Managing Human Resource with Total Reward System at Burberry and Venturi UK Ltd.

MANAGING HUMAN
RESOURCE

INTRODUCTION
The concept of human resource denotes to the appropriate management of company's
staff, training them, motivating them, providing their roles and responsibilities, retaining them
and providing adequate recognition based on their position and hard work. This generally
combines all the employees of an organization who are dedicated towards the achievement of
organizational common goal by performing different jobs within various functions of a company.
The company set ups a different department for managing human resource affairs under a
managership or a leadership of specialized personnel who is known as manager of human
resource and is responsible for managing all the affairs related to company's employees such as
having interviews, hiring, training, motivating, retaining, resolving queries as well as providing
remuneration and rewards based on their works (Beck-Krala, 2020). Managing human resource
is categorized as the most toughest job within an organization as this involves dealing with
different minds whose perception, thoughts, views are different with each other and bringing
them to agree and dedicated fort a single goal is highly difficult. The present report includes an
essay on managing human resource with an application of total reward system at two different
organizations that are Burberry which is a beauty and fashion store and another is Venturi UK
Ltd. which is a recruitment agency in UK.
MAIN BODY
Total Reward Strategy
The concept of total reward strategy refers to a specific system which is being executed
by a company which offers monetary as well as non monetary benefits to the organizational
employees which is beneficial for the business ultimately for those who works harder towards
the attainment of business goals. Monetary rewards refers to the concept of providing salary
appraisal, bonus or any other benefit to the company's staff with respect to the liquid cash as a
token of appreciation to the employee. On the other hand, the non monetary benefits refers to the
appreciation provided to an employee with placing him or her at higher position or recognising
him in front of whole organization, etc. that does not involves indulgence of any liquid cash. The
different elements of total reward strategy includes benefits, payment, well being, development,
recognition and careers that are described below:

Payment: This includes directing locational specific or global challenges related to the
payment maintaining a balance between their variable and fixed pay, to assist equality in gender
or such work that involves high development landscape.
Benefits: This involves financing, optimizing a portfolio, experience of staff in order to
meet the developed talent along with business needs (Cui and et. al., 2021).
Careers: This includes transformation towards career entablement from career
management with an assistance of expertise and agile which supports in optimizing business
with a combination of employees needs.
Well being: Under this well being is concerned with social, emotional, financial and
physical opportunities or challenges.
When the company's total reward system is concerned with the present goals of an
organization this leads to the dedication and hard work which could be brought by appreciating
company's employees and providing rewards to each who gives their full dedication and hard
work. A company's strong objective is regarded as a advantageous strategy in order to derive
organizational jobs satisfaction which assists in attracting as well as retaining the best workforce
within an organisation. This involves high level of transparency in objectives as well as workings
that develops motivation and dedication in employees to attain current business objectives. The
department of human resource with this is required to adopt right technology in order to help the
total reward strategy so that the employees can work with their highest potential to accomplish
the current objective.
With respect to future intend related to total reward system the company can implement
flexible working hours for those employees who are highly dedicated towards business or can
provide higher position in near future to the deserving candidate so to attain business objectives
in time. Company can provide rewards to talented employee in future for the work done today.
When looking towards the overall cost of the company from this total reward system, it
will become a costlier expense to the firm as when they are rewarding to their talented
employees the treasure of company will get reduced with the amount of appreciation allotted for
appraisal or bonuses. This would definitely lead to employees motivation but on the other hand
the profit margin of company would get reduced due to which they can have less development
plans for business or can charge high from the customer for their offerings into market (Ghiasi
and et. al., 2021) .

Different models of total reward system
Total rewards comprises all phases of work that are being valued by people and involve
different components like development opportunities, smooth working and so on. It has several
implications for cultural change as the main focus is on the part of employee empowerment.
There are five elements which are involved in this model and these are compensation, benefits,
recognition, development and well-being. There are both internal as well as external influences
which create an impact on the model. In context with internal influence it includes workforce,
strategy, leadership, culture and the aspect of inclusion. On the basis of external influence it
involve technology advancement, social norms, regulatory environment and product and labour
markets. There are certain approaches to total reward like in the form of business strategy, work
life balance, organisational culture and many more. In context with the chosen organisation it is
further being explained below: -
Compensation: - It is defined as the pay which is offered by an employer to all the
employees in context with exchange for services like on the basis of talent, time and so on. It
comprises of both variable and fixed cost that is being united to whole contributions being made.
In context with Burberry implements certain packages for compensation and is offered to all the
employees on the basis of the time which they give to the industry. While looking at the current
situation the company is still giving compensation to all their employees as all the stores are
being closed so they are relying on government to take help. On the other hand in Venturi
employees get the extra pay on the basis of how much money they actually make so the more
they make the higher their rate would be (Hsieh, Chen and Ching, 2021).
Well-being: - It is considered as that province of manpower which is very much
comfortable, healthy and carries certain environmental factors too. So, on the basis of total
rewards model the employers create an influence on the basis of building certain programs that
supports whole success of the workforce. In context with Burberry their top priority is always the
Total rewards comprises all phases of work that are being valued by people and involve different
components like development opportunities, smooth working and so on. It has several
implications for cultural change as the main focus is on the part of employee empowerment.
There are five elements which are involved in this model and these are compensation, benefits,
recognition, development and well-being. There are both internal as well as external influences
which create an impact on the model. In context with internal influence it includes workforce,