Human resource management assignment on:Rewards at Workplace
Reward is defined as method to gratify the employee’s with extrinsic or the intrinsic factors. It is considered as one of the best methods to motivate the employees so that productivity can be increased at workplace (Demand Media, Inc 2012). It is one of the tools used by Human Resource Management at Workplace. The extrinsic rewards are such as bonuses, gifts and increment in pay and intrinsic rewards are such as recognition, promotions and responsibility. It is related because it provided satisfaction and removes the dissatisfaction. According to the TESCO is has been stated that rewards at workplace should be fair and transparent. It is a direct process to motivate the employees and will be also linked with the salary related portfolio. Employees are imparted training programs which are also a form of reward being presented by the management at workplaces. Some of the employees at workplace want to perform their best so that they receive bonus which will provide them happiness. The performance of the employees will increase as the pay increase at the workplace. Promotion is also a method used by TESCO for rewarding the employees so that they employees can achieve the organizational goals. The commitment based model of TESCO helps the employees to perform their best. The systematic performance management and the Appraisal system help’s the HR department to link it with the employees reward systems. The complaints of the employee’s also affect the management for to take decisions regarding giving rewards to their employees. The reward system at TESCO is based on the value being created by their employees their workplace (Beardwell, I. and Holden, L. and Claydon, T 2004). This process helped TESCO to grow its business globally and also remove the dissatisfaction level of the employees. It also provided a way to create a competitive edge over the other competitors.
In this Paragraph we will explain Boxal, Prucell and Wright theories regarding the reward systems at workplace. Reward system is one of the HRM policies being implemented by the Organizations to attract and retain the employees for the longer period of time. According to (Fryer & Haynes 2000), a study done on the hotel of Auckland states that it has all the superior facilities but the intangible aspects such as were used to balance the services because the managers gave their best with the superior performance which was linked with the investment done by management in the rewards system of the employees. The better performance appraisal system was being use by the Organization to develop a competitive strategy. According to Beer some organizations offer rewards such as to the employees for achieving the organizations short term goals. It entirely depends upon the management to see how to motivate their existing employees at workplaces. If rewards not provided by the employees in such case there can be higher level of absenteeism at workplace, turnover, productivity gets hampered and cost of the organization can increase. It has been stated when the market conditions are not favorable it creates problem for management to link the performance of the employees with the rewards systems. The factor such as personal values, cognitive limitations and the internal politics of the organizations affects the reward system at workplace. According to (Prucell & Boxall 2000) if rewards system is not appropriate then in such case the employers face the problem of Labor scarcity and have to incur the cost for all time recruitment process. The rewards being provided to the any particular employee should be equitable and must be justified by the management among all the employees. The manufacturing companies such as footwear and clothing has been shifting to the low cost manufacturing areas where the appropriate and transparent rewards system might not be followed by the management. The rewards are also being decided by the management after analyzing the business environment stability. The viability of business of an organization matter a lot because the rewards to the employees can be provided when the profits or the goals of an organization are achieved effectively and efficiently (Peter Boxall, John Prucell & Patrick Wright 2007). According to (Thompson and Milsome 2001) they have researched that in UK new types of rewards systems such as team pays are being identified. It has been identified that this type of new practice is found not beneficial. Different approaches are being use by the HR managers to motivate the employees at workplace. The survey of IPD states that around 24% of companies use the team based reward system. It being used because the members are being chosen in a team from the diverse cultural backgrounds and the goals of an organization are being achieved in a better manner. It is also being used because to promote sharing, cooperation of the skills and knowledge. It is also being stated by the researches that bonus and incentives at times are not sufficient to attract and retain the staff. According to (Tower Perrin 1997) the survey done in Europe it highlights some of the advantages of team based reward systems such as it communicates the business goals clearly, increase the productivity, promotes team spirit, improves quality, replace the old merit based systems and reduce the costs. The team based reward system will help in positive reinforcement and help in self management of the employees. There are several disadvantages of Team based reward system because team members might not contribute equally, the targets can fail if any of the members do not perform well, and changes cannot be implemented easily, and higher performers are being pressurized to give their best. In an era of Globalization effectiveness of an organization matters a lot and the signals of rewards will help to complete the work efficiently. Sometimes the employees have to face the problems because the managers have to reduce the base pay for balancing the monetary rewards. The clear and larger methods of incentives are methods of reward system. Even the hard and soft HRM aspects have been linked with the reward systems at the workplace. The team bonus or the incentives is not provided to the unsatisfactory or the poor performer in a team. It has been stated that rewards are being focused for providing more achievements and celebrating the success. It becomes a de-motivating situation when rewards based schemes are there at workplace and employees lack at their confidence level for performing their best. According to (Gilmore, S. and Williams, S. 2009) employee’s motivation is a key driver to ensure success in an organization. Companies like Apple have been giving incentives to foster the innovations and increase the creative thinking. The management of the employees is important with the help of the appropriate reward system at the workplace because it ensures flexibility, increases performance level, and develop a proper talent pool to compete in the market(Banfield, P. and Kay, R. 2008). The rewards at the workplace helps to explain the behaviors of the employees, their engagement levels and the productivity of the employees. It is a straight method to link the goals of an organization and valuing the performance of the employees in a transparent manner. It sometimes harms the organization when the employees do not perform after receiving the rewards in the initial stage. The employees who perform and they reflect in their job should be rewarded at the workplaces (ACAS 2012). The reward system in an organization will help in reviewing the pay structure, help in auditing, develop the required competencies of the employees, helps in appraisal, and etc. The reward structure completely depends upon the business strategies that will help to scan the other competitors reward strategy. The top performers of an organization have zeal to perform well with the reward systems of the organizations.
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