Reward Management: Principles, Practices, and HSBC Case Study

This report provides a comprehensive analysis of reward management, focusing on its application within HSBC, a multinational banking and financial services company. The report begins by defining the concept of a reward environment and explores key perspectives that inform reward decisions. It then delves into the methods of gathering and presenting reward intelligence, including the use of balance scorecards and key performance indicators. The report also explains the principles of reward management, such as different pay systems, creating positive reward experiences, aligning rewards with business goals, and extending people's line of sight. It evaluates the importance of equity, fairness, consistency, and transparency in reward policies, and examines how these policies are implemented. Furthermore, the report discusses the contributions of line managers to reward decisions, and assesses the impact of both extrinsic and intrinsic rewards on employee contributions and organizational performance. The analysis considers both internal and external factors influencing reward decisions. The report concludes by summarizing the key findings and offering insights into the effective management of rewards within an organizational context. This report is a valuable resource for students studying reward management and related subjects. It provides insights into real-world applications of reward strategies and policies, making it a valuable resource for students seeking to understand the practical aspects of reward management.

Reward Management

Table of Contents
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
1.1 Assess the concept of reward environment and key perspective that inform decisions510. 1
1.2 Explaining the most appropriate ways in which reward intelligence can be gathered and
presented.................................................................................................................................4
LO 2.................................................................................................................................................5
2.1 Explaining the principles of reward and its benefits to reward strategy..........................5
2.2 Evaluating the importance of equity fairness, consistency or transparency that affect the
reward policies........................................................................................................................6
2.3 Explaining how policies initiates and practices are implemented....................................7
LO 3.................................................................................................................................................8
3.1 Various ways in which line mangers contribute to reward decision................................9
3.2 Assessment of contributions of extrinsic and intrinsic rewards to improve employee
contribution and sustaining organisation performance.........................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
Reward system is concerned with the formulation and implementation of strategies and
policies in order to reward people fairly, equitably as per their capabilities. All such process of
reward system is to developed for the benefits of employees and their satisfaction. Along with
that, it also helpful for the company to increase value of the company in front of their
stakeholders. Present study will be base on HSBC which is a British multinational banking and
financial services holding company in United Kingdom. Report will present the concept of
Reward management in HSBC and how it affects the company stakeholders. Therefore, it will
also explains principles of reward and its benefits to reward strategy within the business.
However, report also describe the appropriate ways that reward intelligence that can be gathered
and presented into best possible way. Study also justify that how reward policies initiatives and
practices are going to be implemented within the business.
LO 1
1.1 Assess the concept of reward environment and key perspective that inform decisions510
Concept of Reward environment
The concept of reward management is based on philosophical approach. That belongs to
some set of values, beliefs and principles. Reward strategies and management system enable to
resolve long term issues relating to how people should be valued for the organisations.
However, This practice of HRM explains the good relationship between employer and employee
(Bi, Liu and Usman, 2017).
In other words, reward management is the motivational practices that performed by the
organisation function in order to promote the employee sustainability, reduce employee turnover
and sustained the potential employee team performance. Reward system is the total reward
system and manage the long term opportunity to gained the employee trust. However, this
system of the management has created long lasting relationship between employer and
employees. Reward is the basic right of employees that must they get by the company on the
basis of their performance. However this helps to grow the business and company image in terms
of effective management styles in order to gained the long lasting image and growth.
Reward system is necessary for the following reasons :
 It helps to retained employee within the organizations.
 It helpful to gained and attract the new employee talent from the external environment.
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 It helps to create the healthy and effective performance by the hand of the employee
performance.
 Reward management system encourages positive and attitudes and behaviour of the
employees performance and goals.
 It helps to make the employees more productive and likely to seek more opportunity.
Therefore, it has been analysed that HSBC also should need to required productive
reward system management for their potential employees in order to gain long term growth
(Bulley, Henry and Suddendorf, 2016). As per the perspective of HRM well designed reward
system will also helps to make the productive and employees motivational sites for the better
satisfaction growth.
Hence, to increase employee pay scale and give them respect on the behalf of the work is
helpful to get the best style of opportunity which involves around designing and implementation
of the appropriate payment system.
Internal Factors that affect Reward Decision making process
Ability to pay : In terms of capacity companies can be pay higher or low recognition and
award to employees that is based on the company scale and level. Some Small based
organisation could not afford the high expenses of reward recognition. On the same side, big
companies are well stable and capable to pay higher compensation to their employees. So this is
the factor that affect the reward decision making process.
