Reward Management Practices - Briefing Paper

Reward management (RMT) assessment template
Reward management practices – briefing paper
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INTRODUCTION:
Reward Management can be concerned with wide factors of formulation and
implementation of best HR strategies and policies within company producing wide
range of reward system where aim is to reward people fairly and to motivate for
higher performance levels . The report explains Tesco company reward management
system with strategic alliance, rewards analysis and how HR managers aim to
achieve equity, fairness of reward policies and practices within employees for higher
growth and business development onto higher yielding synergy factors.
Strategic analysis
The strategic alliance is highly important for gaining access onto internal and
external factors which are impacting functional strength within management and
among HR policies to reward now and within future for higher working structure.
Internal analysis of Tesco can be analysed with swot analysis which can be analysed
as follows:
Strengths
Tesco has high goodwill among consumer market with its large number of stores,
high quality products and work efficiency for bringing on innovation among products
for higher growth and goodwill composition. This factors of diverse range of
products, services have enabled to leverage onto higher synergy within global
business arena (Perkins and Jones, 2020). Tesco also has high capital business
framework where it has successfully ventured into untapped countries market and also

productively established high range of stores, online products range and services
within global business scenario.
Weaknesses:
Tesco faces competition from new brands and companies coming within UK retail
industry and also factored innovation, with new customer preferences products which
has been also giving strong competition externally for occupying new position among
industry.
Opportunities:
Tesco has business expansion opportunities for expansion into untapped countries
business market where there are wide factors of growth available and also wide
innovation procedures available with new investment opportunities which will enable
to develop new customer segments goodwill.
Threats:
Tesco faces threat of less competent management within business departments in
company where aim is to factor on reach higher skilled synergy goals and also
potentially work on training, motivational metrics by improving reward management
system in present and future (Armstrong and Taylor, 2020)
Theses are the internal analysis parameters which will impact company
approaches to reward management and employees within future as well as at present
for gaining higher efficiency working goals, new motivation parameters and also
potentially enhance creative work paradigms. Internal factors such as management
goals and working scenarios are highly important to gain analysis of how are the
impacts worked on such as employees working motivation and financial scenarios
working within at present will enable to generate stronger work goals. Tesco
approaches such as functional motivation factors for gaining analysis of how further
exploration goals work on and to generate new determinants where strengths are more
competitively developed.
External analysis (pestle analysis) Political factors: Tesco within this parameter faces risk for exporting its
products and services onto Europe countries where Bexit has imposed various

new higher taxes and increased tariff rates which will impact company
services within higher context in global business position. Economic factors: Tesco economically need to also focus onto working
within changing economic parameters within various economic situations,
and also for analysing how further work extension can be gained onto
working within new functional approaches. Social factors: Changing customer preferences is one of the most important
parameter where higher strength shall be governed within external changing
business paradigms, to yield onto higher goals of new profit levels and
working parameters with innovation Technological factors: Retail industry is actively exploding and bringing on
various technological factors where there are various business opportunities of
working onto new changing business demands, where new relative factors of
technical efficiency are highly present competitively impacting Tesco. Legal factors: Tesco shall also aim to utilise new functional paradigms widely
changing within legal parameters within various new companies onto which
new goals are present, which legally also may impact competitively efficiency
levels.
 Environment factors: Tesco also has to focus onto changing environment
factors where resources shall be used worth fully for gaining stronger goals
and higher brand value within consumer ends parameters (Fenech, Baguant
and Ivanov, 2019)
 External factors enable us to analyse how various external factors work
competition business goals impact employees management work goals,
horizons where reward management shall work on for gaining stronger results
within future parameters.
Impact of reward within company enables us to understand that Tesco
will be able to gain productive working strength with parameters gained
form Swot and Pestle which will built stronger competencies for generating
wider productive goodwill.

Reward intelligence
Reward intelligence can be understood as best practise to ensure compensation
decisions are well practiced by HR within company for gaining trust and higher
strength commitment within various framework for enhanced services and presentable
working scenario. The main aim is to establish policies and well documented data
preparation which will benefit for both company and candidates for long term time
period. There are extrinsic and intrinsic rewards, performance based rewards which
are based on various metrics encompassing vision and goals for stronger work results,
higher work synergy of actions and stringent work innovation on continuous
efficiency goals for reaching onto wider avenues. Reward intelligence holds high
important among Tesco company operations to motivate employees and to focus on
major aspects where their competencies are reward by management (Perkins and
Jones, 2020).
 Reward intelligence within Tesco is highly important to generate information
by monitoring employees performance levels onto various parameters where
higher order target completion shall be given appraisal and work recognition
for generating morale development. The use of reward intelligence can be
understood as one of the most crucial fundamental aspect where HR manger at
tesco aims to yield onto factors focusing onto documentation of information,
work records of all employees.
 This is beneficial for employees as well as company business performance
goals for gaining wider synergy of positive actions where there are high
appraisals in motivation factors and development within new arenas of
actions. Tesco can develop reward intelligence to be one of the most important
factor encompassing vision, functional advancement within vision progression
and also for yielding onto wider goals which transforms potentialities and new
profitability aspects onto long term. Decision making of rewards is done by
analysing how much factorisation of continuous efficiency is built among
department goals, working for productive relative functional innovation and
also keenly working onto objectives where company can resource smart and
young talents (Li, Rees and Branine, 2019)
 External sources where reward intelligence can be gained among
employees are focusing onto showing new strengths and innovative skills,