Reward Management: Principles, Benefits, and Strategies

This document provides an in-depth analysis of reward management, including its concept, principles, benefits, and strategies. It explores the ways in which reward intelligence can be gathered and presented. The document also includes a case study on HSBC, discussing the impact of reward on employee satisfaction and organizational performance.

Reward Management.
Unit title(s): Reward Management (5RMT/06)
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Reward Management.
Reward Management
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Reward Management.
Table of Contents
INTRODUCTION 1
LO 1 1
1.1 Assess the concept of reward environment and key perspective that inform decisions510
.....................................................................................................................................................1
1.2 Explaining the most appropriate ways in which reward intelligence can be gathered and
presented....................................................................................................................................4
LO 2 5
2.1 Explaining the principles of reward and its benefits to reward strategy..............................5
2.2 Evaluating the importance of equity fairness, consistency or transparency that affect the
reward policies............................................................................................................................6
2.3 Explaining how policies initiates and practices are implemented........................................7
LO 3 8
3.1 Various ways in which line mangers contribute to reward decision....................................9
3.2 Assessment of contributions of extrinsic and intrinsic rewards to improve employee
contribution and sustaining organisation performance...........................................................10
CONCLUSION 11
REFERENCES 13
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Reward Management.
INTRODUCTION
Reward system is concerned with the formulation and implementation of strategies and policies
in order to reward people fairly, equitably as per their capabilities. All such process of reward system is
developed for the benefit of employees and their satisfaction. Along with that, it also helpful for the
company to increase value of the company in front of their stakeholders. Present study will be based on
HSBC which is a British multinational banking and financial services holding company in United Kingdom.
Report will present the concept of Reward management in HSBC and how it affects the company
stakeholders. Therefore, it will also explain 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 gathered and presented into best possible way. Study also justify that how reward policies
initiatives and practices are going to be implemented within the business.
1.1 Assess the concept of reward environment and key perspective that inform decisions510
Concept of Reward environment
The concept of reward management is based on philosophical approach. That belongs to some
set of values, beliefs and principles. Reward strategies and management system enable to resolve 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 the
organisation function in order to promote the employee sustainability, reduce employee turnover and
sustained the potential employee team performance. Reward system is the total reward system and
manage the long-term opportunity to gain the employee trust. However, this system of the
management has created long lasting relationship between employer and employees. Reward is the
basic right of employees that must they get by the company on the basis of their performance.
However, this helps to grow the business and company image in terms of effective management styles
in order to gain 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.
- It helps to create the healthy and effective performance by the hand of the employee
performance.
- Reward management system encourages positive and attitudes and behaviour of the
employee’s 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 require productive reward 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 reward system will also help to make
the productive and employee’s motivational sites for the better satisfaction growth.
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Reward Management.
Hence, to increase employee pay scale and give them respect on the behalf of the work is
helpful to get the best style of opportunity which involves around designing and implementation of 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 and award
to employees that is based on the company scale and level. Some Small based organisation could not
afford the high expenses of reward recognition. On the same side, big companies are well stable and
capable to pay higher compensation to their employees. So, this is the factor that affect the reward
decision making process.
Business strategy: Business strategy is another influential factor that affect reward decisions. In
case company wants skilled and talented employees to gain more profit or growth so in such conditions
company is ready to pay or reward those employees at higher level, if company happy to have average
kind of employees will give relatively less pay or given limited reward to them. Such factors might affect
the HSBC reward decision process (Glaser and Strauss, 2017).
Job Evaluation and Performance Appraisal: To evaluate the employee performance can help to
measure or set the reward. So, such factor can affect the overall business reward management system.
Employee: Employee is another factor that affect the decision-making process of reward
management. Good Employee performance get more pay to the employee and thus with the increased
recognition. Employees himself influences the reward decisions of the company.
External Factors that affect Reward Decision making process
Labour Market: Due to dynamic environment of external business can increase or decrease
demand or supply of labour. The low labour market affects the HSBC reward decisions and limit the
scope if better recognition (Thompson, Strickland and Gamble, 2015). On the same side, good market
can help better to get skilled employees and gain the reward decision in profitable manner.
Going Rate: Recognition and reward has always been based on the going rate in the industry.
That might be the factor that affect the company decisions.
