HRM - Legal Aspects of Business, Presentation Brief

This document provides an introduction to Human Resource Management and discusses the implementation of a reward system in TESCO Plc. It covers the advantages, disadvantages, budgeting considerations, and internal/external factors that may impact the implementation of the reward system. Examples of successful implementation in other organizations are also provided.

HRM - Legal Aspects of
Business, Presentation
Brief

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
A general overview of how this type of reward system works, and any common variations of
it...................................................................................................................................................3
The advantages that this type of reward system might offer to the organisation........................3
How this type of reward system might address specific motivational needs amongst
employees....................................................................................................................................3
Any disadvantages or risks this type of reward system might present.......................................3
Any budgeting considerations that should be borne in mind......................................................3
Any internal or external factors that may impact on implementing this type of reward system.
.....................................................................................................................................................4
Examples of how other organisations use this reward system successfully...............................4
A brief summary of the key reasons for adopting this reward system........................................4
REFERENCES................................................................................................................................5

INTRODUCTION
Human Resource Management is one of the most crucial department within the business
which helps to accomplish the goals of an organisational. The chosen organisation for the file
TESCO Plc which is a multinational company. In context of the file, company is facing some of
the problem in current scenario due to which they are unable to sustain their employees and to
overcome the problem, company have introduced some of the reward system in the company.
MAIN BODY
A general overview of how this type of reward system works, and any common variations of it.
TESCO Plc is planning to introduce Extrinsic rewards in which bonus, awards will be
provide to the employees who will perform better. The common variation which can be seen
within this respective rewards is that in can be changed as per the requirement of situation. For
example: increment in bonus amount can be easily done.
The advantages that this type of reward system might offer to the organisation.
The main advantage that extrinsic rewards will provide to TESCO is that their
management will be able to sustain their employees for longer period of time due to which
company will have the option to adopt any of the changes as per the requirement.
How this type of reward system might address specific motivational needs amongst employees.
This types of reward system will help employees to work more specifically due to which
they will be able to attain their daily needs (Carberry and Cross, 2015). Bonus and different
rewards will give the idea to employees that if they will be able to perform well then there will
be high chances of attaining personal milestones.
Any disadvantages or risks this type of reward system might present.
Whenever any of the organisation introduces this types of rewards system within the
organisation then there is high chances that conflicts might occur among the employees working
on the similar ground. Due to which sometimes there is the possibility that required work might
not be complete on given time period.
Any budgeting considerations that should be borne in mind.
It is necessary for TESCO Plc to understand that they are required to prepare the budget
for providing rewards and other monetary benefits to every employees because if budgets will

not be prepared then there is huge possibility that company might face issues related to capital
reserve.
Any internal or external factors that may impact on implementing this type of reward system.
If company like TESCO will adopt extrinsic reward system, then they will have the
option to attain their goals on specific time period. Internal factors will have the most significant
effect of extrinsic rewards system because they will have the option to improve the performance
of every individual from which operational work can be done easily as per the requirement.
Examples of how other organisations use this reward system successfully.
There are number of other organisation which uses this types of rewards system
successfully. For example: Sainsbury is one of the most suitable example which uses extrinsic
rewards system due to which their employees are able to perform as per the requirement
(Brewster and et. al., 2011). Company uses this reward system by evaluating the performance of
every individual.
A brief summary of the key reasons for adopting this reward system.
While talking about extrinsic reward system, it can be said that company is required to
adopt this respective reward system because it will help to sustain the employees. Company will
have the option to give more efforts through which customers can be satisfied with the services
of a company. Also, there will be higher possibilities that companies profitability will be
improved.

REFERENCES
Books & Journals
Brewster. C. and et. al. (2011). International Human Resource Management (3rd Edition).
London; CIPD.
Carberry, C and Cross, C (2015). Human Resource Development: A Concise Introduction.
London; Palgrave.