Nobody downloaded yet

The Reward strategy - Essay Example

Comments (0) Cite this document
Summary
The case study dwells upon the reward strategy of Classic Travel. The development of a talented pool of personnel and the retention of those personnel is now becoming one of the primary focuses of the HR department in any sound business. Classic Travel need to put systems into place that attract, retain, and develop talent. …
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER97.7% of users find it useful
The Reward strategy
Read TextPreview

Extract of sample "The Reward strategy"

Download file to see previous pages The case study "The Reward strategy" discusses the development of a talented pool of personnel and the retention of those personnel is now becoming one of the primary focuses of the HR department in any sound business. Classic Travel need to put systems into place that attract, retain, and develop talent. The case study highlights that these systems also have the double-duty of keeping the job itself interesting and exciting for the staff. Programs such as those that rotate employees between different kinds of units within the organisation, that encourage directed learning as well as promoting interagency communication across the entire company are becoming an integral part to any business unit. Furthermore, the HR department must develop a system of recognition and reward for the staff in regards to their contributions to the agency.
Furthermore, on a practical level Classic Travel, nor any company, can give out reward without some return on that investment. They would need to examine the overall cost of the reward system as compared to the overall benefits not only to the employee but to the company as well. Being a travel agency which provides exclusive city breaks and short holidays to all major European countries. The case study emphasizes that Classic Travel may be able to combine work and reward in one package. For instance a yearly training session could be held in Morocco, or some other vacation site where a three day training could also provide some much needed fun and even team building experiences. The company could pay travel training expenses and even base accommodations on a reward basis. Those staff with more customers or bigger increases in their overall business may get a private suite, and so on. ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“The Reward strategy Essay Example | Topics and Well Written Essays - 1250 words”, n.d.)
Retrieved from https://studentshare.org/miscellaneous/1561945-the-reward-strategy
(The Reward Strategy Essay Example | Topics and Well Written Essays - 1250 Words)
https://studentshare.org/miscellaneous/1561945-the-reward-strategy.
“The Reward Strategy Essay Example | Topics and Well Written Essays - 1250 Words”, n.d. https://studentshare.org/miscellaneous/1561945-the-reward-strategy.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF The Reward strategy

Performance and reward

...? Performance and Reward Executive Summary This paper discusses about the reward strategy of Trisco Foods. It also illustrates about the influence ofthe company’s culture and structure on its reward strategies. Furthermore, the paper also frames certain recommendations that will help in restructuring the reward strategy of the company. Correspondingly, the discussion of the paper indicates that the reward strategy of Trisco Foods follow both intrinsic as well as extrinsic approaches of rewarding its workforce and members. The company also follows Daniel Pink’s global...
9 Pages(2250 words)Assignment

Employee Reward (Executive Reward)

...?Employee Reward Table of Contents Table of Contents 2 Introduction 3 Executive Compensation 3 Literature Review 7 Analysis & Discussion 10 Conclusion & Recommendations 13 Reference List 14 Introduction Executive Compensation Executive compensation (EC) also known as financial compensation is received by a compensation officer of a firm. The compensation includes salary, bonus, shares, company’s stocks, perquisites and other forms of benefits (CIMA, 2010). Executive compensation is also regarded as a total rewards umbrella and also the company’s strategy as a whole (CIMA, 2010).The executive total reward system and model sets a separate framework and context for executive...
11 Pages(2750 words)Essay

The challenges an organisation may face in implementing a performance and reward strategy

.... We can also adopt a different reward strategy. At the end of every month, a 360 degree appraisal will be done for each of the employees. (CIPD, 2012) The person who comes out the best in the appraisal will be rewarded with high incentives. The incentives will be added along with his or her salary. Casual incentives communicate to employees that the management recognizes their efforts. People get the boost on positive feedback. While there are times when admiring personnel in public is right, at other times it can be the other way round as well. The negative impact in this case can be that the other co-workers or employees might be offended or start a comparison. Even though employees...
8 Pages(2000 words)Essay