Cost of living: Cost of living index also influence the decision-making process of reward system
(Greene, 2018).
Labour laws: HSBC also needs to review the labour laws and their policies before deciding the
reward process for employees’ benefits.
From the basis of above internal or external factors HSBC highly affected by the labour market
which belongs to the external business environment. This factor can influence the company decisions
and might arise some changes in that as well.
Other factors
Information Inputs
This is the very significant input that affect the decision-making process of reward management.
It also affects the systematic job performance and also affect the business goals and systematic
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Reward Management.
performance goals. Highly authoritative individuals do make decisions on the basis of comparative less
information when compared to more conservation decisions.
Prejudice
This factor reflects the biases among the business environment, that affect the reward system
management of the overall approach. Bias among employees is the major factor that creates the
negative behaviour on employee’s due tow which some employee make decision to leave the process
more advantage and long-term goals and make the best approachable decision-making process
(Landemore, 2017). In order to that, it demotivate the behaviour of employees and creates injustice
environment goals. However, perception is highly selected and ineffective in order to perform the work.
However, the systematic structure of reward management can give positive impact on the employee’s
better performance (Smith and et.al., 2016).
1.2 Explaining the most appropriate ways in which reward intelligence can be gathered and
presented.
Employees plays the most significant role within the organizations. For that, company
conducting reward ceremonies to give them recognition and awards for more motivation level. This is
the key challenges in generating a total rewards statement is the ability to combine information from a
wide variety of sources. In order to collect reward intelligence first HSBS needs to collect compensation,
then retrieve data from the sources and at the end disclose the information system.
In order to outline the reward sources the primary goals for the new total rewards functionality
is to streamline the overall process and provides a more configurable table driven solution that enables
the customers to define and extract employees level rewards data that is required for their total reward
statements (Mann and Helbing, 2017).
Reward intelligence is concerned with the formulation and implementation of strategies and
policies that main purpose of people to reward fairly, equitable and consistently with their value to
organisation.
In order to collect the data for reward intelligence, business should need to measure the
individual performance objectives and make the best style of development areas and business
opportunity.
Balance Score card: this is the method or style through manager can collect data from reward
intelligence in order to prepare the overall system opportunity for the people. It helps to gain the
different results and bring the management task performance in the best style manner.
Key performance indicatives: it is a critical approach to measure the individual performance on
the basis of different criteria. Such as targets, behaviour, performance, inputs etc. this key approach is
helpful to collect data to present the reward system approach or process.
In order to present the reward recognition plan or procedure it is required to introduce several
information such as skill-based pay, broad banding, broad based incentives that enable to accomplish
the business goals as well.
Benchmarking: Company set reward recognition intelligence and make the process more
complicated and ineffectively approachable (Munari and et.al., 2016).
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Reward Management.
New age of data gathering
New age of data can be very profitable and productive for qualitative that facilities to analyse
the data more effectively conducted and effectively evaluated into deeper manner.
2.1 Explaining the principles of reward and its benefits to reward strategy.
Different Pays system: this principle of reward system explains that how much individual and
person should earn within the organisation. In order to consider this manager needs to review the
person working experience, knowledge, skills necessary to accomplish the job roles. This is the helpful
principle that generate leading management task and build-up the great motivation among the system
growth. This system helpful to reward strategies to get the different styles to pay reward and
recognition. For example: HSBC can adopt the different pay scale system to their employees that is
based on employee’s performance. Along with that, it can also be useful to analyse the customer
preferences and their feedback on such systems.
Create positive reward experience: HSBC leaders should have taken care of the positive
environment within the business to better communicate and educate people on the new changing
reward system. Advantage or benefit of this principle is to motivate employees to gain more
understanding, acceptability and commitment towards the company objectives. This principle beneficial
for manager to make the effective reward strategy with positive environment (Noe and et.al., 2017). For
Example: HSBC can also bring different opportunity for employees in terms of good positive
environment.
Align Reward with business goals to create a win-win partnership: apart from this it also helps
to gain the management goals and results. This principle defines that, company and employees both
should gain equal opportunity for the people to make the best dealing performance task in order to
make the perfect reward management system. To ensure win strategy for HSBC should have provide the
proper guidelines and direction to enhance the value of rewards. For example: In order to gain win win
partnership, HSBC can acquire this principle to their business activities in which they implement and give
continuous rewards and recognition to deserving employees. Through they better align and maintained
the employee work.
