Reward Management System - 5485 Words

TERM PAPER OF PERFORMANCE MANAGEMENT TOPIC: REWARD MANAGEMENT SYSTEM {draw:frame} SUBMITTED TO: SUBMITTED BY: OVERVIEW: REWARD MANAGEMENT Reward management is about the development, implementation, maintenance communication, and evaluation of reward processes. These processes deal with the assessment of relative job values, the design and management of pay structures, performance management, paying for performance, competence or skill (contingent pay), the provision of employee benefits and pensions, and management of reward procedure. Employers and mangers should pay attention to their employees and special attention to the best employees. This is done to encourage good performers, to push them to greater heights.†¦show more content†¦The effectiveness of an organizations performance and reward management can have a major impact not only on morale and productivity but also its ability to attract and retain staff. Many companies have found that far from complementing the st ated aims of the business, their performance and reward systems were actually driving counter-productive behavior. Motivation and Reward System Management Employee motivation is the psychological feature that arouses an employee to behave in a certain manner for accomplishing certain organizational goals. It is imperative for the organization to enhance motivation level of the employees in order to bring out the best in them. The motivation-level of the sales force must be kept high in order that the sales force efficiently realizes the sales goals. Reward system management is the framework that envisions formulation of different types of reward systems to boost the motivation of the salespersons. *Role of Compensation and Rewards* in Organization: Compensation and Reward system plays vital role in a business organization. Since, among four Ms, i._e__ Men, Material, Machine and Money, _Men has been most important factor, it is impossible to imagine a business process without Men. La nd, Labor, Capital and Organization are four major factors of production. Every factor contributes to the process ofShow MoreRelatedReward Management : A Progressive Reward System2100 Words   |  9 PagesThe aim of this appointment is use your experience and expertise in reward management to develop a progressive reward system that mitigates the risk of avoiding similar industrial action. You are expected to prepare a report that discusses the components of a reward system and recommends a progressive approach to the practice of reward management. You will be expected to justify your recommendations. Introduction Along with rapidly change of environment, the competition between organizations hasRead MoreManagement Control Systems: Rewards Systems1028 Words   |  5 PagesREWARDS SYSTEMS: THE CASE OF TANZANIA CIGARETTE COMPANY (TCC) A reward is a consideration that is given to an employee by the organisation on return to the quality of services rendered by the respective employee. Owners of the organisation (in most cases, shareholders) are the ones who will approve the rewards to employees including the directors, head of departments and the lowest cadre of employees. A company may also reward non-employee stakeholders for their contribution to the organisationRead MoreHuman Resource Management : Salary And Reward System1489 Words   |  6 PagesHuman Resource Management 5.1 Salary and reward system Armstrong (2002) defined reward as how people are rewarded in accordance with their value to the organization (p.128). The objective of rewards are to attract qualified people to join the organisation, to keep employee coming to work and to motivate employees to achieve high levels of performance (Gibson, et al, 2009, p. 176). However, reward competitiveness referring to comparisons between the organisation’s pay and that of competitive organisationRead MorePerformance Management System and Total Rewards Plan for Weavertech1736 Words   |  7 PagesPerformance Management System and Total Rewards Plan for WeaverTech Southern New Hampshire University OL 600 Strategic Human Resource Management INTRODUCTION Due to the acquisition of WeaverTech formally known as Johnson-Ware an apparel company by CVX Partners, a private equity firm, there arose a need for the company to change its line of business to high-end segment of the apparel industry (Beer Swier, 2015). Before the acquisition of the company by the newRead MorePerformance Management System And Total Rewards Plan For Weavertech1751 Words   |  8 Pages Performance Management System and Total Rewards Plan for WeaverTech Name: Institution: Course Title: Instructor: INTRODUCTION Due to the acquisition of WeaverTech formally known as Johnson-Ware an apparel company by CVX Partners, a private equity firm, there arose a need for the company to change its line of business to high-end segment of the apparel industry (Beer Swier, 2015). Before the acquisition of the company by the new owners, WeaverTech was a closely owned familyRead MoreManagement Control Systems: Rewards Systems1013 Words   |  5 PagesREWARDS SYSTEMS: THE CASE OF TANZANIA CIGARETTE COMPANY (TCC) A reward is a consideration that is given to an employee by the organisation on return to the quality of services rendered by the respective employee. Owners of the organisation (in most cases, shareholders) are the ones who will approve the rewards to employees including the directors, head of departments and the lowest cadre of employees. A company may also reward non-employee stakeholders for their contribution to the organisationRead MoreThe Performance And Reward Management System1501 Words   |  7 PagesPerformance ratings is part of the performance and reward management system that used to support organisations’ personnel decisions in performance appraisal, promotion, compensation, and employee development (Yun, Donahus, Dudley, McFarland, 2005). Accurate performance ratings are fundamental to the success or failure of the performance management process, therefore, raters have been suggested to be fully trained to minimise potential errors in performance ratings (Bir on, Farndale, Paauwe, 2011)Read MoreThe Role Of Performance Management And The Reward System1416 Words   |  6 Pagesthe role of Performance Management and the reward system in organisations toward the employees and the business as a whole and outline the various types of reward and their advantages and disadvantages. I will support my essay with an examples of PM in the two very famous companies, Adidas and Dell, however, they are participating in a different market industries, both companies have the same target, to be on the top of sellers companies worldwide. A good performance management is about a quality ofRead MoreMcdonalds Management Principles And Reward Systems1356 Words   |  6 Pagesexhibits many distinctive aspects of traditional management theories including aspects of Frederick Taylor’s scientific management, Henri Fayol’s management principles and Elton Mayo’s behavioral management. Taylor’s management style manifest through McDonald training programs and reward systems, while Fayol’s management theory is clear through the whole organisation. Frederick Winslow Taylor, who was the founding father of scientific management theory, developed a theory for what he consideredRead MoreThe Role Of Performance Management And The Reward System905 Words   |  4 PagesIn my essay, I will critically assess the role of Performance Management and the reward system in organisations toward the employees and the business as a whole and outline the various types of reward and their advantages and disadvantages. Armstrong and Baron (2009) defined Performance management as ‘‘a process for establishing shared understanding about what is to be achieved, and an approach to managing and developing people in a way which increases the probability that it will be achieved in