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Reward Management Assignment

   

Added on  2021-02-20

18 Pages5658 Words258 Views
Reward Management

Table of ContentsINTRODUCTION...........................................................................................................................1LO 1.................................................................................................................................................11.1 Assess the concept of reward environment and key perspective that inform decisions510.11.2 Explaining the most appropriate ways in which reward intelligence can be gathered andpresented.................................................................................................................................4LO 2.................................................................................................................................................52.1 Explaining the principles of reward and its benefits to reward strategy..........................52.2 Evaluating the importance of equity fairness, consistency or transparency that affect thereward policies........................................................................................................................62.3 Explaining how policies initiates and practices are implemented....................................7LO 3.................................................................................................................................................83.1 Various ways in which line mangers contribute to reward decision................................93.2 Assessment of contributions of extrinsic and intrinsic rewards to improve employeecontribution and sustaining organisation performance.........................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................13

INTRODUCTIONReward system is concerned with the formulation and implementation of strategies andpolicies in order to reward people fairly, equitably as per their capabilities. All such process ofreward system is to developed for the benefits of employees and their satisfaction. Along withthat, it also helpful for the company to increase value of the company in front of theirstakeholders. Present study will be base on HSBC which is a British multinational banking andfinancial services holding company in United Kingdom. Report will present the concept ofReward management in HSBC and how it affects the company stakeholders. Therefore, it willalso explains principles of reward and its benefits to reward strategy within the business.However, report also describe the appropriate ways that reward intelligence that can be gatheredand presented into best possible way. Study also justify that how reward policies initiatives andpractices are going to be implemented within the business. LO 11.1 Assess the concept of reward environment and key perspective that inform decisions510Concept of Reward environmentThe concept of reward management is based on philosophical approach. That belongs tosome set of values, beliefs and principles. Reward strategies and management system enable toresolve long term issues relating to how people should be valued for the organisations.However, This practice of HRM explains the good relationship between employer and employee(Bi, Liu and Usman, 2017).In other words, reward management is the motivational practices that performed by theorganisation function in order to promote the employee sustainability, reduce employee turnoverand sustained the potential employee team performance. Reward system is the total rewardsystem and manage the long term opportunity to gained the employee trust. However, thissystem of the management has created long lasting relationship between employer andemployees. Reward is the basic right of employees that must they get by the company on thebasis of their performance. However this helps to grow the business and company image in termsof effective management styles in order to gained the long lasting image and growth. Reward system is necessary for the following reasons :It helps to retained employee within the organizations. It helpful to gained and attract the new employee talent from the external environment.1

It helps to create the healthy and effective performance by the hand of the employeeperformance.Reward management system encourages positive and attitudes and behaviour of theemployees performance and goals. It helps to make the employees more productive and likely to seek more opportunity. Therefore, it has been analysed that HSBC also should need to required productivereward system management for their potential employees in order to gain long term growth(Bulley, Henry and Suddendorf, 2016). As per the perspective of HRM well designed rewardsystem will also helps to make the productive and employees motivational sites for the bettersatisfaction growth. Hence, to increase employee pay scale and give them respect on the behalf of the work ishelpful to get the best style of opportunity which involves around designing and implementationof the appropriate payment system. Internal Factors that affect Reward Decision making process Ability to pay : In terms of capacity companies can be pay higher or low recognition andaward to employees that is based on the company scale and level. Some Small basedorganisation could not afford the high expenses of reward recognition. On the same side, bigcompanies are well stable and capable to pay higher compensation to their employees. So this isthe factor that affect the reward decision making process.Business strategy : Business strategy is the another influential factor that affect rewarddecisions. In case company wants skilled and talented employees to gain more profit or growthso in such conditions company is ready to pay or reward those employees at higher level, ifcompany happy to have average kind of employees will give relatively less pay or given limitedreward to them. Such factors might affect the HSBC reward decision process (Glaser andStrauss, 2017).Job Evaluation and Performance Appraisal : To evaluate the employee performancecan help to measure or set the reward. So such factor can affect the overall business rewardmanagement system. Employee : Employee is the another factor that affect the decision making process ofreward management. Good Employee performance get more pay to the employee and thus withthe increased recognition. Employees himself influences the reward decisions of the company. 2

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