Read e-book online A Handbook of Employee Reward Management and Practice PDF

By Michael Armstrong

ISBN-10: 0749449624

ISBN-13: 9780749449629

ISBN-10: 074945198X

ISBN-13: 9780749451981

This can be a useful guide designed to supply counsel at the ways that may be followed in constructing and dealing with worker gift stategies, guidelines and approaches

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Extra resources for A Handbook of Employee Reward Management and Practice

Sample text

The cost of some intangible rewards is not quantifiable, and hence it is difficult to make a business case. Financial Services Authority (FSA) Total reward policy at the FSA emphasizes the rewards that arise from the intrinsic interest and importance of the work itself and the opportunities for development it provides. It comprises:  a unique insight into the full breadth of financial services;  the chance to contribute first-hand to the financial well-being of millions of UK consumers and to the health of the financial markets;  outstanding technical and business skills development;  access to a range of career development opportunities, including the ability to specialize or do a broad range of interesting jobs;  a competitive overall remuneration package including a market-leading flexible benefits system.

It can help to shape behaviour by giving guidance on what is expected. The wrong culture can work against an organization by erecting barriers that prevent the attainment of reward strategic objectives. These barriers include resistance to change and lack of commitment. In reward management, the most important aspect of culture that needs to be taken into account is the core values of the organization. Values are expressed in beliefs as to what is best for the organization and what sort of behaviour is desirable.

However, it is necessary to ensure that they are conceived, presented and perceived as part of the total reward strategy as well as desireable developments in their own right. 2. Communicating the total reward approach to employees – it is too easy to produce vague, generalizes aspirations which are too easily dismissed as management hyperbole. Total reward policies need to be explained in meaningful language which clearly indicates how people will benefit. 3. Making the business case to top management – it is fairly easy to convince management that some form of financial incentive or bonus scheme is desirable – it is in line with their experience and values.

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A Handbook of Employee Reward Management and Practice by Michael Armstrong

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