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REWARD (DEFINITION (“employees may see compensation as a return in…
REWARD
DEFINITION
BRATTON 2007:
"all the monetary, non-monetary and psychological payments that an organisation provides for its employees in exchange for work they perform’
ARKIN 2005
“Organisations are realising what a powerful lever reward is and how it needs to complement their other strategies whereas historically people have landed to do it in glorious isolation”
“employees may see compensation as a return in exchange between their employer and themselves, as an entitlement for being an employee for the company, or as a reward for a job well done”
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CATEGORIES
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PAYING FOR PERFORMANCE
Payment by Results
- financial stake in company
- profit sharing scheme
- save as you earn(SAYE)
- employee share ownership plan (ESOP)
- profit related pay
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CHARECTERISTICS
SHAERWATER CASE STUDY
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designs and manufactures a range of electronic and electro-mechanical sub-systems for the aerospace and defence industry
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TOP 5 PRIORITIES
Hay Group 2010
1) Cost Containment
2) Talent Engagement
3) Motivation & Retention
4) Performance Management
SUMMARY
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An organisations reward strategy outlines the philosophy principles and underpinning values that inform its reward systems and the types of employees behaviours it wishes to promote
Important to consider: the strategic labour market, political, social, economic and legisletive factors that act to shape the viability and acceptability of reward
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