Extend People line of sight: This principle explains and define how employees get influenced by
their team performance, group, business unit etc. Engage people in understanding and how they make
customers happy and satisfied to gain the better recognition styles. So, this principle explains that
reward system is highly based on the customer satisfaction.
Integrate rewards: this principle suggests that how company make the best deal to pay the set
reward system and customized the best deal.
Reward individual with best pay: Individual pay system has been based on three criteria skills
and competencies 2) Individual over time and performance. 3) Individual value relative to the labour
market. This principle of reward can be benefited to make the proper and better planning for reward
system. For example: This principle practice of reward management can more helpful and managing the
employee interest with the organisation goals. However, it helps to measure the work more importantly
and effectively manage the work more importantly.
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Reward Management.
Reward Results with variable pay: In this principle define that company must meet the
stakeholder’s criteria to the relative labour market. However, the system and growth system can be
more helpful and effective to learn the different advantageous goals and objectives.
Evaluation of Total Reward Management system
In order to evaluate the strategic reward and the total reward system within the organization.
Strategic reward management takes long term term approach to how an organisation reward policies
and practices can support the business objectives. The concept or term of total reward management
defines the employee’s beliefs, needs, values, tangible or intangible. This principle must be considered
by the organization while preparing the long-term strategies. While making the changes in the
organization culture it is required to focus on the effective management and also controls the overall
system of reward management. This concept of reward management has been affected and impact on
an individual or organisation.
It has been analysed from the above term that reward management system is the most
important and potential management tool that also makes the business objective and targets.
Strengths of reward management
Increased Flexibility: By implying the reward management practices and its principles, it will
impact on the company in positive way in order to gain the business development goals and objectives.
Total reward approach combines transactional and relational award offers tremendous flexibility
because it allows to be mixed and remixed to meet the different emotional and motivational needs of
employees.
Weakness: Increased flexibility could be taken advantage of and standard of work decreases.
Improved Recruitment and Retention: By implementing reward management approaches.
Company can also get improved its recruitment and retention way within the organization. This process
helps to improve the employee skills and knowledge for better solution.
Reduced labour costs and costs of turnover: Reward management reduced the turnover cost of
the management because all the existing employees have satisfied with the environment of the
company and not planning to leave the organization. In such situation HR manager, more focus on the
employee development rather than on recruiting the other employees.
However, the role of reward management is very essential in the development of employee
performance. In order to that HSBC has to focus on the reward management practices & principles.
2.2 Evaluating the importance of equity fairness, consistency or transparency that affect the
reward policies.
Importance of following terms:
Equity Fairness: Maintained the fair environment that is free from discrimination is the most
essential thing to be performed by the reward management that is also very much required and
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Reward Management.
important. Otherwise, to be not fair with employee it become reason for leave the organization.
Somehow such factor might affect the reward policies as well. HSBC should follow the three types of
fairness at the workplace environment that is Distributive, Procedural and interactional (Rees and Smith,
eds., 2017). Fair and equitable approach in reward management is one of the very challenging approach
for the company to deal with the management system growth.
In other words, fair pay principles suggest that company should never adopt or deal with unfair
practices with employees. Also, provides the level that is commensurate with their experience,
education, and skills. Ensure that conscious biases do not creep with the help to continue the long-
lasting work opportunity.
Consistency: Consistency allows for better measurement to perform the action plan for better
consistency. Consistency also helpful to inherent need to perform or to accomplish the task as well.
Consistency level is very significant for preparing reward policies in order to sustain the level of
accountability. Lack of consistency in decision making can affect the company reputation as well.
Consistency in making reward policy increases the chances of durability or in order to recognize and
reinforce the management results. Due to lack of consistency in reward system, it can be creating
negative impact on the employees and make the environment bad and insufficient. On the other hand,
consistency in policies are very crucial because it creates trust among workers or employees that and
manage the conditions within the organisational culture. It also important for maintaining the respect
among other employees at workplace that is also required in reward recognition (Ross, 2017).
Transparency: Transparency level is more important process or way to pay the reward or
recognition to employees. Employees should adhere to the reward principle when making pay decisions
whether in developing an overall pay framework or making individual salary decisions.
