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Communication Models in Business Management

   

Added on  2020-10-22

7 Pages2443 Words224 Views
Business Management

INTRODUCTION.................................................................................................................................3TASK 2:................................................................................................................................................3Use of reward management to retain both graduate trainees and director level staff.........................3TASK 3:................................................................................................................................................4Communication models to effect a successful change management within team and the organisation...........................................................................................................................................................4CONCLUSION.....................................................................................................................................6REFRENCES........................................................................................................................................7

INTRODUCTIONManagement play important role in dynamic business environment and it is necessary forsmooth flow business (Ball, Geringer, Minor and McNett, 2012.). In this leader and managerof company use several tool as well techniques of managing entire process. This assignmentis based on Mark and Spencer which is retail sector enterprise founded in 1884 by SirMichael Marks and Thomas Spencer. Along with this they are serving worldwide and theirHeadquarter is in London, United Kingdom. Apart from all this, report through light onreward management for both graduate trainees and director level staff. Moreovercommunication models which is used by manager for successful change management isexplained. Along with this team management is essential for completing work on time and ineffectual manner.TASK 2: Use of reward management to retain both graduate trainees and director level staffReward Management-Reward is that which is given to an individual or group ofperson for their better performance (Schaper and et.Al., 2014). As well reward managementis the strategy, policy and procedure whose aim is to reward particular person fairlyaccording to their performance and its value to organisation. As per this explanation ofreward management it is motivational tool and technique use for appreciating or encouragingemployees. Moreover, the same can be of two types extrinsic and intrinsic. Explanation ofboth is given below: Extrinsic Reward: This is tangible reward which is in the form of pay and benefits. Itis given when employees take participation in particular activity and perform better inthat then only intrinsic reward is given to person. The same is best way through whichpersonnel get encourage and do work of company in better manner for gainingreward. Example Bonus, extra pay, fringe benefits, incentive payment, socialrelationship and several others.Intrinsic Reward: This includes Achievement, recognition, feeling ofaccomplishment, job satisfaction, team working empowerment, job enlargement andseveral others.Reward Mix- this is the package which is full of motivational and encouragement tool.Along with this, it includes several benefits given to employees according to their work. Allthese are stated below:-Financial: These are extrinsicform of rewards which includes wages or salary,bonus, pension and so on. It is the best way through this company can easilymotivate their employees.Benefits: When personnel are doing work in better manner then there are somebenefits which are given to them (Osterwalder and et.al., 2011). These are notrelated to financial terms but include accommodation facilities, leaves etc.Social: This includes social status and work relationship.

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