The paper 'Different Stakeholder Perspectives on the Regulation and Negotiation of Reward" is a great example of a management case study. In any institution, employment relations form a fundamental basis in the smooth running of affairs within and outside. It is important that the manner in which the employer conducts his dealing with regard to the employee should form a cohesive and interactive workforce. The productive performance of this workforce will most probably be realized by the presence of incentives and innovative strategies that will always capture the interests and motivation of the workforce.
Employees need a constant captivating mechanism that will make them put and hence endeavor to work with utmost due diligence in every undertaking. The aspect of reward management deals squarely with the decisions made by the employer in contradistinction to those applications as a result of external market forces (Perkins & White, 2011). It is on this pedestal that this work is meant to examine the role played by reward management taking into consideration the different stakeholder views in Australia on the regulation and negotiation of reward. Australian Council of Trade Unions The approach taken by this institution in arriving at the minimum wage requirement is based on various factors as envisaged by the Fair work Act 2009 which is specifically based on fairness (ACTU, 2012).
Well, it would go without saying that what actually addresses the concerns of pay is the living standards of the people in a country. If the socio-economic factors are on the positive ranking then it should reflect the manner in which the workers ought to be treated, which is on a positive note.
It is on this basis that the sentiments of providing “ safety net rather than the promotion of economic prosperity” was postulated (ACTU, 2012). The needs of the worker in terms of their welfare then become paramount in this approach. In this mechanism, various factors such as social inclusion, reduction in wage disparity as well as reduction of working poverty are enhanced (ACTU, 2011). Based on recorded evidence the assumption created is that NMW should, therefore, be increased to $ 26 per week with an all award rates including those in C 10 category rate, on the other hand, those of higher award in rates of pay to have an increase of 3.8% (ACTU, 2011).
In doing the foregoing, the maintenance of conducive living standards would be predicated on workers on the lower pay scale and this would aid boost their daily living needs. The same balance would aid in promoting the economy at that level. What would be a matter of concern is the promotion of the living standard to those languishing in the lower scales in wages since the current status of affording goods and services has also skyrocketed (ACTU, 2011).
To realize this aspect ACTU has devised a scheme as enunciated above which basically means that those who are in greatest need are given priority. When it comes to the Annual Wage Review process it is virtually applied to every sphere and hence does not single out any particular sector. It is carried on a horizontal plane (ACTU, 2011). In its entire endeavor the ACTU tries to reflect on the overall economy of the country in increasing the minimum wage.
Armstrong, M, 2011, Evidence-Based Reward management: Creating Measurable Business Impact from your Pay and Reward Practices, Kogan Page Publishers.
Australia Chamber of Commerce and Industry, 2012, Fair Work Australia, Annual Wage Review.
Australian Council of Trade Unions, 2012, Submission to the 2011-12, Annual Wage Review.
Fair Work Australia, 2012, Decision, Annual Wage Review.
Perkins, S & White, G, 2011, Reward Management System, CIPD Publishing.
Wright, A, 2004, Reward Management in Context, CIPD Publishing.