Please enable JavaScript.
Coggle requires JavaScript to display documents.
Reward Management (Paying for performance (Payment by results (Direct…
Reward Management
Paying for performance
- Umbrella term of 'incentive pay'
- Earnings related to effort or output
-
-
- Company performance and profitability
- Incentive may be integrated into basic pay
Payment by results
- Direct relationship between pay and output
- Element of pay related to employee performance
- Piece work concerns pay for unit of work
Financial participation
- employee profit sharing and share ownership schemes
- financial stake in the company
- Employee share ownership plan
-
-
-
Reward categories
-
-
3. Psychological rewards
-
-
-
- being part of a social community
-
- recognising that work is important
-
4. Personal Rewards
-
- advancement and development
- acquisition of new competencies
-
-
Reward Management
- Regardless of whether it is to do with amounts paid or method of payment as a core element of the employment relationship payment has always been surrounded by controversy (Brown et al., 2003)
- It is not simply about the basic issues of paying people fairly, in terms of market rates
- It extends to the impact of reward decisions on recruitment, retention, training, flexibility and performance
Reward in context
- Organisations only beginning to realise what a powerful tool it is
- It used to be isolated but is now being realised how it can complement their other strategies
Challenging nature of reward (Thomson, 2002)
- Reward is not just about cash and benefits anymore
- This is leading to the total reward approach
- This includes things such as work environment and quality of life , the advancement for advancement and flexible working
-
-
Definition
"all the monetary, non-monetary and psychological payments that an organisation provides for its employees in exchange for work they perform" (Bratton, 2007)
-
-
-
-
-