Importance of Reward Management for Company's Growth and Development

Reward
Management

Executive Summary
The above report states the reward management is very essential for company's growth
and development. The various principles and reward strategy are helpful for company in gaining
the competitive advantage for company and motivating employees. The various reward policies
and practices are helpful for encouraging employees to work for the betterment of company for
achieving the organizational goal and objectives.

Table of Contents
Executive Summary ........................................................................................................................2
INTRODUCTION...........................................................................................................................4
UNIT-6.............................................................................................................................................4
Asses in the context of environment of reward and the key perspectives that inform reward
decisions......................................................................................................................................4
Demonstrate the understanding of the key reward principles and the implementation of the
reward polices and practices.......................................................................................................8
Role of line manager in making the rewards decision..............................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................15

INTRODUCTION
Reward management is concern with implementation and formulation of policies and strategies
which aim to reward individuals equitably, fairly and consistently as per the organization's value
and recommendations (Ahmed, U and et.al., 2016). It is the motivational practice which is used
by businesses for rewarding workers for their success and achievements. It is also helpful for
retaining employees for long term.
Marks and Spencer Group Plc is major British multinational retailing company. It had its
headquarter in Westminster, London. The company had its specialization in selling high quality
home products, clothing and food products. It was established by Thomas Spencer and Michael
Marks in 1884. The above report includes analysation of internal and external factors for the
company. Drivers which impacts business and related factors. Examples of various ways of
presenting and gathering reward (Bussin, M., 2016). Evaluating principles of the total rewards
and its importance to reward strategy. Identifying and explaining importance of fairness, equity
and consistency. Assessing contribution of intrinsic and extrinsic rewards for improving,
employee contribution and sustained company's performance. The report further carried forward
with the explanation of reward policy practices and initiatives. Report ends by demonstrating
different ways line manage contribute for the reward decision-making.
UNIT-6
Asses in the context of environment of reward and the key perspectives that inform reward
decisions.
1. Internal and external factors of the company
There are two different factors which helps to identify internal and external factors of the
Marks & Spencer, so they can understand their weakness and their strength. They can also know
that this all factors are affecting them negatively or positively.
PESTEL analysis of M&S
Political factor
Political Factors such as Brexit affect on the company's probability because M&S was
purchasing most of the row material from European countries but after Brexit relation between
UK and Europe countries become bad so now they are purchase row material from other country,
and they have to give more cost.
Economical Factor