Due to not following the proper results and goals it could have been affect the employee’s
business performance and management task (Shields and et.al., 2015). Transparency build the
motivation among business level and achieve the business objectives and make the process more
effectively clear. People want to grow if they sustained the transparency level within the organisation.
However, transparency within the business can always make the good opportunity with the businesses
in order to gain the market growth and business management styles.
2.3 Explaining how policies initiates and practices are implemented.
Reward system and policies are crucial to analyse the resources or information. What this
means is what the contractual between employees between employees and organizations are about
how much work is to be done. Hence, this aspect of system support or affect the reward policies and
growth. The main policy that should company needs to adopt that is employees are majorly needs
intrinsic benefits rather than monetary needs. The intrinsic needs within the organisation are
recognition, better treatment, rewarding, and good work form. There are given some other policies
elements are given below:
Monitory Reward Policies
This is the normal aspect of every system is to follow the monetary incentives provisions.
Monetary incentives are pay hikes, bonuses, allowances that are play a very crucial roles in within the
system (Rothman and et.al., 2015). This is the basic system that catered the employee needs and goals.
The basic normal term of this policy is to provide standard incentive pay scale to employees. This
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Reward Management.
incentive also based on the employee skills and goals and also based on the process to evaluate the
employee position.
Non-Monetary reward policies
Non-monetary reward policies are reflecting the needs and motivational aspects in the form of
incentives such as holidays, leaves, membership to exclusive clubs, company provided housing and
transport and advanced training and soft skill. All such incentives are more important than monetary
terms. The reason to gain motivation and growth in business. This policy should adopt by the HSBC to
gain the more productive work performance by the employees in detailed manner. However, such
objectives and task Is very significant and effective to learn how to make trust and effective learning
process to gain different opportunity and gain. HSBC should also provide the non-monetary benefits to
employees that is more effective and attractive to employees. This policy implementation would
definitely gain employee motivation and confidence skills. On the other side, company can also
implement weekly recognition prices and publicizing the efforts of top performance is done in many
companies including IBM, Infosys. However, it helps to maintain the positive environment within the
culture environment (Schultz, 2015).
Grade and pay structures
Grade and Pay structure are the best framework structure within that company reward policies
can be implemented. This level or process helps to define the hierarchy systems.
Grade Structures
A grade structures consists proper levels are involved of grades, bands or level into which
groups of jobs are broadly comparable is size are placed. Apart from that, reward and recognition are
based on different aspects on that basis company will decides to set the employee reward system
(Schultz, 2016).
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3.1 Various ways in which line mangers contribute to reward decision
The line manager is the person that directly manages operation as well as employees of the
business while reporting all the leads to higher authorities. They are responsible for providing
effective training and reviewing the performances of the individuals. Based on that, the
responsibility of line manager is to decide the reward for the individuals along with their type. They
provide support, encouragement and feedback to the employees of HSBC on daily basis and directly
influence employee satisfaction and engagement. It leads to customers satisfaction and productivity
of organisation. The line managers develop reward policies that support goals of the organisation.
They provide rewards which attract and motivate the staff which helps in creating high performance
culture. The focus on maintaining competitive rates of pay. They develop reward strategies for the
sense of direction and finally implement it.
It needs to develop line management capability which can help the line managers in
promoting and understanding the strategy of rewards. When it comes to delivering financial rewards
the line managers conduct performances appraisal which gets difficult for line manager to perform
and the other limitation faced by the company is the frustration of line managers when their
decisions are referred s upstairs. When delivering non-financial awards, it allows line managers to
sow gestures to employees which persuade the potential of employees and work as a motivation.
The various ways in which the line manager of HSBC contributes to reward decision is by motivating
the employees of the company and developing the link between manager and then employees of
the company. The informal recognition such as simple words like than you can be more useful and
effective than formal, well organised schemes of HSBC. The effectiveness of colleague to colleague
recognition can also be effective but it varies from individual to individual (O’Sullivan, 2017). The line
mangers of HSBC can send postcards to employees for thanking them for their work which can be a
part of an online reward scheme which will add point to their account for every post card they
receive.
