Preview

Reward Strategy

Satisfactory Essays
Open Document
Open Document
347 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Reward Strategy
The best work force you are likely to have in the foreseeable future is the one you already have. It therefore makes sense to look after them, at least well enough to stop them leaving to join your competitors, but preferably well enough to make sure they not only stay but also give of their best.

The way you pay your staff inevitably says a lot about what you think of them, so it is important to make sure your reward strategy gives the right message.

The basic principle is that your reward strategy should allow you to recruit, retain and motivate enough staff of the right calibre to run the organisation successfully. If you find you are unable to do this, the problem is not necessarily with reward, but this is probably one of the first places to look. Reward strategy should allow you to recruit, retain and motivate enough staff of the right calibre to run the organisation successfully.

There is an increasing realisation that reward comprises more than just the tangible elements of pay and benefits. Research has demonstrated that a wide range of factors that, collectively, have a major impact on employee motivation & performance. Working environment, Career opportunities, Personal / professional development, Organisation reputation, Leadership & management style, Recognition etc.
This is the Total Reward approach to reward management and it is essential that all these elements of working life are underpinned by a consistent set of appropriate values and principles.
Effective reward strategy, provides a range of both tangible and intangible rewards as well as organizational benefits. It will support the delivery and communication of Vitalcare's values, reward strategy enables the development of consistent reward policies and it will provide clarity to all employees working in this organisation regarding the various elements of reward being offered. This strategy will lead to optimal levels of employee engagement and performance and will maximise the

You May Also Find These Documents Helpful

  • Good Essays

    Rewards management is a key strategy in attracting, motivating and retaining employees. Rewards are either monetary or non-monetary. Employees of Sunshine Fruit Juice have been demanding higher wages creating industrial disputes. Management must…

    • 2020 Words
    • 7 Pages
    Good Essays
  • Best Essays

    References: Armstrong, M, and Murlis, H, 2004, Reward Management: A Handbook of Remuneration Strategy and Practice. 5th ed. London: Kogan Page.…

    • 3668 Words
    • 15 Pages
    Best Essays
  • Good Essays

    Total Rewards

    • 1041 Words
    • 5 Pages

    The first advantage of a total rewards approach is self fulfillment so that people are recognized for what they do and encouraged to reach their potential through effective learning and development processes and given feedback on their performance. The second advantage is an organization culture where roles are clear and organizational and personal values are in alignment so that employees engage and enjoy work. Another way to consider the necessary components of rewarding people is to view them as individuals, within their team, in the organization and generally in the workplace. The fourth advantage is recognition, you must make sure that the employees are being appreciated, and not taken for granted. The last one is Organizational culture which is being able to engage and fit with the organization in terms of its values and how things are done.…

    • 1041 Words
    • 5 Pages
    Good Essays
  • Better Essays

    Adding to standard compensation, individual rewards are not well connected to performance. For example, departments like Research & Development and sales focus the transaction force and rarely see any return. The lack of proper positioning for financial compensation and work performance is causing confusion and affecting the motivational…

    • 1096 Words
    • 5 Pages
    Better Essays
  • Powerful Essays

    Reward Systems

    • 11212 Words
    • 45 Pages

    One of important attributes of work organization is the ability to give reward to their members. Pay, promotions, fringe benefits, and status symbols are perhaps the most important rewards. Because these rewards are important, the ways they are distributed have a profound effect on the quality of work life as well as on the effectiveness of organization.…

    • 11212 Words
    • 45 Pages
    Powerful Essays
  • Good Essays

    Designing a reward System

    • 1082 Words
    • 4 Pages

    Shafiq M. M., Naseem, M. A (2011). Association between Reward and Employee Motivation: A case study Banking Sector of Pakistan.…

    • 1082 Words
    • 4 Pages
    Good Essays
  • Better Essays

    Creating a Social Program

    • 1545 Words
    • 7 Pages

    The first step in creating a reward system is to consider the expectations for performances in your human service organization. List all of the jobs, what the expectations for performance of each job are, such as: Completing paper work in a timely manner, keeping in contact with clients and client satisfaction, actively contributing ideas ,attending meetings ,and training within the organization. According to Health Manpower management “It is suggested that managing performance should not just be a once-a-year appraisal of people, but should be a dynamic process integrating the various aspects of organizational and human resource management, including staff appraisal and development, as well as quality, standards, targets, and outcomes”. ( Brierley, S. (1997)…

    • 1545 Words
    • 7 Pages
    Better Essays
  • Best Essays

    How to Best Reward Employees

    • 3589 Words
    • 15 Pages

    Given that people is highly emphasized on as a key element of an organisation's competitive advantage, pay sometimes function as a tool to exchange for talented employee's commitment and loyalty. It has been pointed out that reward systems can affect several human resource processes and practises, and further influence organisational performance through mediators such as recruitment, retention and motivation (Marchington and…

    • 3589 Words
    • 15 Pages
    Best Essays
  • Good Essays

    Rrrrrrrrr

    • 692 Words
    • 3 Pages

    Reward: this leadership is more focussing in repaying pack for hard worker and for their commitment as a way of saying thank you very much for the work and keep it up. The introduction of rewarding means that people feel important and well appreciated for the service they have provided or the work they have done. The leader excels at creating opportunities to provide rewards, recognition and thanks to his or her staff which it encourage them to do more as a result of that rewarding program which makes the work better environment to associate with in which people feel important and appreciated and this can be good to the business because it creates a good reputation for the business.…

    • 692 Words
    • 3 Pages
    Good Essays
  • Powerful Essays

    Reward Management

    • 3938 Words
    • 16 Pages

    • An effective total rewards package includes a variety of components that help attract, retain and motivate employees who have skills needed by the organization.…

    • 3938 Words
    • 16 Pages
    Powerful Essays
  • Powerful Essays

    ④ Allocation of Rewards – When employees demonstrate desired behavior it is important for them to receive some form of reward in order to reinforce that behavior and encourage similar behavior amongst…

    • 1144 Words
    • 4 Pages
    Powerful Essays
  • Good Essays

    3.3 Reward System

    • 1148 Words
    • 5 Pages

    Reward works as the important element in an organization because it is helping the organization to increase the working performance of the employees by motivating the employees to contribute and giving full commitment to their jobs.…

    • 1148 Words
    • 5 Pages
    Good Essays
  • Better Essays

    Proposal Plan

    • 1190 Words
    • 5 Pages

    The purpose for the organization Riordan Manufacturing is to stay put in a dynamic, self-motivated and energetic business environment. Riordan Manufacturing is a successful business looking to progress overall presentation and place the company for potential expansion. In order for this to follow through, a total rewards program needs to be created. The incentives and compensation plan, must connect with the goals of the organization. A solid rewards program will build motivation in the work place. As the text states, " the notions that rewards are means to motivate employees assuming that the rewards are distributed fairly. Rewards seem to be part of many different perspectives in motivation." (Shani & Chandler, 2009, p. 8)…

    • 1190 Words
    • 5 Pages
    Better Essays
  • Satisfactory Essays

    Reward Systems is a vital aspect of any organization. They can actively engage and renew the overall sense of community and mission of an organization…

    • 1451 Words
    • 6 Pages
    Satisfactory Essays