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Reward Management Assignment

   

Added on  2019-12-04

11 Pages2831 Words169 Views
REWARDMANAGEMENT

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1HRM practices and its significance for the business..............................................................1Introducing reward management and its significance ...........................................................2Analysing role of reward management in modern business growth......................................3Strategies of reward management .........................................................................................6CONCLUSION................................................................................................................................7REFERENCES ...............................................................................................................................8

INTRODUCTIONIn today's era of globalisation and hyper competition, each and every organisation isdeveloping strategic measures in order to maintain winning edge in the tough trading businessenvironment. With this context, reward management is given a crucial importance to gain theleading heights of success in an impressive manner (Agwu, 2013). It is considered as one of themost important motivational technique which benefits the employees to boost up their level ofmorale and commitment towards organisation's success. It reflects giving attractive monetary andnon monetary incentives to the overall workforce to gain employee job satisfaction andenjoyment in a significant way. With this context, the present report highlights the essentialaspects of reward management and the crucial HR practices adopted by Tesco to enhance itsperformance and productivity in the corporate global environment. HRM practices and its significance for the businessIt is a growing and mandatory phenomenon to implement appropriate and exoticHR practices. Doing this enables the corporation to maintain coordination and cooperationwithin its overall workplace thereby avoiding disputes and conflicts. This assist the company ingaining significant increment in its total productivity and profit margin.With regard to the present case scenario, the crucial HR practices adopted by Tesco arelisted below-Recruitment and selection process (R&S)- The HR managers of the company lays asignificant concern over implementing a systematic and ethical R&S process in asignificant way. They emphasizes on planning an appropriate recruitment plan whichattracts the eligible and potential candidates effectively. Furthermore, for the selectionprocess, the management of the company focuses to conduct a systematic procedure inthe following manner- Conducting preliminary interview to short list the eligible candidates on the ground oftheir age and educational qualification (Ajila and Abiola, 2014). Preparing a series for written exams to evaluate the short listed candidates on the basis oftheir logical and analytical skills.Conducting final round of personal interview to select the prospective applicant on thebasis of his\her attitude towards the organisation's performance.1

Conducting such R&S process enables Tesco to select the right applicant for the right jobdesignation.Implementing fascinating motivational practices- In order to gain the highest level ofemployee job satisfaction, the concerned organisation lays its significant concern overimplementing attractive motivational techniques. Considering this fact, the companyseeks to apply strategic human resource practices where it emphasises on treating theemployees of its organisation as the core asset for the company rather than cost. Also, itfocuses to provide various monetary and non monetary incentives to boost up the moraleand commitment level of its employees towards company's goal (Aktar, Sachu and Ali,2012). Providing appropriate training programmes- The HR department of Tesco focuses toprovide its workforce with knowledgable and effective training sessions. Doing this helpsthe employees to improve and enhance their knowledge, skills and competenciesimpressively. It also benefits the organisation to increase its overall production andperformance level in the hyper competitive world. Significance of HRM in TescoHelps the company to maintain winning and competitive edge in the internationaleconomies.Allows it to beat the tough line of its core competitors in a significant way. Helps to build exotic strategic alliance to gain global exposure effectively. Boost thecommitment and morale of its key employees. Introducing reward management and its significance It is a well known fact that human resources are valuable element for the businessenterprises. They are responsible to plan, organise, manage and execute various policies framedto attain organisational objectives of TESCO. Companies whether are small and large areinterested to hire skilled and efficient manpower to increase their profitability. The performanceof an organisation and customer loyalty mostly depends upon its human resources (Armstrong,Brown and Reilly, 2011). After recruiting qualified professionals next responsibility of organisation is to motivateand retain them. Therefore, modern world business entities like TESCO adopt rewardmanagement system. It is concerned with formulation and implementation of strategies that aim2

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