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Designing an Effective Reward System Essay Example

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Designing an Effective Reward System

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Designing an Effective Reward System. The need for careers development is essential and includes learning and careers training, supporting performance and succession planning systems. The fourth item is the work environment which refers to the programs and programs relating to organizational climate, diversity, culture, performance support and work balance (Armstrong, 2007, p. The life balance relates to the flexibility in the work arrangements, organizational reputation, challenges and the quality of relationships. The total rewards system may be influenced by the firm’s strategies, employee preferences, cost among other variables like taxation.The human capital procedures have many elements each of which play an important role. They encompass how work is processed, decisions are made and management of people.

Moreover, it includes the type of people relating to skills, education and attitudes and their rewards based on performance. Reward management differs among various organization due to the differences in the business contexts and strategies and must be created to support the human capital needs (Wright, 2006, p. In this case, a best fitting reward system should be adopted that encompasses the needs of a particular organization and not based on other firms. The concept of rewards has expanded to an overall value proposition to include benefits, remuneration and carriers.Remuneration- these will include both the base salary and long and short term incentives. The human resources manager need to realize that the other reward elements are important and not just the pay. Most misconceptions arise when it is conceived that pay represent the solutions for attracting talent, reducing turnover, providing motivation and reducing the challenges (Beardwell and Claydon, 2010, p.Benefits- these accrue to items derived such as cars, superannuation work or life benefits among others. The workers of an organization have needs and these benefits are chosen depending on the needs of the employees and those that best provide solutions to these problems. Since the needs differ among various employees and also change with time, the organization should have flexible benefit packages and plans that best suit the diverse and changing nature of the needs.Careers- employees look for alternatives and growth opportunities and may forgo even very well paying jobs and better benefits for the chances to learn, grow, acquire new skills and advance in. Designing an Effective Reward System.

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Armstrong, M, (2007), A handbook of employee reward management and practice, London: Kogan Page.

Beardwell, J, and Claydon, T, (2010), Human Resource Management: a contemporary approach, Harlow: Pearson Education Ltd.

Pilbeam, S, and Corbridge, M, (2011), People Resourcing and Talent Planning: HRM in Practice, 4th ed. Harlow: Pearson Education.

Sandstrom, N, (2008), EOn’s Ahead, People Management, London: CIPD Publications.

Wright, A, (2006), Reward Management in Context, London: CIPD.

Zingheim, P, and Schuster, J, (2001), Winning the Talent Game: Total Reward and the better Workforce Deal Compensation and Benefits Review. Vol. 17, No.3, Summer, pp. 33-40.

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