Business strategy : Business strategy is the another influential factor that affect reward
decisions. In case company wants skilled and talented employees to gain more profit or growth
so in such conditions company is ready to pay or reward those employees at higher level, if
company happy to have average kind of employees will give relatively less pay or given limited
reward to them. Such factors might affect the HSBC reward decision process (Glaser and
Strauss, 2017).
Job Evaluation and Performance Appraisal : To evaluate the employee performance
can help to measure or set the reward. So such factor can affect the overall business reward
management system.
Employee : Employee is the another factor that affect the decision making process of
reward management. Good Employee performance get more pay to the employee and thus with
the increased recognition. Employees himself influences the reward decisions of the company.
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External Factors that affect Reward Decision making process
Labour Market : Due to dynamic environment of external business can increase or
decrease demand or supply of labour. The low labour market affect the HSBC reward decisions
and limit the scope if better recognition (Thompson, Strickland and Gamble, 2015). On the same
side, good market can help better to get skilled employees and gain the reward decision in
profitable manner.
Going Rate : Recognition and reward has always be based on the going rate in the
industry. That might be the factor that affect the company decisions.
Cost of living : Cost of living index also influence the decision making process of reward
system (Greene, 2018).
Labour laws : HSBC also needs to review the labour laws and their policies before
deciding the reward process for employees benefits.
From the basis of above internal or external factors HSBC highly affected by the labour
market which belongs to the external business environment. This factor can influence the
company decisions and might arise some changes in that as well.
Other factors
Information Inputs
This is the very significant input that affect the decision making process of reward
management. It also affect the systematic job performance and also affect the business goals and
systematic performance goals. Highly authoritative individuals do make decisions on the basis of
comparative less information when compared to more conservation decisions.
Prejudice
This factor reflect the biasses among the business environment, that affect the reward
system management of the overall approach. Bias among employees is the major factor that
creates the negative behaviour on employees due tow which some employee make decision to
leave the process more advantage and long term goals and make the best approachable decision
making process (Landemore, 2017). In order to that, it demotivate the behaviour of employees
and creates injustice environment goals. However, perception is highly selected and ineffective
in order to perform the work. However, the systematic structure of reward management can give
positive impact on the employees better performance (Smith and et.al., 2016).
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1.2 Explaining the most appropriate ways in which reward intelligence can be gathered and
presented.
Employees plays the most significant role within the organizations. For that, company
conducting reward ceremonies to give them recognition and awards for more motivation level.
This is the key challenges in generating a total rewards statement is the ability to combine
information from a wide variety of sources. In order to collect reward intelligence first HSBS
needs to collect compensation, then retrieve data from the the sources and at the end disclose the
information system.
In order to outline the reward sources the primary goals for the new total rewards
functionality is to streamline the overall process and provides a more configurable table driven
solution that enables the customers to define and extract employees level rewards data that is
required for their total reward statements (Mann and Helbing, 2017).
Reward intelligence is concerned with the formulation and implementation of strategies
and policies that main purpose of people to reward fairly, equitable and consistently with their
value to organisation.
In order to collect the data for reward intelligence, business should need to measure the
individual performance objectives and make the best style of development areas and business
opportunity.
Balance Score card: this is the method or style through manager can collect data fro
reward intelligence in order to prepare the overall system opportunity for the people. It helps to
gain the different results and bring the management task performance in the best style manner.
Key performance indicatives : it is a critical approach to measure the individual
performance on the basis of different criteria. Such as targets, behaviour, performance, inputs
etc. this key approach is helpful to collect data to present the reward system approach or process.
In order to present the reward recognition plan or procedure it is required to introduce
several information such as skill based pay, broad banding, broad based incentives that enable to
accomplish the business goals as well.
Benchmarking : Company set reward recognition intelligence and make the process
more complicated and ineffectively approachable (Munari and et.al., 2016).
New age of data gathering
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New age of data can be very profitable and productive for qualitative that facilities to
analyse the data more effectively conducted and effectively evaluated into deeper manner.
LO 2
2.1 Explaining the principles of reward and its benefits to reward strategy.
Principles of Reward management
Different Pays system : this principle of reward system explains that how much
individual and person should earn within the organization. In order to consider this manager
needs to review the person working experience, knowledge, skills necessary to accomplish the
job roles. This is the helpful principle that generate leading management task and build-up the
great motivation among the system growth. This system helpful to reward strategies to get the
different styles to pay reward and recognition. For example : HSBC can adopt the different pay
scale system to their employees that is based on employees performance. Along with that, it can
also be useful to analyse the customer preferences and their feedback on such systems.
