward system and their development, opportunities, good payments and environment, its make organisation more attractive. Over the time a reputation and company image go up. In addition, pay and reward essay, an organization's reputation makes an impression on current and future clients, which can significantly improve the company's worth and profitability.
There are more consequences of reward strategy such as happy and satisfy employees, good atmosphere, reduce the staff turnover, good reputation and profitability.
It is make the organisation very prominent. References Michael Armstrong Employment and Total Rewards. Free Essays - PhDessay, pay and reward essay.
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The objective of this essay is to critically analyze and evaluate the expectations about reward strategies and present various perspectives on the concept of management by paying particular attention to literature and research findings on what has been a major cause of frustration among the personnel people in trying to design and implement different reward management strategies Mar 05, · Employment and Total Rewards. The aim of this paper seeks to examine the concept of total rewards in the process of increasing prominence in organisations. Total Rewards is best described as a business strategy that “includes financial and non-financial complementary elements designed to recruit, develop, retain and motivate employees” (OSP ). “Employees working for a total rewards Estimated Reading Time: 9 mins Jan 01, · Performance Related Pay And Employee Rewards Management Essay. Performance Related Pay (PRP) has been defined by several scholars including Armstrong () and CIPD (). They suggested that PRP is a method of remuneration that provides individuals with financial rewards in the form of increases to basic pay or cash bonuses which are
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