REWARDS AND BENEFITS IN VOLVO CAR COMPANY - HUMAN RESOURCE MANAGEMENT - Essay Example

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Running Head: HRM in Volvo Car Corporation HRM in Volvo Car Corporation HRM in Volvo Car Corporation Introduction Information and technology is one of the noteworthy fields that have witnessed significant amount of developments in its different sectors…
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REWARDS AND BENEFITS IN VOLVO CAR COMPANY - HUMAN RESOURCE MANAGEMENT
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Download file to see previous pages In this regard, experts (Arnold & Silvester, pp. 12-19, 2005) have identified major change in the perspective and attitude of employers towards their employees, and this indicates creation of different innovative policies and strategies to ensure motivational workplace environment for the workers. Specifically, performance and reward management is one significant component of HRM that plays a crucial role in every organisation, and analysis has indicated that organisations are nowadays relying heavily on the factors of benefits and rewards as modes and tools of ensuring organisational success by guaranteeing efficient and productive performance of the employees. Particularly, this paper is an attempt in the same series of efforts that will focus on identification of various types of benefits and pay systems existing globally, as well as, reward strategies of Volvo Car Corporation that will allow understanding of the topic in realistic manner. Different Forms of Rewards Rewards play a crucial role in every human life, and particularly, it is an understanding that reward is one of the components that drive the society to develop and grow in different aspects. This works in the organisational setting as well; however, before identifying different forms of rewards and pay, experts (Robbins et al., pp. 39-47, 2009) have suggested that it is very important that employers should put efforts to ensure integration of rewards’ methodology with organisational objectives and mission, as non-integration often have resulted in failure of the strategies. For instance, if organisational mission is to become a market leader, Corporation will have to keep a higher-paying reward system to retain best talent from the market, and if mission is to survive and go with flow of the market, and then a lower-reward system will work as well. Following are some of the common forms of pay and rewards: Fixed Pay This is the most common and conventional form of compensation that includes payment to employees on a fix-pay methodology, usually on monthly basis (Rothwell et al., pp. 23-25, 2009). In this kind of method, employees get fix monthly payment despite of any change in performance or productivity. It is an observation that organisations are now moving away from the fixed pay methodology due to dominance of other modern reward and performance management systems. Variable Pay Method “Why should I make an extra effort for this job? Why should I try to contribute and think more about the organisational goals and success” (Langton, pp. 46-76, 2000)? Abovementioned is one of the common statements that one can hear from employees in a fix-pay system that resulted in the creation of variable pay method system that “bases a portion or all of the employees’ earnings on some individual or organisational formula or measure of productivity” (Torrington, Hall, & Taylor, pp. 365-348, 2005). Analysis has indicated that 60% of the organisations in the United Kingdom are depending on the variable pay system to compensate and motivate their workers. One of the major benefits of using this system is reduction of fixed labor costs, and this system enables the organisations to focus more on the level of productivity and performance that is often not possible or not workable in fixed pay method. Besides these pay systems, ...Download file to see next pagesRead More
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