Create positive reward experience : HSBC leaders should have take care of the
positive environment within the business to better communicate and educate people on the new
changing reward system. Advantage or benefit of this principle is to motivate employees to gain
more understanding, acceptability and commitment towards the company objectives. This
principles beneficial for manager to make the effective reward strategy with positive
environment (Noe and et.al., 2017). For Example : HSBC can also bring different opportunity
for employees in terms of good positive environment.
Align Reward with business goals to create a win-win partnership : apart from this it
also helps to gain the management goals and results. This principle defines that, company and
employees both should gain equal opportunity for the people to make the best dealing
performance task in order to make the perfect reward management system. To ensure win win
strategy for HSBC should have provide the proper guidelines and direction to enhance the value
of rewards. For example : In order to gain win win partnership, HSBC can acquire this principle
to their business activities in which they implement and give continuous rewards and recognition
to deserving employees. Through they better align and maintained the employee work.
Extend People line of sight : This principle explains and define how employees get
influenced by their team performance, group, business unit etc. Engage people in understanding
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and how they make customers happy and satisfied to gain the better recognition styles. So this
principle explains that reward system is highly based on the customer satisfaction.
Integrate rewards : this principle suggests that how company make the best deal to pay
the set particular reward system and customized the best deal.
Reward individual with best pay : Individual pay system has been based on three
criteria skills and competencies 2) Individual over time and performance. 3) Individual value
relative to the labour market. This principle of reward can be benefited to make the proper and
better planning for reward system. For example : This principle practice of reward management
can more helpful and managing the employee interest with the organisation goals. However it
helps to measure the work more importantly and effectively manage the work more importantly.
Reward Results with variable pay : In this principle define that company has to meet
the stakeholders criteria to the relative labour market. However, the system and growth system
can be more helpful and effective to learn the different advantageous goals and objectives.
Evaluation of Total Reward Management system
In order to evaluate the strategic reward and the total reward system within the
organization. Strategic reward management takes long term term approach to how an
organisation reward policies and practices can support the business objectives. The concept or
term of total reward management defines the employees beliefs, needs, values, tangible or
intangible. This principle must be considered by the organization while preparing the long term
strategies. While making the changes in the organization culture it is required to focus on the
effective management and also controls the overall system of reward management. This concept
of reward management has been affect and impact on an individual or organisation.
It has been analysed from the above term that reward management system is the most
important and potential management tool that also makes the business objective and targets.
Benefits of reward management
Increased Flexibility : By implying the reward management practices and its principles,
it will impact on the company in positive way in order to gain the business development goals
and objectives. Total reward approach combines transactional and relational award offers
tremendous flexibility because it allows to be mixed and remixed to meet the different emotional
and motivational needs of employees.
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Improved Recruitment and Retention : By implementing reward management
approaches. Company can also get improved its recruitment and retention way within the
organization. This process helps to improve the employee skills and knowledge for better
solution.
Reduced labour costs and costs of turnover : Reward management reduced the
turnover cost of the management because all the existing employees have satisfied with the
environment of the company and not planning to leave the organization. In such situation HR
manager more focus on the employee development rather than on recruiting the other employees.
However the role of reward management is very essential in the development of
employee performance. In order to that HSBC has to focus on the reward management practices
& principles.
2.2 Evaluating the importance of equity fairness, consistency or transparency that affect the
reward policies.
Importance of following terms :
Equity Fairness : Maintained the fair environment that is free from discrimination is the
most essential thing to be performed by the reward management that is also very much required
and important. Otherwise, To be not fair with employee it become reason for leave the
organization. Somehow such factor might affect the reward policies as well. HSBC should
follow the three types of fairness at the workplace environment that is Distributive, Procedural
and interactional (Rees and Smith, eds., 2017). Fair and equitable approach in reward
management is one of the very challenging approach for the company to deal with the
management system growth.
In other words, fair pay principles suggests that company should never adopt or deal with
unfair practices with employees. Also, provides the level that is commensurate with their
experience, education, and skills. Ensure that conscious biases do not creep with the help to
continue the long lasting work opportunity.
Consistency : Consistency allows for better measurement to perform the action plan for
better consistency. Consistency also helpful to inherent need to perform or to accomplish the task
as well. Consistency level is very significant for preparing reward policies in order to sustained
the level of accountability. Lack of consistency in decision making can affect the company
reputation as well. Consistency in making reward policy increases the chances of durability or in
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order to recognize and reinforce the management results. Due to lack of consistency in reward
system, it can be create negative impact on the employees and make the environment bad and
insufficient. On the other hand, consistency in policies are very crucial because it creates trust
among workers or employees that and manage the conditions within the organisational culture. It
also important for maintaining the respect among other employees at workplace that is also
required in reward recognition (Ross, 2017).
