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Reward Management TABLE OF CONTENTS

   

Added on  2020-06-04

12 Pages3531 Words371 Views
Leadership Management
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REWARDMANAGEMENT
Reward Management TABLE OF CONTENTS_1

TABLE OF CONTENTSReward Management Checklist.......................................................................................................1APPENDIX D: SUBMISSION CHECKLIST............................................................................1EXECUTIVE SUMMARY.............................................................................................................2INTRODUCTION...........................................................................................................................2MAIN BODY...................................................................................................................................2Part 1: The pro and cons of individual performance related pay................................................2Part 2: Barriers in effecting design and implementation of IPRP...............................................4Part 3: Alternative reward approaches........................................................................................5CONCLUSIONS..............................................................................................................................7RECCOMENDATIONS..................................................................................................................8REFERENCES................................................................................................................................9
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Reward Management ChecklistAPPENDIX D: SUBMISSION CHECKLIST1.The given question has been carefully evaluated by me where I have alsoreferred to answer each part of it by together giving examples, whereverapplicable.√2.The structure of this report comprises of executive summary, introduction, mainbody, conclusion and recommendations.√3.An executive summary of at least half page has been written with the mainfindings and summary of this report.√4.A brief introduction has been given to provide an overview of the entire report.√5.Any inappropriate material was removed that seemed to be irrelevant foranswering the question.√6.I have used proper examples by accessing the evaluated data.√7.Grammatical and structural values have been taken into consideration to adhereto the undertaken work standards.√8.I have carefully edited my work to eradicate any grammatical errors, spellingmistakes and typo errors, etc.√9.For which, I have carefully done the proof reading of the entire work.√10.To meet the standards of the report, all sort of irrelevancy in the sources havebeen eliminated.√11.Suitable references with their citations have been done to carry out an evidentialstudy.√12.I have referred to a wide range of resources that involved books, journals aswell as online articles that are authentic in nature and sorted alphabetically withseparated books, journals and online articles.√13.I have ensured to do the citations of each of the resources demonstrated in thelist.14.This involved references in each of the paragraph’s.√15.Proper entry of citations has been ensured by listing them fully in the referencelist.√16.I have crossed checked my work to ensure the elimination of long, incompleteand meaningless sentences.√17.Long sections have been converted into paragraphs to ease of the reader forunderstanding the content.√18.I have done a very limited use of bullet points with no pictures to focus more ondetailing the part of analysis.√19.I have written in third person and avoided using the use of 1st form.√20.A concise conclusion has been provided to summarise the main findings of thisreport.√
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EXECUTIVE SUMMARYThe present report has analysed the performance management system of Cavendish HallHotel where they have been found to deal with several number of issues resulting in influencingtheir work in a negative manner. For this purpose, it has firstly evaluated the strategic approachof IPRP to ascertain its pros and cons. After which, it has demonstrated the designing andimplementation of IPRP by together identifying the barriers that often hinders its application.Lastly, it has proposed various alternative methods that are useful in terms of replacing thenegative implications of IPRP with effectual suggestions at the end.INTRODUCTION Reward management is regarded as a vital ingredient that keeps employees motivated.This in turn increase the work performance. There are various methods in which a company canrender rewards to its employees (Shields et al, 2015) These reinforcements are given either basedon the performance of workforce or regardless of the performance. The following report is basedon a case study of the Cavendish Hall hotel that implemented individual performance related payscheme three years ago. The report will discuss the significance of the mentioned reward payscheme and its role in increasing organisational performance will also be evaluated.MAIN BODYPart 1: The pro and cons of individual performance related payIndividual performance related pay (abbreviated as PRP) scheme is a financial rewardsystem in which employees are provided with the monetary compensation for the quality of workthey have attained. This scheme of payments as per the basis of work quality became popular in80's and 90's, the time of privatisation. This pay varies depending on the performance of anindividual. It is also a way of effective management of pay by connecting salary progression withexamination of individual performance (Bellé, 2015). There are various businesses which hadimplemented this system in their premises. These organisations maintain fact sheets in which therecord for work of all the employees is maintained. These sheets are used for linking pay andperformance. In present context, this pay is associated with the salary structure, grades,competence rating and work quality of the employees. The analysis is based in the qualitativeand quantitative measures of the services offered by the workforce. Furthermore, regarding theemployees this pay is often in form of a salary increment (Han, Bartol and Kim, 2015).2
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