Reward Management
RESEARCH PROJECT
Front Office
SYNOPSIS
Title: Reward Management
Team: Rishi Juneja and Karan
Introduction
The reward system emphasizes a core facet of the employment relationship: it constitutes an economic exchange or relationship. Global forces impact on pay systems. Changes in reward systems mirror changes in work design and organizations, and the emphasis on individual performance.
The nature of reward management
There are two types of rewards: Extrinsic and Intrinsic
Pay or reward strategy is a plan and actions pertaining to the mix of direct & indirect pay.
Objectives of reward system are to attract and retain high performing employees, maximize employee performance, and satisfy legal standards.
All reward systems contain two elements that are in contradiction with each other: cooperation and tensions and conflict between employer and employee.
A model of reward management
Reward model contains five basic elements: strategic, reward objectives, reward options, reward techniques, and reward competitiveness.
Strategic perspective focuses on reward choices which support strategic goals. Reward objectives emphasize the linkage between a reward system and human behaviour. The psychological contract emphasizes the importance of reward management. 1. Reward options for the organization include: base pay, performance pay, and indirect pay (benefits). 2. Reward techniques examined include job analysis, job evaluation and performance appraisal. These techniques are used to achieve, internal equity, which refers to the pay relationships among jobs within a single organization. 3. Reward competitiveness refers to comparisons between the organization’s pay and that of its strategic competitors. External competitiveness depends upon, in part, labour market and product markets conditions and management’s strategy.
Reward Options
Reward options for the organization include
Front Office
SYNOPSIS
Title: Reward Management
Team: Rishi Juneja and Karan
Introduction
The reward system emphasizes a core facet of the employment relationship: it constitutes an economic exchange or relationship. Global forces impact on pay systems. Changes in reward systems mirror changes in work design and organizations, and the emphasis on individual performance.
The nature of reward management
There are two types of rewards: Extrinsic and Intrinsic
Pay or reward strategy is a plan and actions pertaining to the mix of direct & indirect pay.
Objectives of reward system are to attract and retain high performing employees, maximize employee performance, and satisfy legal standards.
All reward systems contain two elements that are in contradiction with each other: cooperation and tensions and conflict between employer and employee.
A model of reward management
Reward model contains five basic elements: strategic, reward objectives, reward options, reward techniques, and reward competitiveness.
Strategic perspective focuses on reward choices which support strategic goals. Reward objectives emphasize the linkage between a reward system and human behaviour. The psychological contract emphasizes the importance of reward management. 1. Reward options for the organization include: base pay, performance pay, and indirect pay (benefits). 2. Reward techniques examined include job analysis, job evaluation and performance appraisal. These techniques are used to achieve, internal equity, which refers to the pay relationships among jobs within a single organization. 3. Reward competitiveness refers to comparisons between the organization’s pay and that of its strategic competitors. External competitiveness depends upon, in part, labour market and product markets conditions and management’s strategy.
Reward Options
Reward options for the organization include