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Performance & Reward Management - Research Paper Example

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Vince (2002c) provides an explicit definition with regard to these concepts. According to him, performance management is defined as a concept that is generally concerned in the…
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Download file "Performance & Reward Management" to see previous pages... d Management, on the other hand, is related to one’s understanding of an individual’s motivating factors as well as their determination of the pay, bonus and other rewards they receive (Vince, 2002b).
It is then in line with these definitions that the manner by which these concepts are understood by organizations tend to vary.
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Apparently, there are some organizations that basically link the two in a strong and explicit way. Conversely, there are also other firms who keep both management concepts separate from each other. However, the study of Vince (2002b) reveals that work in organizations that separate these two concepts tend to be characterized by higher levels of employee dissatisfaction. In the same manner, they also tend to experience higher turnover rates with the employees showing poor morale. Furthermore, Vince (2002b) also showed that these organizations tend to pose a desire aimed towards changing a certain aspect of the employees’ behaviour.
The definition of Shields (2007) with regard to performance and reward management concurs with the above presented statements of Vince (2002c). Shields (2007), in establishing the link existing between the concepts, first discussed the purpose of reward management. According to him, a working organization that adopts a reward management scheme is usually guided by three main objectives; namely (Shields, 2007): (1) the need to attract the right people at the right time for the right jobs, tasks and roles; (2) the need to retain the best people through recognising and rewarding the contributions they made to the company; and finally, (3) the need to motivate the employees so as to ensure that they will contribute to the organization, the best of their capabilities. With regard to this definition, Shields (2007) then discusses that the strong link between reward and performance management has been clearly established for it has clearly expressed the need to ensure the motivation of the employees which are then ...Download file "Performance & Reward Management" to see next pagesRead More
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