rd Managements is one of the central pillars of human resources management. While the term 'reward management' is problematic, we consider that the term best captures the current changes in management assumptions and practice about pay. Bratton and Gold (1999, p. 238)
Principles Objectives of Reward Management
The three principal objectives of reward management as cited in Bratton and Gold (1999, p. 238) are to:
Attract and retain suitable employees
Maintain or improve levels of employee performance
Comply with employment legislation and regulations
These objectives have to be achieved within an agreed budget for rewards. First, the new and must be competitive to encourage membership of the organisation. In other words, it must attract and retain qualified and competent people to the organisation. Reward that are perceived by prospective members to be inadequate or inequitable will make it difficult for the organisation to attract the types of people necessary for success.
Second, reward systems are designed and managed to improve productivity and control labour cost. The question of what motivates employees to perform effectively is difficult to answer. Among practising managers there is a wide spread conviction that pay alone motivates workers. In comparison to this Thorpe and Homan (2000, p. 12) advocates that the principal objectives of reward management are to:
Minimize expenditure on wages and salaries over the long term;
Attract and retain staff of the desired calibre, experience and qualifications;
Motivate the workforce so as to maximize organisational performance;
Direct effort and enthusiasm in specific directions and to encourage particular types of employee behaviour;
Underpin and facilitate the management of organisation change;
To help us examine the complexities of pay, we have developed a framework of reward management. Figure 2.1: illustrates a model for reward management that contains three basic elements, internal equity, external competitiveness, and the objectives. Our model shows two broad areas that any organization must consider in reward management, internal equity and external competitiveness. Internal equity refers to the pay relationship among jobs within a single organisation. This is translated into practice by the basic techniques of reward management, job analysis, job evaluation and performance appraisal. The focus is on comparing jobs and individuals in terms of their relative contributions to the organization's objectives.
Job analysis Job evaluation Appraisal
Job description Ranking classification BARS
comparison point BOS
MBO
Internal equity
Labour market Product market Organization
Demand Supply Competition Management
Product demand Strategy profitability External competitiveness
Recruitment Performance Compliance
Reward Objectives
Pay level Policy
Source: Bratton and Gold (1999) Human Resources Management Theory and Practice, Second Edition, Macmillan Business p. 246
Reward Management Strategies
According to Stephen Taylor (2000) as cited in Thorpe and Homan (2000, p. 11), there are two key questions, which an organisation has to ask when formulating reward strategies and policies, they are: how much should be
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