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Reward Management Report

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Added on  2020-01-28

Reward Management Report

   Added on 2020-01-28

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Reward Management Report_1
ContentsEXECUTIVE SUMMARY.........................................................................................................................2Coursework 1: Reward management report.................................................................................................3INTRODUTION.........................................................................................................................................3TASK..........................................................................................................................................................4Critically evaluate the contribution of reward principles, policies, practices and decision making to performance management in organizations.............................................................................................4CONCLUSION.........................................................................................................................................10REFERENCE............................................................................................................................................11Coursework 2: Appraisal management report...........................................................................................12INTRODUCTION.....................................................................................................................................12TASK........................................................................................................................................................13Analyze the design, implementation and impact of high performance work organizations...................13CONCLUSION.........................................................................................................................................17REFERENCE............................................................................................................................................182 | Page
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EXECUTIVE SUMMARY The purpose of this work is to critically evaluate the effectiveness of IPRP (Individualperformance related pay) to grade and reward the work of the staff members. I will be evaluatingthe effectiveness and the short comings of the IPRP and the impact it has on an organization. Iwill also be exploring and recommending other reward programmes that can be implementedeffectively in place of the IPRP in my report. Another purpose of my report will be to critically examine the structure, operation and effect ofhigh performance work organizations. Is appraisal a good tool for evaluating an individual’sperformance? Questions such as these will be answered through my report. I will also strive togive suggestions on how appraisal tools can be synthesized into a high-performance work systemfor the Welton NHS Trust. The topics of exploration in my report will highlight whether; performance appraisals have apositive impact on the overall performance of the organization; the qualities that sets apart aneffective appraisal system from an effective one and how the appraisal discussion conducted bythe HR can be incorporated with varied tools & techniques of management in order to aidperformance development within a High- performance work system. The disadvantages of the appraisal system include – 1.Sometimes when undertaking appraisals, the HR tends to rate the overall performance ofan employee as high where he might have exceeded expectations only in certain fields ofhis work, this is called a halo effect and can be misleading.2.Contrast error – The rating of employees should be based on his past performance andwhether he has exceeded that rather than based on the performance standards set by theorganization 3.Rater Bias – While doing a performance appraisal sometimes biases based on sex, casteand ethnicity can cloud fair and correct judgement. 3 | Page
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Errors in appraisal can also occur when the assumption is followed that all employees areaverage performers and some raters might be more lenient than the other raters leading to a falseincreased rating. Also the sample of work taken for review and appraisal may not be sufficient.The purpose of this work is to do a critical evaluation of the aspect of individual performancerelated pay aka IPRP, and the obstacles that will have an influence on its effectiveness in respectof The Trust. Another significant purpose is doing the preparation of an individual as businessmanagers of the future for contributing to the management of individual, group andorganizational performance for actualizing the strategic aims and objectives of companies. The overall philosophy regarding performance management will be resting on the suppositionsthat when the performance level gets raised regarding the staffs, there is bound to be theimproved performance regarding the organization. In respect of that explorations are being donein find out in what ways rewards practices as well as various tools of management will beutilized for enhancing the capability, motivational aspects as well as scope of the staffs foradding organizational value with the help of behavioral aspect that is regarded as flexible. There will occur the development of knowledge as well as abilities by combining information aswell as applying them, which will assist in building the abilities required for carrying out themanagement of performance at the place of work.Coursework 1: Reward management reportINTRODUTION This coursework delves with the aspect of reward management in which a critical assessment ismade regarding individual performance related pay (IPRP) as well as the possible barriers thatwill be having an impact on its implementation as well as efficiency in The Trust. Barriers to theeffective design as well as implementation of IPRP schemes needs to be taken into considerationand also alternative reward approaches that might be used for complementing or replacing IPRP. 4 | Page
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TASK Critically evaluate the contribution of reward principles, policies, practices and decisionmaking to performance management in organizations To begin with, let us first discuss about individual performance related pay (IPRP). Individualperformance related pay is considered to be the pay that varies depending on the performance ofan individual, team or organization. Better performance is a standard we are striving for in everyactivity of our lives by doing a difficult work effectively and as a result, commanding praise aswell as reaping rewards. The application of IPRP occurs on individuals in association with thestructures of salaries, grades as well as performance and rating associated with competence. TheIndividual performance related pay is normally related with the evaluation of the performance bythe management, which depends on measures that are considered quantitative as well asqualitative. In respect of IPRP, payments occur normally in respect of increase in pay and thepayments and the payments mostly occur annually. (Armstrong, 2010)Individual performance related pay (IPRP) are mainly implemented by the companies in respectof different reasons, such as,Strengthening the relationship between performance as well as rewardDriving the implementation of organizational strategy to individual levelRetention of top performers by rewarding them in respect of prolonged superiorperformance Sending a clear message to non-performers, that generally accompanies the aspect ofcounseling or training (Palmer, 2011)Institutionalizing a performance culture in the organizationFacilitating as well as necessitating performance contracting that results in reviewing aswell as assessing performancesDifferentiating rewards in a justifiable manner (Armstrong, 2010)Linking the tedious salary and wage bill to the financial outcome of the company. Advantages and disadvantages of individual performance related pay as a performancemanagement tool in the NHS are mentioned as under,5 | Page
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Advantages Individual performance related pay (IPRP) assists in facilitating the implementation ofgeneral strategic aspects in the organization due to its clear as well as understandablestructural aspect associated with objectives as well as appreciated behavioral aspect thatoccurs in the place of work.Individual performance related pay (IPRP) does the attraction of efficiently skilled staffshaving the expectation that their qualifications as well as performance outcomes will berewarded in a proper way. It also assists in the retention of the staffs that are highlyspecialized at the same time doing the reduction of poor organizational performers.(Dabrowska, 2011)Individual performance related pay (IPRP) process provides the flexibility as well ascapability to the staffs for rewarding high performers in an adequate way for their resultswhich as a result will be motivating the staffs and as a result, provide improvementregarding the performance of the company. This flexible condition assists in facilitatingevery changing aspects that occurs externally but more often than not in theorganization’s internal environment since it assist in enabling individualization of spursthat encourages individuals for the maintenance of needed structure of organizationalviewpoint, behavioral aspects as well as attitudes. (Dabrowska, 2011) Individual performance related pay (IPRP) process assists the organizational culture,values that are existing as well as innovative aspects and in certain scenarios IPRP assiststhe changing aspect associated with the culture of the organization, when it is consideredessential by the senior managers. DisadvantagesEvery target and criteria to evaluate must get the consent of all the staffs commencingwith top managers, through line managers and concluding with the junior staffs and thisis considered to be a disadvantage because this process is very much time-consumingguaranteeing that the designed objectives are having the consistency with basic strategicaspects and probable to actualize in accord to the functional staffs at the lowest stage.Staffs must make an endeavor for creating suitable situations that will assist the staffs inthe realization of their individual objectives at the same time while actualizing the ones6 | Page
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