Monday, February 10, 2020

The relative importance of Reward and Resourcing within the overall Essay

The relative importance of Reward and Resourcing within the overall role of the Human Resource function - Essay Example The present composition describes employee rewards and resourcing aspects of management. Contemporary rewards management focuses on integrating HRM and strategic rewards in a manner that prioritizes managerial deliverables The concept of employee rewards is a complex framework that reinforces the interplay between different aspects of organisational behaviour other than the financial perspective. Employee resourcing is concerned with equating business goals in terms of resources as per the forecasted work. It also involves evaluation of the required skills and technical know-how. In this composition, an attempt to understand the relation between employee resourcing and rewards has been made along with an understanding of how these practices impact each other and the business in positive and negative ways. From rewards perspective, contemporary organisations and businesses focus on developing attracting and developing talent alongside improving organisational performance. A comprehens ive reward system has to meet the requirements of flexibility in terms of pay and incentives; as well as meet governmental regulations put forth in the form of labour law and wages; in addition, this system should include a provision for continuous negotiation between employer and employee, which will extract optimum performance from the employee and also provide maximum benefit in the form of rewards. Framing such a comprehensive reward system is therefore very complicated. ... The reward systems are strategically integrated with organisational goals. These rewards are based on performance and can be flexibly altered according to the business and/or employee preferences. As described by Armstrong and Brown (2006, p.22), the holistic approach of total rewards provides for the integration with reward of a number of HR policies and practices such as employee development, resourcing, life-work balance, recognition schemes, work design and participation. Yet, the total rewards system does not make the purpose of attracting and retaining the best talent simple; the system is always complex and time consuming. Different practices adopted in reward management include merit or individual performance pay, profit-sharing, broadbanding, competence-related pay, flexible benefits, team pay and gain-sharing. Of these, merit or performance pay practice is adopted by most of the companies (Armstrong, 2002). Evolution of the contemporary rewards system has culminated in tota l rewards system, a concept that has been adopted by most of the organisations. organisations have modified the system to fit their strategy, which has further resulted in a variety of total reward models. The most renowned models according to CIPD are those of WorldatWork, Hay Group, Towers Perrin and Schuster-Zingheim and Associates (Thompson, 2002). Of these, the most elaborate and comprehensive model is that of the Hay Group, which considers reward design to be a platform that enhances engaged performance. This model includes financial, motivational and practical aspects of work and is made of six elements: inspirational values, quality of work, enabling environment, tangible rewards, work-life balance, and future

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