Essays on Reward Management, Challenges with Reward Strategies Coursework

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The paper 'Reward Management, Challenges with Reward Strategies" is a good example of business coursework.   Due to increased pressures caused by globalization and advancement in technology and the increasingly competitive business and market environments that are characterized by shifting political, social, environmental, technological, legal financial and economical forces, modern organizations are hard-pressed to ensure competitive sustainability and high performance. As a result, organizations are reliant on their most reliable and valuable resources which are the human resource as discussed by Salwan (2007). The human resource is the driving force for innovation and creativity, productivity and performance in organizations since the other organizational resources such as materials, technology, information, finance and capital, all requires handling by the human resource in order to be useful, efficient and effective as indicated by Heneman (2002). In order to ensure continuous high worker performance, increased worker productivity, low level of employee turnover and to ensure they retain the most valuable employees and obtain their loyalty and commitment to ensure attainment of set business goals and anticipated business outcomes, contemporary organizations develop and implement varied employee-centred strategies among them reward strategies.

According to Cox, Brown and Reilly (2010), not all organizations are able to enjoy the promises and benefits of their implemented reward strategies. The authors attribute this to problems in the process of designing and execution of reward strategies which have an inadequate focus on employee preferences for varied reward types and problems in the construction of models of reward strategy. This informs the report which seeks to critically evaluate conclusions made by Cox, Brown and Reilly (2010) and assess whether they challenge contemporary principles of reward management. Critical Analysis Development and implementation of effective and relevant reward strategies are crucial in enhancing an efficient and adequate reward management systems that are able to only meet the needs and expectations of the employee but also, motivate employees to be accountable and loyal to the organization and more importantly, inspire them to take ownership of the organization’ s business goals, objectives, mission and vision (Brown & Perkins, 2007).

Reward management constitutes the assessment of the extent and nature of rewards and effectual control of remunerations and benefits for employees as defined by Armstrong & Brown (2006).

It is concerned with evaluating the who, when, why and how the rewards are offered and examine the impact rewards has on individual employees, working teams and the organization in general. Rewards are categorized into intrinsic and extrinsic rewards and total employee motivation is achieved when both intrinsic and extrinsic needs are consistently and adequately met as discussed by Heneman (2002, p. 262). The labor force should be remunerated and rewarded for their efforts, hard work, time and any other inputs they apply to work. Brown & Perkins (2007) highlights that to ensure rewards achieve the anticipated outcomes, it is important for the management to design and implement effective reward systems that align well with the strategic goals of the organization to ensure the needs of both the organization and the employee are totally met.

According to Armstrong et al. (2009, p. 1), organizations that attain the anticipated outcomes of their reward strategies are those that manage their reward practices by predicting precisely what innovations and changes function best and avoid the mistake of rewarding A while expecting B.

References

Armstrong, M. and Brown, D. 2006. Strategic reward: making it happen. London: Kogan Page Publishers.

Armstrong, M., Brown, D., and Reilly, P. 2009. Increasing the effectiveness of reward management. Brighton: Institute for employment studies.

Brown, D. & CIPD. 2001. Reward strategies: from intent to impact. New York: CIPD Publishing.

Brown, D., & Perkins, S. 2007. Reward strategy: The reality of making it happen. World at Work Journal, vol. 16, no. 2, pp. 82–93.

Cianci, R., & Gambrel, P.A. 2003. Maslow's hierarchy of needs: Does it apply in a collectivist culture. Journal of Applied Management and Entrepreneurship, vol. 8, no. 2, pp. 143-161.

Cox, A. 2000. The importance of employee participation in determining pay system effectiveness. International Journal of Management Reviews, pp. 357–375.

Cox, A., Brown, D. & Reilly, P. 2010. Reward Strategy: Time for a More Realistic Reconceptualization and Reinterpretation? Wiley Inter Science, DOI: 10.1002/tie.20328

Hallowell, E.M. 2005. Overload circuits: why smart people underperform. Harvard Business Review, vol. 83, pp 54-62.

Heneman, R.L. 2002. Strategic reward management: design, implementation, and evaluation. Sidney: IAP.

Salwan, P. 2007. Best Business Practices for Global Competitiveness. Sidney: Pvt. Ltd.

Zingheim, P., & Schuster, J. 2000. Pay people right! Breakthrough reward strategies to create great companies. San Francisco, CA: Jossey-Bass.

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