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Effective Reward Management as Part of Strategic Human Resource Management - Research Paper Example

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Reward management is concerned with the implementation of strategies that aim to reward people fairly and consistently in accordance with their value to the organization. The writer of this paper aims to analyze effective reward management as part of strategic human resource management…
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Effective Reward Management as Part of Strategic Human Resource Management
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Download file to see previous pages Strategically aimed at developing and implementing reward policies as well as the practices and processes that are required by the organizations in achieving the business goals.
It has been observed that “Rewards will have more motivational influence when the employee recognizes a direct relationship between activities, performance, results achieved, and rewards gained” (Heneman, 2002 P. 96). Hence it is important to observe that the principal concern while designing reward systems, should be to evaluate the extent to which the plan will be successful in motivating the employees. The theoretical base on which such a design consideration rests is the expectancy theory which necessitates an efficient reward plan to have certain motivational characteristics.
This essay is aimed at comprehensibly analyzing the various aspects of reward management as integral and indispensable components of effective strategic human resource management. In the light of an extensive literature review, the essay will try to evaluate the importance of monetary rewards in enhancing the motivation and productivity of organizational employees. Sufficient efforts will be given to establishing the premise that incentivized activities result in enhanced performance.
Reward management is an area of strategic human resource management that entails the analysis as well as effective control of employees’ remuneration and it also covers salary as well as benefits. This area also emphasizes on the nature as well as coverage of rewards, the way the rewards are delivered to the employees, and the effect of rewards on the organization and its employees (Cornwell Management Consultants Plc., 2007). Basically, there are two types of payment schemes, viz. fixed pay and performance linked to reward. Certain organizations incorporate elements from both these schemes in their compensation system. ...Download file to see next pagesRead More
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