logo

Assignment Reward Management

   

Added on  2019-12-04

10 Pages4081 Words154 Views
Reward Management1

TABLE OF CONTENTSINTRODUCTION................................................................................................................................3TASK 1.................................................................................................................................................3Consider issues such as Market position, Pay mix, Basis of job value Reward focus, Structure, Administration.................................................................................................................................3What is meant by a strategic approach to reward............................................................................4Strengths & weaknesses of different reward strategies...................................................................4Implementation of a chosen strategy...............................................................................................4Monitoring & evaluating a chosen strategy.....................................................................................4task 2.....................................................................................................................................................6Consider the process of motivation and its support of reward practice ..........................................6Consideration of intrinsic as well as extrinsic motivators...............................................................6Performance related reward.............................................................................................................7Conclusion of the report..................................................................................................................7CONCLUSION....................................................................................................................................8REFERENCES.....................................................................................................................................92

INTRODUCTION Reward management can be defined as the preparation and execution of various strategies andpolicies which focuses that employees should get proper reward without any unfair means andaccording to the value to the business firm (Cummings and Worley, 2014). Reward can be in monetaryor non- monetary terms such as incentives, bonus, promotion and executive pay etc. For conducting thecurrent research, British Airways (BA) has been chosen. It is an airline carrier of the United kingdomwhich is one of the largest airways in UK. In this report, it will includes the analysis of the Britishairways which are not regretted to follow the reward system. Furthermore, the conclusions andrecommendations are given in the reward. TASK 1Consider issues such as Market position, Pay mix, Basis of job value Reward focus, Structure,AdministrationThere are certain issues which should be consider in this given case. The market position of theBritish Airways is largest airline in the UK market and does not get affected by the strike which iscarried out by the Unite. They are continue try to fly their flights irrespective to the strikes. If BAwants to get more revenues and want support from all their workforce then it should motivate theirworkforce by giving them reward. The reward which are offered by the administration in the BritishAirways is considered in terms of various benefits such as offering reward or motivational tool as thetravel concessions and other benefits to the employees of BA (British Airways, 2016). The chosencompany is giving various types of the benefits and opportunities which are available as the “TotalReward package”. There are range of the benefits are available to the employees and they arecompetitive pensions, discount on the shopping and the travel opportunity to travel the world on theBA network as the part of the workforce of BA. The basis of reward focus is to motivated theiremployees as well as will give incentives to motivate their employees of BA. The pay mix is about thesalaries plus incentives which are given to those staff who perform well in the company.The reward structure of British airways have four aspects and they are “Earn, Live, Save andDevelop”. In Earn aspect, the company give opportunities to their employees to gain a bonus in theirsalaries if BA gain good revenues. There is a pension scheme is also in which life assurance andincome protection are given. The second factor is Live, in this, BA provides travel information that isconcession and other benefits for the employees so that company can provide flexible workingenvironment (British Airways, 2016). The third aspect that is Save. It gives opportunity to the staff tosave their savings through childcare voucher scheme. Through this, they can benefits from thediscounts which they get from various hotel and retail stores. The last one is Develop, this is important3

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Human Resources: An Introduction to HR
|5
|775
|19

Managing Human Resources
|7
|1245
|36

A bias for bonus : what it means for your paycheck
|9
|433
|268

Employee Development and Retention: A Critical Evaluation of British Airways
|17
|4342
|451

HRM2001S Human Resource Management Analysis 2022
|5
|823
|17

Employee Motivation of Qantas Airways
|5
|1081
|124