Rewarding Individual Performance
Added on 2019-09-22
16 Pages3361 Words157 Views
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Reward Management
Table of ContentsIntroduction......................................................................................................................................21.1....................................................................................................................................................2SWOT analysis................................................................................................................................21.2....................................................................................................................................................4Impact of business drivers...............................................................................................................4Examples..........................................................................................................................................52.1....................................................................................................................................................5Principle of total reward & its importance......................................................................................5Importance of total rewards approach.............................................................................................6Benefits of encompassing cutting edge training..............................................................................6Flexible working with traditional pay..............................................................................................62.2....................................................................................................................................................7Significance:....................................................................................................................................7Equity...............................................................................................................................................7Fairness............................................................................................................................................7Consistency......................................................................................................................................7Transparency....................................................................................................................................73.2....................................................................................................................................................8Assessment of extrinsic contribution and reward............................................................................82.3....................................................................................................................................................8Implementation of reward policy.....................................................................................................83.1....................................................................................................................................................9Different ways in which line managers contribute to reward decision making..............................9References......................................................................................................................................10
IntroductionIn this present paper, we will discuss the reward system of Apple Inc. The paper also describes the reward environment and key perspective by using the SWOT analysis tool for analyzing the internal and external environment then the impact of business drivers is analyzed with the given an example. In the second section, the principle of total rewards is evaluated, and the importance of equity, fairness, transparency and is explained, then the contribution of intrinsic and extrinsic awards are analyzed with the implementation system of reward policy initiatives in the organization. In the third section, different ways are explained in which the line manager can contribute towards the decision making of rewards.The reward management is defined as the development and implementation of strategies in orderto reward the employees with the equitable, fair and consistency with the organizational values. It consists of an examination and controlling of employees compensation, benefits and remuneration (Armstrong et al., 2007). 1.1SWOT analysisThe Apple has multiple features and unique brand image in the eyes of the customers. The company is known for its innovation and operating system which acts as an advantage for the company. The strength, weakness, opportunities and threats are explained below: Strengths in SWOT analysis of Apple iPhone
Brand equity – It is one of the best companies which is known for its brand promise and the previous days of McIntosh computers. Innovation – Apple is known for innovation from iPod to iPhone. The innovated technology is the strength of the company.Consumer loyalty – The Company can proudly announce its loyalty of customers and the brand loyalty of the company can be compared with the brand loyalty of Harley-Davidson. Similarly, the HOGS are famous for its furious Harley enthusiast so as the iPhones owners. Amazing software and IOS – The operating system of Apple is providing high speed and flexible which provides a respectable mobile platform for the users. The user interface of the phone is very comfortable due to which the customers get addicted from its usage.Wide developer support / control in the hands of users – The developer network of Apple comes before Google play, and it provides lakhs of applications to the users by its developer network. It is the strongest online community till today.Design consistency – The mobile phones are consistent in the looks, and the company is providing innovation on the phone with the similar which helps to attract a large number of consumers (Tar et al., 2013). Weakness in SWOT analysis of Apple iPhoneHigh price – The Company is providing distinct and innovative technology among the mobile industry but still the prices are very high as compared to the competitors within the same industry.
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