By Michael Armstrong
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
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.
A Handbook of Employee Reward Management and Practice by Michael Armstrong