A Handbook of Human Resource Management Practice

Performance management Performance management processes (see Part VII) define individual performance and contribution expectatio ...

maximize the combined impact of a wide range of reward initiatives on motivation, commitment and job engagement. As O’Neal (1998 ...

An equally wide definition of total reward is offered by WorldatWork (2000) who state that total rewards are ‘all of the employe ...

The significance of total reward Essentially, the notion of total reward says that there is more to rewarding people than throwi ...

MODEL OF TOTAL REWARD Amodel of total reward is shown in Figure 42.3. The upper two quadrants – pay and benefits – represent tra ...

by the lower two quadrants are essential to enhancing the value of the upper two quadrants. The real power, as Thompson (2002) s ...

Elements of directors’ and senior executives’ pay The main elements of directors’ and senior executives’ pay are basic pay, bonu ...

shares do not belong to the executive until they are released or vested; hence they are ‘restricted’. The number of shares actua ...

Reward management ❚ 637 Method Features Advantages Disadvantages When appropriate Salary only Straight salary, no Encourage No d ...

638 ❚ Rewarding people Method Features Advantages Disadvantages When appropriate achieving and objectives can effort and reward; ...

Payment-by-result schemes Payment-by-result (PBR) schemes provide incentives to workers by relating their pay or, more usually, ...

640 ❚ Rewarding people Select Main For employers For employees When features Advantages Disadvantages Advantages Disadvantages a ...

Reward management ❚ 641 Select Main For employers For employees When features Advantages Disadvantages Advantages Disadvantages ...

Strategic reward Strategic reward management is about the development and implementation of reward strategies and the philosophi ...

processes that will further the achievement of its business goals and meet the needs of its stakeholders. Reward strategy provid ...

compares what is believed should be happening with what is happening and indicates which ‘gaps’ need to be filled. A format for ...

646 ❚ Rewarding people What should be happening What is happening What needs to be done A total reward approach is adopted whic ...

Strategic reward ❚ 647 Figure 43.1 continued What should be happening What is happening What needs to be done Employee benefits ...

Examples of other broad strategic aims include: ● introducing a more integrated approach to reward management – encouraging cont ...

GUIDING PRINCIPLES Guiding principles define the approach an organization takes to dealing with reward. They are the basis for r ...