They play a fundamental and important role in making reward decision as they motivate the
employees and help them in engaging in the business activities along with fulfilling their
commitment to the company. Praise and recognition are the easiest and cheapest way to motivate
the employees and this can be done only with the help of line mangers. They can be placed in HSBC
to perform this. Every organisation offers their employees individual incentives, rewards and online
schemes related to recognition of their performance but this form of verbal appreciation through
line managers can really increase the morale of the employees and can retain them in the
organisation to work hard. The line manager is the person who can execute on the vision of the
leadership (Dumont, 2015). It is the ability of lone manager to translate it into something sensible for
the employees. Feedback received from the line manager creates a sense to employees that they are
important.
During recession there was a trend towards making recognition schemes more formalized
because an award presentation cost less than raising the pay. Employers can train line managers to
allocate their time for on to one session to discuss issues with the staff. Incentives are awarded only
to attract the employees to contribute in the business and line managers make sure that when they
are giving rewards to staff for their effective contribution, it is the behaviour which will help the
company in achieving its goals (Bylinskii, and et.al., 2015). Line managers decide about pay award, T
& D, reducing cost, appraisal, team motivation etc. along with continuous improvement. The line
mangers of HSBC can make a huge difference in managing reward by analysing performance
appraisal, coaching and guidance, engagement of employees, openness when employees can talk
freely etc and can make an effective reward decision for the organisation.
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3.2 Assessment of contributions of extrinsic and intrinsic rewards to improve employee
contribution and sustaining organisation performance
An intrinsic reward when given to employees, it tends to fulfil their intrinsic factors which
motivates therm. It includes giving them challenging tasks, involving them in the process of decision-
making, giving them authority and these all factors do not require raising their pay or salary but to
make them work at higher rank of management which increases their contribution in the
organisation and they perform their best to achieve sustainable success for HSBC. Praise and
recognition are the most effective and efficient intrinsic rewards that enhances the performances of
employees (Chang, 2017). Employees who are motivated through intrinsic factors can achieve higher
level of productivity and can help the employees of HSBC in developing professionally. It involves
personal achievement, professional growth, accomplishment and sense of pleasure. To help
employees with intrinsic motivation the manager of HSBC can provide them work which is
meaningful. They need tom give opportunities to the employees to show their expertise. They also
need to give them valuable path to achieve progress and to connect them within the superiors who
gives valuable feedbacks. These factors drive then inner motivation of employees and help the
organisation in achieving sustainability.
On the other hand, extrinsic rewards fulfil hygiene factors of the organisation and do not let
them leave the company. These includes rise in pay, leaves, bonuses etc which influence the
employee’s toasty in the organisation (Tomer, 2016). There is a relationship between reward and
recognition and satisfaction and motivation and to retain the high performances and contribution in
the organisation, the extrinsic reward system of the organisation needs to be strong so that HSBC
can adopt sustainability and increase productivity of the organisation.
The HSBC provides both intrinsic and extrinsic rewards to its employees. These rewards are
basically distributed on basis of performance. The reward system motivates the employees as well as
makes them more motivated towards the organisation. The annual bonus of HSBC is linked to
performance appraisal process which evaluates the past performances of the employees and also
their potential and development. Also, once employees reach middle management, they receive
HSBC shares as the part of their reward package and other employees received additional bonus
awards. For specific sales done by employees in HSBC, sales incentives schemes are offered to then
employees (O’Sullivan, 2017). Also, the HSBC organisation focuses on appreciating their employees
and giving them difficult task to create an enthusiasm among them which ultimately increase the
contribution of employees and improves overall performance.
CONCLUSION
The report concluded the importance of reward management which is concerned with
formulation and implementation of strategies and policies which deals with providing fair and
equitable rewards to the employees. It aims to create an effective reward structure of the
organisation. It summarized the reward environment and perspectives that informed reward
decisions. The report has showed the most effective ways in which reward intelligence can be
gathered and presented. It has evaluated the principle of rewards and importance of reward
strategy. It focused on importance of equity, fairness which affects the policies and procedures of
rewards. However, it showed policy initiatives and practices are implemented in the company to
increase the productivity and profitability of the organisation. Moreover, it has included the role of
line managers which has contributed to reward decision-making which includes motivating
employees and increasing their morale which lead to organisational success. At last it will assess the
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contribution of intrinsic and extrinsic factors which will increases the satisfaction of employees and
will lead to organisation sustainability.
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