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Reward Management Assignment - ASDA

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Added on  2020-10-04

Reward Management Assignment - ASDA

   Added on 2020-10-04

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Reward Management Assignment - ASDA_1
Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1Meaning of reward schemes........................................................................................................1Objective and nature of reward system.......................................................................................1Aligning the goals of organization and employees.....................................................................1Risk preferences of managers and employees............................................................................2Complying with the legal regulation and ethics..........................................................................2Types of reward scheme..............................................................................................................2Issues related to performance related payment system ..............................................................3Motivational theories..................................................................................................................4Advantage and disadvantage of performance related pay...........................................................5Link between reward system and motivation..............................................................................7Alternative ways of motivating employees.................................................................................8CONCLUSION................................................................................................................................8RECOMMENDATION...................................................................................................................8REFERENCES..............................................................................................................................10
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INTRODUCTIONMotivated and loyal employees are backbone of the organization. Reward management isthe tool that aim to appreciate highly skilled workers those who can perform well. Forencouraging them company acknowledge their work in the form of reward. In the currentassignment Asda is being taken into account which is considered as multinational supermarketretailer. Present study will critically review the effectiveness of reward management. MAIN BODYMeaning of reward schemesAccording to Budhwar and Debrah, (2013) reward management is the company's HRpractice which is generally used to reward its valuable employees so that better success can beattained in terms of motivation. As per the view of MARITIM, (2014) reward management isthe technique which is generally applied by Asda in order to appreciate its employees for theirunconditional efforts which they have put in the organization (Lawson, 2000). Objective and nature of reward systemAs per the view of Omoijiade, (2014) the main objective of implementing rewardmanagement in the Asda is to attract skilled employees and retain them in the workplace forlonger duration. Employees are considered as critical aspect for eve4ry business firm, it meansmanagement must focus on employee’s retention so that better performance can be measured inorder to have accomplishment of organisational goals.Suwandej, (2015) argued that to makeeffective control over the cost is the main objective of Asda to implement reward system in thefirm. By increasing their satisfaction level cited firm retain its talented workers in the corporationfor longer duration. According to Buttigieg, Cassar and W. Scully, (2013) reward systemdiscourages creative thinking and people feel dishearten in the workplace. That affects theirworking efficiency as well. Employees start downplay weakness and they do not perform theirresponsibility properly. Aligning the goals of organization and employeesAs per the view of Schaltegger and Burritt, (2014) reward scheme align with theorganizational goal, Asda reward management is consistent with its strategy. Asda offers highwages to its skilled employees and encourage them to work over time so that they can get1
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incentives and other perks as well. It supports in fulfilling goal of cited firm of increasingrevenues. Employees also get attractive pay and promotional opportunities. Risk preferences of managers and employeesRabovsky, (2013) stated that managers have to make necessary decisions in order to meetwith the objective of organization. Managers are at high risk because if they do not makeeffective judgement then they will not be able to meet with the target. Risk preferences ofmanager impacts on the management practices and also affect employees as well because it willenhance turn over of the staff members because they will think that company is not able toprovide them growth opportunities. Employees always prefer to work in the positiveenvironment, but if company is unable to create environment as per their requirement then theywill not perform well in the workplace that will affect overall working of the entity. Complying with the legal regulation and ethicsAccording to Nazarova, Achkasova and Stepanova, (2014) government has madeemployment law, equal pay legislation. These legislation ensure that no person get discriminatedand everyone in the organization gets equal rights and pay. Asda implement these legislationproperly and give incentives to its workers on the bases of their performance rather than theirrace or age. Females and male both get equal chance of promotion. Asda has prepared suchatmosphere where wages and salaries are clearly based on individual's performance. Wilson and Maume, (2013) stated that in the modern ear companies have moved fromfixed remuneration system to reward system. It is unethical because due to this power of uniongets reduced. Asda has posted in its website about the performance standards and on the bases ofthese, it evaluates performance of its workers. This ethical communication supports theorganization in improving working culture of the entity. As per the view of Koike, (2013)company provides explanation of code of ethics to its workers so that they can perform theirduties well. Managers of Asda explain about workplace ethics and policies it helps in runningtheir business ethically. Types of reward schemeExtrinsic and intrinsic rewardsTopa, Guglielmi and Depolo, (2016) argued that there are two main types of rewardscheme such as extrinsic and intrinsic rewards. Extrinsic rewards are those benefits which are2
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