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Reward Management Practices - PDF

   

Added on  2021-02-20

7 Pages1572 Words133 Views
Managing And Rewarding Performance

Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1Reward Management Practices..............................................................................................1Analysis of fit with current theoretical models and systems for reward management...........3Recommendations and Conclusion........................................................................................4REFERENCES................................................................................................................................5

INTRODUCTIONIn present time every organization present a high degree of commitment towardsreinforcement of reward practices which are allied with other HR practices due to achieve goalsand objectives of an organization (Williams, 2002). The Reward system motivate to staffmembers to work efficiently and linked with the performance development system. There arefocusing on the performance based pay and provides ample learning opportunities with a healthywork environment. For this report selected organization XYZ limited that was listed intoAustralian stock exchange. The report provides an overview of the company's rewardmanagement practices with current theoretical models and provides some recommendations tointensify current practices. MAIN BODYReward Management PracticesThe purpose of the reward management regarding to XYZ company provide differenttypes of techniques, guidelines as well as approaches in order to assure about theimportance of an individual and contribute to achieving goals are recognised andrewarded. An employer and employee have different perception regarding to motivations and createa remuneration strategy. This strategy has been developed to assist a company toacquiring their strategic goals as well objectives. Even, when companies develop theirremuneration strategy without strategic objective so fail in this system. For instance:XYZ Ltd set a strategic goal for their company to attract qualified employees and designremuneration strategy that fails to pay above market rates won't help a company toacquire their strategic results. As per the direct financial reward categorised into two parts such as basic pay andperformance based pay. Basic pay known as fixed pay and Total EmployeeCompensation (TEC) is comprised of Total Remuneration Package (TRP) and in thisemployer also contribute. Performance based reward related to incentives result that isdirectly related to achievements of people and contribution. Financial rearwards ofencourage of staff members as well as boost their employees morale. Due to theserewards increase the likelihood of personnel staying with the company and support for1

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