Reward Management in Tesco
Added on 2021-02-21
15 Pages5207 Words316 Views
Rewardmanagement
Table of ContentsINTRODUCTION...........................................................................................................................3LO1 .................................................................................................................................................31.1 Internal and external factors impact Tesco reward policy....................................................3The impact of the business drivers and other factors inform the reward decision......................51.2 Types of reward intelligence.................................................................................................6LO2..................................................................................................................................................72.1 Key principles of total reward approaches ...........................................................................72.2 Importance of equity, fairness, transparency and consistency..............................................82.3 Contribution of both intrinsic and extrinsic .........................................................................92.4 The reward policies and practices implemented in Tesco..................................................10LO3 ...............................................................................................................................................113.1Role of line manager in reward decision making.................................................................11CONCLUSION .............................................................................................................................13REFERENCES .............................................................................................................................14
INTRODUCTIONReward management is s system which exist to motivate the employees for working hardand achieving goals and objectives that has been set by the entities. It is not only for concerningthe employees befits and pay but also equally concerned for the non-financial rewards liketraining, development and recognition and also increase the job responsibility. Tesco is amultinational groceries and supermarket in UK. It is the third largest retailer in the worldmeasured by the revenues. This report will study the internal and external factors affect to thereward policies an also key perspectives which has been informed to the reward decisions.Furthermore, it will describe the understanding of the key reward principles and implementationof the reward policies and practices and also the role of the line mangers in making the rewarddecisions(Perkins, White and Jones, 2016). LO1 1.1 Internal and external factors impact Tesco reward policySWOT analysis SWOT Tesco reward policy Strengthit relates to the workers abilities andskills for the desired outcome ofperformance.Authentic feedback from real usersTarget the customers and audience forcustomisation of Tesco. WeaknessThe weakness of the reward policy is itreinforcing and prolonging theattributes of the workers which can belinked to the behaviour pattern.The trust of the employees.Opportunities Community has low sense andconfusing and outdated designs(Rees,and Smith, 2017).Clear navigation about each and every
thing. Visibility to the community andsociety.The systems of the reward in the Tesco.Brand partnerships Threats Tesco already build trust with theReddict and Quora.The limitation of the business resourcesTrolling and funding of the Tesco.PESTLE analysis Political factor:- Political factor plays an vital role in reward policy of the Tesco becausereward policy is a long term profitability in the certain market. It operate the materials in themarketing. This factors involves the tax policies, impending legislation and instability in thepolitical environment, unemployment rates and economic conditions of the country which affectthe operating system of the Tesco. There are so many things which things which affect Tescobecause it creates risk for the investors and economy is passing through hard times. It impact thereward policy because when the tax rate is increase then its not easy for company to give rewardsto their employees which affect the working environment of the workers(Shields and et.al.,2015). Economic factor:- economic factors of the Tesco which impact the reward policy of theorganisation where it involves all the wages rate, increases and decreases in the inflation rates,exchange rates, demands, profits and also the leverage costs of the Tesco. Due to economic uni-stability it affects the Tesco reward policies because there are so many changes in the inflationrates, exchanges rates which easily affect the operations of the Tesco and directly impact on thereward management. Social factor:- social factor relates to the changes in the trends of the society and alsoindicate the trends of the customers. Whereas, Tesco has raise the number of non-food items forsale so, it easily influence the attitudes and beliefs of the which easily affect the social conditionof the employees and customers also. From influencing the social factors of the employees iteasily impact the reward policies of the Tesco because from changing trends it increases the
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