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在当今竞争激烈的商业环境中，企业正在寻找改善业务成果的方法。员工是获得竞争优势的源泉之一。因此，公司已经开始投资于人力资源，以解锁员工的潜力，从而取得更好的结果。这已成为奖励管理的发展，作为一种工具，以达到预期的工作成果。
人力资源管理有许多工具可用于管理员工的行为。其中一个工具就是奖励管理。在组织中实施奖励管理可以改善企业业绩和员工行为和贡献的积极转变。为了确保组织的成功，企业应该找到一个适当的组合回报，满足个人和财务需求的现有的和潜在的劳动力给现有的商业条件和成本的限制（WorldatWork，p.xx）。因此，管理层开始使用奖励管理来激励员工更加努力工作，保留现有员工，吸引新员工，提高工作满意度和承诺，以达到预期的业务结果。
In today's competitive business environment, businesses are looking for ways to improve their business results. Employees are one source to achieve competitive advantage. Thus, companies have started to invest in the human resource to unlock employee potential thereby achieving better results. This has given rise to the development of reward management as a tool to achieved desired job outcomes.
The human resource management has many tools that can be applied to manage employee's behaviours. One of the tools is reward management. Applying reward management in organisations can improved business results and a positive shift in employees behaviour and contributions. In order to ensure organizational success, businesses should find a proper mix of rewards that satisfies the personal and financial needs of a current and potential workforce given existing business conditions and cost constraints (WorldatWork, p.XX). Thus, management started to use reward management to motivate employees to work harder, to retain its existing employees, to attract new employees, to increase job satisfaction and commitment to achieve desired business results.
The diagram below shows how the total reward strategy in a company can influence motivation, attraction, retention, satisfaction, engagement and performance and results.
The WorldatWork introduce a total reward framework that will help practitioners think and execute in new ways (WorldatWork 2007). "WorldatWork defines total rewards as the monetary and non-monetary return provided to employees in exchange for their time, talents, efforts and results" (WorldatWork 2007, p.4). It involves the deliberate integration of the five key reward elements: compensation, benefits, work-life, performance and recognition, developments and career opportunities that effectively attract, motivate and retain the talent required to achieve desired business results (WorldatWork 2007).
The WorldatWork rewards Model recognizes that total rewards operates in the context of overall business strategy, organizational culture and HR strategy (WorldatWork 2007, p.6). The model is a globe representing the external influences on a business such as legal issues, cultural influences and competition (WorldatWork Total Reward Model 2008, p.4). From this model it can be derived that by combining the five key reward elements into a tailored package results in several desired job outcomes which can be profitable to the organisation in the long term. The reward strategy can be successful only if the employees give value to the monetary and non-monetary rewards. Thus, it is important for organisations to develop an effective total reward strategy which would enable them to achieve the desired results.
Background of Reward Management
Since the past years reward has been an exciting area of HRM that has been changing rapidly (Tom Redman Adrian Wilkinson, 2001). Under the traditional approach employees were seen as a cost that has to be managed rather than a valuable asset. Employees were not allowed to think and being creative. Employers never think of rewarding their employee or improve their performance but rather they were thinking to pay as little as they can. The employers adopt high supervisory control and threats of disciplinary action to keep high performance of workers. Organisations have thought reward to be as a poor relation of personnel management. It has been seen as part of "the turgid, unimaginative and inflexible world of wage and salary administration" (smith, 1993:45 cited Philip Lewis p.98). Then, the phrase paradigm shifts came into popular use in the early 1990s to refer to a change in thinking of organisations. The use of rewards cash as well as non-financial is now an accepted tool for managers to improve performance and motivate employees. The table below shows how there has been a shift from the traditional approach to new paradigms approach in reward management.
What is reward management?
Reward management according to Michael Armstrong (2007, p.3) deals with the strategies, policies and processes required to ensure that the contribution of people to the organisation is recognised by both financial and non financial means.
Michael Armstrong (2002, p.24) "Reward management is concerned with the development, implementation, communication and evolution of processes which deal with the assessment of relative job values, the design and management pay structures, performance, competence, skill or contribution(contingent pay), providing employee benefits and pensions, and managing reward procedures".
Michael Armstrong (2007, p.3) "the overall objective is to reward people fairy, equitably and consistently in accordance with their value to the organisation in order to further the achievement of the organisation's strategic goals".
Michael Armstrong (2007, p.3) points out, 'Reward management is not just about pay and employee benefits but it is equally concerned with non financial rewards such as recognition, learning and development opportunities and increased job responsibility'.
Aims of reward management
The aims of reward management according to Armstrong (2007, p.4) is to reward people according to the value they create; align reward practices with business goals and with employee values and needs; reward the right things to convey the right message about what is important in terms of behaviours and outcomes; help to attract and retain the high-quality people the organization needs; motivate people and obtain their engagement and commitment and develop a high-performance culture. When applying reward management organizations have to be well informed about aim of reward management in order to benefit from it. This can also improve individual, team and organisational performance leading to higher competitive advantage.
The concepts of reward systems
An employee reward systems according to Armstrong (2002, p.4) "consists of an organisation's integrated policies, processes and practices for rewarding its employees in accordance with their contribution, skill and competence and their market worth". "It is developed within the framework of the organisation's reward philosophy, strategies and policies, and contains arrangement in the form of processes, practices, structures and procedures which will provide and maintain appropriate types and levels of pay, benefits and other forms of rewards" Armstrong (2002, p.4). The components of a reward system include financial rewards, employee benefits and non-financial compensation.
Armstrong (2002, p.3) defines reward as 'how people are rewarded in accordance with their values to the organisation". It consists of both financial and non financial rewards and comprises of the philosophies, strategies, policies, plans and processes used by organisations to develop and maintain reward systems.
Types of rewards
There are different types of rewards that an organisation can put into practice to achieve his goals and objectives. This can be illustrated as follows in figure1.1.
Intrinsic and Extrinsic rewards
Intrinsic rewards are those that employees derive as a result of job satisfaction, achievement, responsibility, variety and challenge whereas extrinsic rewards are usually controlled by the organisation like financial, material and social rewards (e.g. recognition, praise) as they originate in the environment.
Financial rewards and Non Financial rewards
A reward system consists of both financial and non financial reward. Both help in attracting, retaining and motivating employees. Financial reward is associated with direct payment to employees in relation to their merit. It is a fundamental aspect and companies should get it right to retain key talent employees. Financial reward can encourage an employee to perform to his best of his own ability and it is considered as the most well known and longest enduring concept in the workforce. Usually, there is an increase in financial rewards resulting from annual economic adjustment and merit increments and are paid across the board to all employees. Financial reward consists of base pay, variable pay, share ownership and benefits, which together comprise of total remuneration.
Base pay
Michael Armstrong (2002.p 5) states that base or basic pay is the level of pay (the fixed salary) or wage that constitutes the rate for the job. The basic pay varies according to the grade of jobs and level of skills required. The base pay will be influenced by some form of job evaluation, market rates, trade unions and individual agreements. It may be expressed as an annual, weekly or hourly rate. |