Employee Reward Strategy for Heidelberg Insurance Services

..., it is not supplementing the target of higher sales. Recommended Reward Strategy In order to reduce the problems of lack of commitment, Poor quality performance and Lack of effective control, it is hereby recommended that the amount of times based salary in their monthly take home should be considerably reduced and a new system of commission based salary should be introduced. Commission should be directly proportionate to the volume of sales achieved by individual sales consultant. Also, the formula of higher the sales, the higher the percentage of commission should apply. Complete abandonment of fixed based salary is not recommended because it will reduce job security that may lead to high...
5 Pages(1250 words)Case Study

Employee Reward

...Employee Reward 1.0 Introduction The management process encompasses the controlling and directing of people in the organization with the intention of harmonizing and coordinating the people towards the direction of attaining the goals and objectives that the organization has set. In order to attain these organizational objectives, the management uses the resources available for instance financial, natural, human resources, as well as technological resources at the organizations disposal. In the building environment, the understanding of people and the management of the organization are important owing to the nature of the work in this kind of a working environment. Building is a form of service that is offered to the clients... for their...
9 Pages(2250 words)Essay

Reward strategy and todays business climate

...Reward strategy and today’s business climate BY YOU YOUR ACADEMIC ORGANISATION HERE HERE HERE Reward strategy and today’sbusiness climate Introduction An organisation’s reward strategy is designed to offer a statement of the specific reward target or development of future reward processes which are aligned to the HR strategies of the organisation, the unique culture, and the business environment in which it has relevance (Armstrong, 2002). A reward strategy generally outlines the specific rewards linked with a particular business...
12 Pages(3000 words)Essay

Some HR managers assume that money is the most effective reward strategy for increasing the motivation and productivity of all their employees. To what extent do you agree or disagree with this statement

...Reward Strategy for HR managers Some HR managers assume that money is the most effective reward strategy for increasing the motivation and productivity of all their employees. To what extent do you agree or disagree with this statement? Introduction In the modern world, every business organization is looking to maximize their gains through extending their sphere of activities. Employees are the core to any organization and they are inherent to their success. Therefore, they must be rewarded in order to make the company grow. The rewarding system of an organization is a vital cog in its success as good reward motivates...
10 Pages(2500 words)Essay

Reward strategy- case study

...of the company. Dissatisfaction from Bonus Scheme At Chalmers, the bonuses are given based on number of calls taken and informal measures taken by the supervisor. It also shows that biased decisions, favouritism and personal conflicts have a strong impact on bonus scheme. The question of matching business strategy and reward strategy of the company is very significant. In the UK call centres, the primary strategic objective is service differentiation, fostering customer loyalty and one-stop shop service (Holman, Wood & Stride, n.d.). Recommendations After discussing the problems faced by the company, some recommendations have been developed, with an aim to solve recruitment,...
12 Pages(3000 words)Essay

The Strauss Car Rental Company. Reward management strategy

...Human Resources Essay Introduction The of reward strategy is a quite complicated as it can have a serious impact on the realisation of financial, as well as non-financial objectives of any organisation. In many business organisations, reward processes are created from the existing strategies and policies for the purposes of preserving the appropriate pay structures at various organisational levels. In any company, the reward management system should assist in compensating people according to their skills, roles, competence and performance. Preliminary analysis of the organisation’s current reward management...
12 Pages(3000 words)Essay

Reward

...unions and employment agencies within hiring and job placement processes and promotional opportunities. They are even paid lower wages. For that purpose examination of the given question should be done. In the following report the term equal pay and its legal position in UK law will be examined. Strategic and practical steps in ensuring pay equality will be outlined with the reference to HRM strategy and policy. Methods and techniques of pay and reward will be evaluated. Equal pay and its legal position in UK Equity in pay for certain work is essential to all people and is associated with the satisfaction of the level of pay, according to Bratton and Gold (2012). However, due to the current economic...
7 Pages(1750 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic The Reward strategy for FREE!

Contact Us