The paper 'Reward Strategy and Management' is a great example of a Management Case Study. In the contemporary business world, different organizations are showing great commitment towards implementing different strategies that can ensure effective reward management practices that are well aligned with HR policies and practices and that are aimed at helping the organization to attain its goals and objectives alongside attracting, retaining and motivating its productive employees. Efficient reward practices and management processes are important in attracting professionals to organizations who result-oriented and can thrive an organization into great performance.
With the majority of the Human Resource Management professionals, reward management is considered the most important tool in motivating the employees and also working towards enhancing the productivity of the workforce if implemented properly (Zingheim & Schuster 2000). Rewarding management has gone numerous revolutions since the 1970s when Peter Drucker wrote how organizations risked running bankrupt if this fundamental aspect of the business. Research is showing that in the last decade, numerous changes are being enacted with regard to the role and functions of HR. This is especially common among the roles of the first level, supervisory and front-line managers.
This is so in trying to manage people at the departmental level as one way of trying to appraise their performance. According to Cox, Brown, and Reilly (2010) even though different organizations have continued to implement different reward strategies, they are ending up in many frustrations and this is attributed to the problems in reward strategy design, in addition to the flawed expectations and assumptions in models of reward strategy (Bryan 2007). The objective of this essay is to critically analyze and evaluate the expectations about reward strategies and present various perspectives on the concept of management by paying particular attention to literature and research findings on what has been a major cause of frustration among the personnel people in trying to design and implement different reward management strategies. Way reward strategy perceived High performing organizations are considered to be at the top with regard to managing its reward strategies and are able to predict and accurately determine which strategy is likely to work best within its systems.
This is because the majority of these companies try as much as possible to avoid what can be termed as ‘ the folly of rewarding where strategy A is used to aim at obtaining outcome B. ’ These organizations tend to apply an approach that is evidence-based reward management approach and this is done by recognizing that reward management is not just a soft art but a scientific and evidence-based methodology to increasing overall management of the company by taking due consideration on what should be entailed in the reward management field.
However, this does not case with many of the organizations in the contemporary business society (Cox et al 2010).
Despite making all the effort to ensure that the applied reward strategy that is being applied is able to improve productivity and performance of organization, the process of design, managing and implement have remained a major hurdle for the majority of organizations. This is because the majority of the organizations while designing the reward management and strategy, tend to pay less attention to the employees who are the major beneficiaries of the program.
More often than not, while designing a reward strategy, much of the attention is paid to monetary rewards where individual efforts are only paid in terms of salaries, bonuses, commissions, and overtime. This tends to work against the organization as employee preferences may be more than just monetary rewards. Further, on the same line, in reward strategy design, more focus is put on those rewards that can enhance performance rather than taking into account a complete package of reward for employees (Zingheim & Schuster 2000).
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