Reward Management Assignment: HRM Assignment

Reward Management

Table of Contents
Reward Management ......................................................................................................................1
Critical Incident Technique Self Reflection....................................................................................9
REFERENCES..............................................................................................................................12

Illustration Index
Illustration 1: Effectiveness of reward management.......................................................................4

Reward Management
Reward management system is an important aspect of every organization as employees
are considered to be an important asset to then entity. The essay discusses importance of reward
management system and its direct impact on output created by the employees. It will focus on
reward management theories which includes, principal agent theory, human capital theory and
creative destruction theory. It further discusses about a newspaper article which is directly linked
to reward management system and its theories.
Reward management is concerned to preparation of the strategies and implementing them
in the organization so that people working there can be rewarded fairly, equally and consistently
as per the values of the entity. It the basic of the organization to create and implement effective
reward structure which can satisfy the individuals to the core and ultimately leads to achieving
the goals of the enterprise (Armstrong and Taylor, 2014). Reward includes controlling of
remuneration, compensation and other benefits that are provided to the employees. The reward
structure of any organization generally consists of payment policies, salary, administration of
payroll, total reward, minimum wages, reward of the team etc.
Financial analysing and controlling of business activities as well as remuneration of
employees are also identified under reward management. In accordance with workers values and
performances generated within business organization, strategies as well as policies of reward
management are implemented. HRM practices are developed under every modern organizational
structure to attract and motivate large number of employees.
Importance
Every corporate levels are designed with determined objectives and goals which could
attain growth as well as competitiveness among every business firms. Similarly, Tesco company
has treated their employees as an important asset in managing and performing every determined
tasks within teamwork. By framing several principles or objectives cited organisation has
developed guideline regarding approaches of managing rewards of employees (Karami,
Dolatabadi and Rajaeepour, 2013).
The main aim of reward management is to fairly treat employees regarding their designed
work. Further, such practices are adopted to motivate workers to enhance their efficacy and work
standards to achieve designed goal and objectives of business firm. Adoption of such
1