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Essay on Managing Human Resource - Marks and Spencer

   

Added on  2020-06-04

11 Pages3359 Words23 Views
Managing HumanResource

Table of ContentsINTRODUCTION...........................................................................................................................4TASK 1............................................................................................................................................41. Concept of Total Reward System and its various aspects linked with academic theories ofmotivation...................................................................................................................................4TASK 2............................................................................................................................................82. Effectiveness of using Total reward system in two different employment sectors.................8CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11

INTRODUCTIONHuman resource management includes the management of employees in organisation. Itrefers as HR department which maximises the employee’s performance in organisation. They areconcerned with the management of people and focusing on policies of organisation (Varma,2013). They are responsible for the employee’s requirement, training and development,performance appraisal and giving rewards to employees as per their performance in theorganisation (Human resource management, 2016.). Marks and Spencer plc is a multinationalBritish company being chosen in this report. It deals in selling clothing, home products andluxury food products. Company also started selling the branded goods like Kellogg’s Cornflakes. In this report, concept of total reward system, its effectiveness and various aspects ofassociated with it which are linked with the theories of motivation on two different employmentsectors will be explained.TASK 11. Concept of Total Reward System and its various aspects linked with academic theories ofmotivationConcept of total reward systemEach element of compensation and benefits is known as reward and total rewards includeeverything which employee receives from the organisation resulting from the employmentrelationship.It is a tool with employer which is used to attract and motivate the employees.It includes everything which employees receive from the employer in return for addingvalue in employment.There are total five elements of total reward which include programs, practices, elementsand dimensions.It defines the organisation’s strategy to attract, motivate and retain employees.Types of total reward system:Financial

Non FinancialFinancial: Finance includes reward which are given by employers to employees in the form ofmoney. Financial rewards are also of two types which are Direct and Indirect:Direct: It includes all rewards given by employer in the form of cash such as:Salary: It is given by employer to its employees for the work which is performed by them incompany. It varies as per the quality and burden of work handled by employees and anothermajor factor on which it depends upon is the experience of the employee.Incentives: Incentives are given by the employer to its employees as appreciation for good workin organisation (Mahajan, 2015). Every employee who completes their work on time with qualitygets the incentives which motivate them to be punctual always on their work.Bonus: Bonus is to be given by the employer to its employee for their good work in organisationand it motivates them to work harder to get bonus from the organisation..Indirect: It includes all rewards given by employer in the form of benefits to employeessuch as:Insurance: Every employee who is working in the organisation is covered under insurance.Employer bears all the expenses in this regard. Employees have the benefit that they compensateby company if they met with accident in the organisation. It makes them feel secured in theorganisation.Holidays: Holidays given by the organisation to its employees are like rewards to them. They donot feel burdened in the organisation. Whenever they needed they have the choice to get leavesfrom the work.Medical and health: It is the duty of employer to provide medical facilities to employees inorganisation and safeguard their health. One of the major duties of employer is to take necessaryprecautions for employees which are indulged in the hazardous processes.Child care: Providing child care facilities by the employer motivates employees because theyfeel safe for future of their belongings.Employee assistance: It works as reward for the employees if solutions are provided by theemployers related to personal and work problems faced by employees. It helps them in buildingtheir confidence in organisation.Non Financial: Non financial rewards are those which are not provided in monetary firm toemployees. They are of two types which are: Job, Environment:

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