rewards management techniques

Rewards management
techniques

Table of Contents
Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Assess the context of the reward environment and key perspectives that inform reward decisions
..........................................................................................................................................................1
Use an appropriate analysis tool to identify the internal and external factors........................1
Analyse the particular impact of business drivers and related factors on reward decisions.. 3
Give examples of different ways of gathering and presenting reward intelligence...............4
Demonstrate your understanding of key reward principles and the implementation of reward
policies and practices. In this section you should:...........................................................................5
Evaluate the principle of total rewards and its importance to reward strategy......................5
Identify and explain the importance of equity, fairness, consistency and transparency in terms
of how they should underpin reward policies and practices...................................................6
Assess the contribution of both extrinsic and intrinsic rewards to improving employee
contribution and sustained organisation performance............................................................7
Explain how reward policy initiatives and practices are implemented in your chosen
organisation............................................................................................................................9
Demonstrate your understanding of the role of line managers in making reward decisions. In this
section you should:........................................................................................................................10
Explain the various ways line managers contribute to reward decision-making.................10
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Reward is the system that will get followed within the business in order to motivate the
employees by whom they have work strategically towards the set goals and the objectives by the
entities. The rewards management is the process under which the concern about the wages and
the benefits to the employee will get considerate. It might be that rewards is tangible as well as
intangible as like the non-financial rewards that includes the training and development,
recognition, enhancement of job roles and responsibilities (Ahmad, 2019). It is more important
process as it is more needed that the employee will always be more motivated and remain happy
with that have eager to more upper to the ladder that imparts more loyalty within the company.
This report includes Morrison that is the fourth largest chain of the supermarket and gets
established in the 1899 and its founder is William Morrison and having the headquartered
Bradford, England. This report includes the uses of reward intelligence, key perspective that
inform reward decision, key rewards principles and implementation of policies and procedure,
importance of reward strategy, role of line manager in making reward decision.
MAIN BODY
Assess the context of the reward environment and key perspectives that
inform reward decisions
Use an appropriate analysis tool to identify the internal and external factors.
The reward policies have been developed by the company with the aim to attract and
retain the most skilled and the talented workforce within the company. It is the policy that is
based and get applicable to the employee that are working within the company. There are some
of the different internal as well as external factors that have direct impact on the rewards policy
of the Morrison (Beare, 2018). The internal factor will get analysed by performing the SWOT
analysis as it defines the different strength and the weaknesses of the Morrison polices for the
rewards policy to employee and that is as defined below as:
Strength  Morrison’s have follow all the rules and regulation of the UK
government thus have implies all the relatable policies within the
company in order to provide benefits to employees.
 The working culture of the Morrison is more multi cultural and with this
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have provides equal opportunity to all to measure more growth and as
per that have provide rewards according to their performances.
 The employee will get adequate wages and salaries as per the job role in
order to satisfy the basic need and requirement of the working
employees.
 Morrison’s have used different policies as of open door format and
ensure that employee get better benefits by which they always remain in
the company for longer period of time (Brown, 2018).
Weaknesses  By getting more reward the behaviour of an employee will might get
changed and in this their productivity will keep on decreasing.
 Morrison provide adequate reward to the employee and under the
employee will worked more during the appraisal time period and that
enlarges the working gap and company face huge loss.
Opportunity  The current portfolio design of the Morrison have main focus to develop
the momentum and to build reinforce the efforts of the employee.
 The Morrison has generated better facility for the employee in terms of
reward and by this there performance will get more developed. In
addition to this the employee will also work with more efficiency and
insert all their efforts thus the productivity will get more enhanced.
Threat  As there are a lot of competition in the market as like Tesco, Mark and
Spencer etc all have worked to gain more profit. In that have provide
more benefits to the employee by which they will get stick with the
company for longer period of time and thus the profit ratio of the
company will get decreased as they have to pay benefit amount to
employees.
The external factor will get noticed while performing of PESTLE analysis that has direct
impact on the rewards policy and are as defined below as:
Political In this the Morrison must get enrol the employee as per the saving schemes and with that
have provide the tax relief and at more facility at the time of retirements (Byrne, 2018).
Economic The Morrison must have followed all the pension fund scheme for the employee and the
national insurance also get provided to the employee for their secure future and it is the part
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