HR Management: Performance and Reward Strategies Presentation

This presentation provides a comprehensive overview of performance and reward management within the context of Human Resources (HR). It begins by defining performance management as a process designed to create a work environment where employees can perform at their best, aligning individual contributions with organizational goals. Reward management is then defined as the formulation and execution of strategies and policies to reward employees fairly and consistently. The presentation emphasizes the relevance of these concepts in HR and the organization, highlighting the crucial role of the HR department in implementing performance appraisals and acting as a mediator. It identifies key issues in both performance and reward management, such as lack of strategic focus and unreliable market data, respectively. Furthermore, it explores key theories in performance management, including goal setting, control, and social cognitive theories, and in reward management, such as reinforcement, expectancy, equity, and agency theories. The presentation concludes with recommendations for organizations to implement strategies that reward employees fairly, monitor performance, and offer performance-based rewards to reduce attrition and enhance employee retention. The presentation includes references to support the concepts discussed.

INDIVIDUAL
PRESENTATION

Table of content
 INTRODUCTION
 Topic- Performance and reward management
 Relevance in HR and organization
 Identify and discuss key issues, concepts and theories
 CONCLUSION
 RECOMMANDATIONS
 REFERENCES

INTRODUCTION
Performance management defined as process
of creating work environment or setting in
which people enable to perform to their best
abilities.
An effective performance management share
the understanding about how individuals
contribute towards the organisational goals.
Effective performance management focuses
on aligning workforce, building
competencies and improve employee
performance.

REWARD MANAGMENT
 On the other hand, reward management is concerned with
formulation and execution of strategies and policies that
aim towards to reward people fairly, equitably and
consistently.

Topic- Performance and
reward management
 Performance management defined as
whole work system that begins when job
is defined as needed. Therefore, this
defined as crucial area of work that
handles by HR managers of a company.
 Additionally, performance of employees
aligned with organizational goals.
Therefore, reward to employees based on
performance of employees.

CONTINUED…
 Reward system aids to keep employees happy and loyal to the
company.
 Thus, reward management assist to strengthen the company
reputation. It can be given in the form of salary, bonuses, incentive
pay and benefits and employees growth opportunities in manner of
professional development and training opportunities.

Relevance in HR and organization
Importance of HR in performance and reward management-
 Human resource department plays crucial role in designing and implementing performance
appraisals to employees.
 Therefore, HR team act as mediator between the functional heads and works as to review the
authorities and employees.
Role of compensation and reward in Organization
 Reward system plays vital role in business organization. Therefore, there are four main M's as
men, labour, machine and money. They are the most crucial factor as business functions cannot
be imagined without men.

Identify and discuss key issues, concepts
and theories
Key issues in performance management-
 Lack of strategic focus
 Lack of leadership support
 Lack of proper training and communication

Continued…
Key issues in Reward management-
 Unreliable market data.
 Intense competition for talent.
 Economic uncertainty due to inflation, devaluation etc.
 Lack of sector specific benchmarking data.
 Complexity of pay packages.

Theories in performance management
Key theories in performance management-
 Goal setting theory
 Control theory
 Social cognitive theory

Theories in reward management
Key theories in reward management-
 Reinforcement and expectancy theory
 Equity theory
 Agency theory

CONCLUSION
 Based on the above report it can be concluded that
performance and reward management defined as crucial
part to the enterprise.
 In the present era, the organization are showing high
degree of commitment towards reinforcement of reward
practices that are aligned with HR practices.
 Thus, effective performance aids to attract, retain and
motivate employees.