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Reward Management Assignment - McDonalds

   

Added on  2020-04-15

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Reward Management
Reward Management Assignment - McDonalds_1
Reward Management 2IntroductionMcDonalds is one of the most recognised and renowned global fast food chain which serves highquality hamburger across the world with its enormous number of fast food chains. There arealmost more than fifty eight million customers who are served on a daily basis by the foodoffered by McDonalds. The restaurant chains of McDonalds are run through franchise in almostthe big regions of the globe. The key activity of the company is to have increased number offranchises and the major revenue is attained from the fess paid by the franchisees, royalties andrent as well as also from the overall sales acquired. The revenue of the company is increasingwith an upsurge rate and the major role in the snowballing and rapid success is the competentand skilled employees of McDonalds. There are around 375,000 employees who9ch are offeredan employment opportunity by the company in various parts of the world (McDonalds, 2017).The essay will have its focus on the existing reward management systems and practices ofMcDonalds, the challenges faced by the organisation and the reward management strategy tohave a motivated and supportive workforce. Reward Management: Application, challenges and strategiesReward management can be understood as implementation and formulation of the policies andthe strategies which objects to reward the individuals in a consistent, equitable and fairer mannerin respect with the organisational values. Reward management comprises of controlling andevaluating the compensation as well as remuneration and various other benefits offered to theorganisational employees. The primary aim of reward management is to create and effectivelyimplement an appropriate reward structure for any organisation (Lindop, 2009). Theorganisational reward structure comprises of number of factors such as executive reward andpay, team reward, minimum wage, total reward, payroll administration, salary administration,practices and policies and pay of the employees. For implementing a successful rewardmanagement program in the organisations, there is a well structured and effective reward systemwhich is required to be introduced in the organisation so that the contribution and the efforts ofthe organisational employees in the attainment of the organisational goals and objectives can beacknowledged (Terera and Ngirande, 2014).
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Reward Management 3The reward system is primarily concerned with rewarding of the organisational potentialemployees who are deserving and competent. Such employees are rewarded by the means of areward system in a fair and equitable manner so that they can remain motivated and have strongorganisational commitment (Shields, et al., 2015). The organisational reward system is regardedas an efficient tool which is used by the human resource department of the organisations at thetime of managing the performances and the productivity of the organisational employees.McDonalds is well-known for its strong and effective reward management programs, strategiesand systems. There are number of characteristics and aspect of the reward management systemof McDonalds which shows the efficiency of the reward management practices of McDonalds.The one of the key aspects is the robust salary packages offered by the company (Sparrow,2013). It has been evaluated that McDonalds is globally famous and one of the best and favouredworkplace where the individuals are keen to work at. The major reason behind this is the robustpolicies and programs and proficient reward management strategies and practices for the rewardand recognition of the organisational employees. The effective and efficient salary packagesoffered but McDonalds is the incentive that influences maximum of the workplace employees tohave string organisational commitment and engagement with the company (Hill, Jones andSchilling, 2014). There are also a number of studies that presents that McDonalds is at of themost leading companies in the fast food industry in respect with practicing a number ofproficient reward management and welfare programs and policies (Lawler, 2000). McDonaldsoffer the most favourable reward and recognition plans and reward schemes to the employeesand implement a number of reward management programs for the effective implementation ofthe same. The reward management system of McDonalds includes a number of aspects thatsupport in increasing the motivation and commitment of the employees in the organisation. Thecompany made it mandatory that there must an effective alignment and integration of theorganisational polices and the reward management strategies (Crawford, 2015).In the field of reward and recognition and the development of the workforce, there are number ofinitiatives taken by McDonalds and for the efforts, the organisation won the Employee BenefitsAward in the year 2012. This shows the significance and potentialities of the existing rewardsmanagement and reward system of the organisation. The reward system of McDonalds is based
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