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Posted on March 14, 2008 by Robert II Smith | Posted under Management
Paying for Performance and Reward Management
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Reward management is regarded as an important role in the HRM. Most organizations realized that reward reinforces employee focus on their performance, enhance motivation levels and gain their commitment (Allen & Kilmann 2001). This section will review the current literature; explain the objective of reward, the definition and determinants of rewards and the argument of whether reward is a motivator as employee performance. These conceptions are all supporting the research subject: the effect of reward on employee's performance. Rewarding performance is a key to accountability. It is one of the positive imports of accountability. When employees are aware that rewards are tied to their performance, they will be committed to performing and will take ownership of their actions. Additionally, when employees are rewarded for performance, they evolve a sense of accomplishment, which makes them take pride in their work, which in turn increases ownership (Armstrong 2002). Extrinsic reward is initiated from outside the person and includes (Armstrong 2002): salary and wages, employee benefits, interpersonal rewards, promotions. Intrinsic reward is the ones that is self-administered by the person and encompasses (Armstrong 2002): completion, achievement, autonomy, personal growth. The strategic aim of reward management is to evolve and enforce the reward policies, processes and practices to affirm the accomplishment of organization's business goals (Armstrong & Murlis 2004). The specific aims are: - Creating total reward processes that are established on beliefs about what the organizational values want to accomplish. - Aligning reward practices with business goals and employee values - Rewarding employees fairly for the value they chip in. The fairness objective calls for fair treatment for all employees by accrediting both employee contributions, for example, higher pay for greater performance, experience, or training; and employee need, such as a fair wage as well as fair procedures. (Milkovich 2005). - Rewarding right things to communicate the right message about what is significant in terms of expected behaviors and consequences. - Attraction and retention of the skilled and competent people the organization needs, thus holding back the talent in a stiff human resource market. - Enhancing the staff performance and attaining their commitment and engagement, increasing the quality that leads delighting the customers and stockholders. - Develop a positive employment relationship and psychological contract (Armstrong & Murlis 2004). About The Author: Robert Smith has spent more than 15 years working as a professor at New York University. He is interested in assisting students and people who need help in writing papers. Now he spends most of his time with his family and shares his Univesity experience where to find school essays. He is a right person to ask about high school essays. |
Tags: MANAGEMENT, STAFF MANAGEMENT, HUMAN RESOURCES MANAGEMENT, HRM, EMPLOYEE PERFORMANCE, MANAGEMENT ESSAY, CUSTOM ESSAY, ESSAY WRITING
