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HRM: Summary on employee rewards - Essay Example

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HRM: Summary on Employee Rewards Strategic Aspects of Reward and Variable Pay Including Incentives The hash economic times experienced in different countries around the world is making cost conscious organizations to review how they remunerate their employees…
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HRM: Summary on employee rewards
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Download file to see previous pages As such, most progressive organizations today are looking for alternative pay methods that ensure cost control, while at the same time motivate employees to increase their effort. Variable pay has emerged as the most appropriate pay that ensures cost control while at the same time keeps employees motivated. Variable pay is a reward method, which involves paying employees beyond their base pay for demonstrating exceptional performance. In variable pay, may involve giving incentives that may be in monetary in nonmonetary terms, based on output, experience, and skills. Armstrong and Murlis (2007, p. 33) argue that the way an organization pay its employees tells much about the goals of an organization and its priorities. As such, companies that intend to be successful must make their workers become part of the organization. In this regard, progressive companies are increasingly adopting variable pay as a means of motivating their employees to continue working hard. Research has demonstrated that variable pay motivates workers. The motivational effect created by rewards makes them increase their effort, thereby resulting in increased performance. It is believed that variable pay makes employees develop the belief that good performance results in higher pay. This motivates them to increase their effort in order to get a salary increment or bonus pay. ...
41). In addition, variable pay is favored over base pay since it helps in identifying and eliminating poor performance by encouraging employees to increase their effort. This is because variable pay makes people believe that good performance results in better pay. Despite the proven evidence of the motivational effect of variable pay, some human resource and compensation have criticized the variable pay method, claiming that it is not practical. At the same time, critics of variable pay method argue that pay for performance is an antiquated method that is not suitable for use in the modern world (Armstrong and Murlis 2007, p. 39). They argue that other better pay methods have emerged in that motivates employees to increase their performance. Some of these new pay methods include pay for knowledge, knowledge-based pay, and several other incentive programs. The other controversy associated with pay for performance pertains to the belief that variable pay for performance does not create an incentive as alleged. Job Evaluation and Pay Structures Awarding a fair salary that commensurate with the nature and type of job is one of the key responsibilities of human resource managers. In fact, every job has different demand, including skills, experience, and level of education. As such, in order to award a fair salary for each category of job, the human resource managers must carry out a job evaluation. Job evaluation pertains to the procedural process used to ascertain the value, complexity, and monetary worth of a given job relative to others. Carrying a job evaluation enables human resource manager to determine the pay package that suit a given position in the workplace (Armstrong and Baron1995, p. 11). The most common job evaluation ...Download file to see next pagesRead More
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