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Methods of Rewards and Benefits Management

Posted By: Robert II Smith | Posted On: 2008-12-02 | Article ID: 121920

Human Resource Management (HRM) concerns the human side of the management of enterprises and employees relations with their firms. HRM is resource-centered and directed mainly at management needs for human resources (not necessarily employees) to be provided and deployed. There is greater emphasis on planning, monitoring, and control and rather than mediation.

The design and operation of payment systems in many organizations have often been institutionalized by custom and practice, tradition and collective bargaining mechanisms. Nevertheless, trends show that the movement towards HRM has corresponded with the introduction of supposedly new forms and strategies of reward management. Contemporary developments in pay and reward concentrate on individual performance-reward contingencies in a unitarist framework. Employees will be highly committed, and thus motivated and productive, if the reward strategies of an organization match the corporate and the human resource strategy and are carefully implemented. The reward strategy is hoped to support other management techniques to blur the distinction between workers and management.

This assignment is to discuss and critically evaluate alternative methods of rewards and benefits management to get a realistic picture of the advantages and disadvantages of the methods currently in use and the impact on individual and the organizational performance.

In the internal organization, there are strong competitions among all the employees at the similar position because most of them have the desire to get the chance of promotion. Even though they are not at the same position, the competitions still exist. Sometimes for a better position, there are maybe several people to apply for at the same time. Every employee hopes to make good performance in the working process, which can let him/her more distinct in the employees. In the competition, those with distinct advantages can get promotion or increases in the salary or bonus at the end of year.

For the organization, it has to invest more money in bringing up new employees than in the retention of its old employees. And old employees are rich in business experience, so their competence is another kind of assets for the organization. But for new comers, the organization must spend more time and energy in the period besides money. Furthermore old employees have strong relationship with the external business so that losing these old employees means losing profits and the advantages. In order to keep these employees stay in the company, organization will think about increasing their salary or giving more business welfare or allowance.

Employees can be encouraged by motivation rules to make better performance in the organization. If employees work all the time without some incentive elements, they will be bored with the work and cannot make a good performance in the work. Organization use the method of motivation can let the employees more positive in performing the work and get a satisfactory result. The organization can give them intangible or tangible thing to motivate them in the process of working.

Every employee working well has the chance of getting promotion or rewards, and everyone making mistakes must accept the punishment. In the organization, the fairness and equity are suitable to every employee. If all the employees perform well, everyone can get rewards and nobody can be cancelled to lose the chance.

 

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About The Author
Robert II Smith
Robert II Smith has spent more than 19 years working as a professor at New York University. Now he spends most of his time with his family and shares his experience about essay writing services. Robert II Smith is a right person to ask about masters essay.



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