Transparency : Transparency level is more important process or way to pay the reward
or recognition to employees. Employees should adhere to the reward principle when making pay
decisions whether in developing an overall pay framework or making individual salary decisions.
Due to not following the proper results and goals it could have been affect the employees
business performance and management task (Shields and et.al., 2015). Transparency build the
motivation among business level and achieve the business objectives and make the process more
effectively clear. People want to grow if they sustained the transparency level within the
organisation. However, transparency within the business can always make the good opportunity
with the businesses in order to gain the market growth and business management styles.
2.3 Explaining how policies initiates and practices are implemented.
Reward system and policies are crucial to analyse the resources or information. What this
means is what the contractual between employees between employees and organizations are
about how much work is to be done. Hence, this aspect of system support or affect the reward
policies and growth. The main policy that should company needs to adopt that is employees are
majorly needs intrinsic benefits rather than monetary needs. The intrinsic needs within the
organisation are recognition, better treatment, rewarding, and good work form. There are given
some other policies elements are given below:
Monitory Reward Policies
This is the normal aspect of the every system is to follow the monetary incentives
provisions. Monetary incentives are pay hikes, bonuses, allowances that are play a very crucial
roles in within the system (Rothman and et.al., 2015). This is the basic system that catered the
employee needs and goals. The basic normal term of this policy is to provide standard incentive
pay scale to employees. This incentives also based on the employee skills and goals and also
based on the process to evaluate the employee position.
Non Monetary reward policies
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Non monetary reward policies are reflect the needs and motivational aspects in the form
of incentives such as holidays, leaves, membership to exclusive clubs, company provided
housing and transport and advanced training and soft skill. All such incentives are more
important than monetary terms. The reason to gain motivation and growth in business. This
policy should adopted by the HSBC to gain the more productive work performance by the
employees in detailed manner. However, such objectives and task Is very significant and
effective to learn how to make trust and effective learning process to gain different opportunity
and gain. HSBC should also provide the non monetary benefits to employees that is more
effective and attractive to employees. This policy implementation would definitely gain
employee motivation and confidence skills. On the other side, company can also implement
weekly recognition prices and publicizing the efforts of top performance is done in many
companies including IBM, Infosys. However, it helps to maintained the positive environment
within the culture environment (Schultz, 2015).
Grade and pay structures
Grade and Pay structure is the best framework structure within that company reward
policies can be implemented. This level or process helps to defined the hierarchy systems.
Grade Structures
A grade structures consists proper levels are involved of grades, bands or level into which
groups of jobs are broadly comparable is size are placed. Apart from that, reward and recognition
is based on different aspects on that basis company will decides to set the employee reward
system (Schultz, 2016).
LO 3
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3.1 Various ways in which line mangers contribute to reward decision
The line manger is the person that directly manages operation as well as employees of the
business while repoting all the leadas to higher authorities. They are responsible for providing
effective training and reviweing the perfromances of the individuals. Based on that, the
responsiblity of line manager is to decide the reward for the individuals along wih their type.
They provide support, encouragemeetn and feedback to the employees of HSBC on daily basis
and directly ifluence employee satisfaction and engagement. It leads to customers satisfaction
and productivity of organisation. The line managers develop reward policies tjhat support goasl
of the organisation. They provide rewards which attract and motivte the staff which helps in
creating high performance culture. The focus on maintaing competitive rates of pay. They dvelop
reward staretegies for the sense of direction and finally impleemt it.
It need to develop line management capabilty which can help the line maangers in
promoting and understanding the strategy of rewards. When it coms to delivering financial
rewards the line maabgers conduct performances appraisal which gets difficult for line manager
to perform and the other limitation faced by the coampny is the frustration of line anagers when
theri decisions are reffered s upstairs. When delivering non financial awards it allows line
maagers to sow gestures to employees whch persuade the potential of emmpoyees ans work as a
motivation.
The various ways in which the line manager of HSBC contributes to reward decision is by
motivating the employees of thee company and developing the link between manager and then
employees of the company. The informal recognition such as simple words like than you an be
more useful and effective than formal, well organised schemes of HSBC. The effectiveness of
colleague to colleague recognition can also be effective but it varies from individual to individual
(O’Sullivan, 2017). The line mangers of HSBC can send postcards to employees for thanking
them for their work which can be a part of an online reward scheme which will add point to their
account for every post card they receive.
