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The Relative Importance of Reward and Resourcing - Essay Example

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The present essay “The Relative Importance of Reward and Resourcing” describes employee rewards and resourcing aspects of management. Contemporary rewards management focuses on integrating HRM and strategic rewards in a manner that prioritizes managerial deliverables…
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The Relative Importance of Reward and Resourcing
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Download file to see previous pages From a rewards perspective, contemporary organizations and businesses focus on developing attracting and developing talent alongside improving organizational performance. A comprehensive reward system has to meet the requirements of flexibility in terms of pay and incentives; as well as meet governmental regulations put forth in the form of labor law and wages; in addition, this system should include a provision for continuous negotiation between employer and employee, which will extract optimum performance from the employee and also provide maximum benefit in the form of rewards. Framing such a comprehensive reward system is therefore very complicated. Such comprehensive reward function is referred to as the total reward programme, which Vicky Wright defines as, “an approach to providing a ‘package’ of reward to employees in ways that optimize employee satisfaction with reward from their work, and which does this in such a fashion that the employees’ contribution to the employer is optimized at an acceptable cost” (cited in Armstrong, 2002; p.9).
The emergence of the new reward system can be related to the changes in businesses and also the factors that have an impact on the businesses. Hence, contemporary reward systems are also based on business needs. The reward systems are designed in such a manner that they enhance employee loyalty and commitment. The reward systems are strategically integrated with organizational goals. These rewards are based on performance and can be flexibly altered according to the business and/or employee preferences. As described by Armstrong and Brown (2006, p.22), the holistic approach of total rewards provides for the integration. ...Download file to see next pagesRead More
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