They play a fundamental and important role in making reward decision as they motivate
the employees and help them in engaging in the business activities along with fulfilling their
commitment to the company. Praise and recognition is the most easiest and cheapest way to
motivate the employees and this can be done only with the help of line mangers. They can be
placed in HSBC to perform this. Every organisation offer their employees individual incentives,
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rewards and online schemes related to recognition of their performance but this form of verbal
appreciation through line managers can really increase the morale of the employees and can
retain them in the organisation to work hard. The line manger is the person who can execute on
the vision of the leadership (Dumont, 2015). It is the ability of lone manager to translate it into
something sensible for the employees. Feedback received from the line manager creates a sense
to employees that they are important.
During recession there was a trend towards making recognition schemes more formalized
because an award presentation cost less than raising the pay. Employers can train line managers
to allocate their time for on to one session to discuss issues with the staff. Incentives are awarded
only to attract the employees to contribute in the business and line managers make sure that
when they are giving rewards to staff for their effective contribution, it is the behaviour which
will help the company in achieving its goals (Bylinskii, and et.al., 2015). Line managers decide
about pay award, T & D, reducing cost, appraisal, team motivation etc. along with continuous
improvement. The line mangers of HSBC can make a huge difference in managing reward by
analysing performance appraisal, coaching and guidance, engagement of employees, openness
when employees can talk freely etc and can make an effective reward decision for the
organisation.
3.2 Assessment of contributions of extrinsic and intrinsic rewards to improve employee
contribution and sustaining organisation performance
An intrinsic reward when given to employees, it tends to fulfil their intrinsic factors
which motivates therm. It includes giving them challenging tasks, involving them in the process
of decision- making, giving them authority and these all factors do not require raising their pay
or salary but to make them work at higher rank of management which increases their
contribution in the organisation and they perform their best to achieve sustainable success for
HSBC. Praise and recognition are the most effective and efficient intrinsic rewards that enhances
the performances of employees (Chang, 2017). Employees who are motivated through intrinsic
factors can achieve higher level of productivity and can hep the employees of HSBC in
developing professionally. It involves personal achievement, professional growth,
accomplishment and sense of pleasure. To help employees with intrinsic motivation the manger
of HSBC can provide them work which is meaningful. They need tom give opportunities to the
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employees to show their expertise. They also need to give them valuable path to achieve progress
and to connect them within the superiors who gives valuable feedbacks. These factors drive then
inner motivation of employees and help the organisation in achieving sustainability.
On the other hand extrinsic rewards fulfils hygiene factors of the organisation and do not
let them leave the company. These includes rise in pay, leaves, bonuses etc which influence the
employees toasty in the organisation (Tomer, 2016). There is a relationship between reward and
recognition and satisfaction and motivation and to retain the high performances and contribution
in the organisation, the extrinsic reward system of the organisation need to be strong so that
HSBC can adopt sustainability and increase productivity of the organisation.
The HSBC provides both intrinsic and extrinsic rewards to its employees. These rewards
are basically distributed on basis of performance. The reward system motivates the employees as
well as makes them more motivated towards the organisation. The annual bonus of HSBC is
linked to performance appraisal process which evaluates the past performances of the employees
and also their potential and development. Also, once employees reach middle management they
receive HSBC shares as the part of their reward package and other employees received additional
bonus awards. For specific sales done by employees in HSBC, sales incentives schemes are
offered to then employees (O’Sullivan, 2017). Also, the HSBC organisation focuses on
appreciating their employees and giving them difficult task to create an enthusiasm among them
which ultimately increase the contribution of employees and improves overall performance.
CONCLUSION
The report concluded the importance of reward management which is concerned with
formulation and implementation of strategies and policies which deals with providing fair and
equitable rewards to the employees. It aims to create an effective reward structure of the
organisation. It summarized the reward environment and perspectives that informed reward
decisions. The report has showed the most effective ways in which reward intelligence can be
gathered and presented. It has evaluated the principle of rewards and importance of reward
strategy. It focused on importance of equity, fairness which affects the policies and procedures of
rewards. However, it showed policy initiatives and practices are implemented in the company to
increase the productivity and profitability of the organisation. Moreover, it has included the role
of line managers which has contributed to reward decision-making which includes motivating
employees and increasing their morale which lead to organisational success. At last it will assess
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the contribution of intrinsic and extrinsic factors which will increases the satisfaction of
employees and will lead to organisation sustainability.
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