Compensation and reward management pdf
Performance & Reward Management - KPMG GreeceCompensation management is a strategic matter. Compensation would include rewards when you offer monetary payment such as incentives, various bonuses and performance bonus. Organisations reward their staff when they attain the goals or targets that they have jointly set with the employees. When we mention about compensation, we would refer to a salary scale for different levels. Generally, we would classify the salary scale into non-executive, executive and managerial before the salary range is established. Next, you may ask whether compensation is a hygiene factor or a motivational factor.
Employment is typically characterised as an exchange relationship. Employees provide organisations with something of value their labour and in return receive something of value, Sarah Rynes et al. Work can offer many valuable outcomes to employees, including the opportunity to use their abilities, to make a contribution, are compensated and rewarded through this exchange process. Compensation refers to all forms, returns and tangible services and benefits employees receive as part of an employee relationship as discussed above. On the other hand reward management system according to Armstrong , is concerned with the formulation and implementation of strategies and policies, the purpose of which are to reward people fairly, equitably and consistently in accordance with their value to the organisation and thus help the organisation to achieve its strategic goals. Thomason , classified reward package in three categories. It focuses on two elements of remuneration which are directly related to performance.
Lag -? Establishing a Salary Structure. Customer Service Rep. Price Each Pay Grade — Wage Curve — Shows the pay rates currently paid for jobs in each pay grade, relative to the points or rankings assigned to each job or grade by the job evaluation. Wage Curve Wage Curve.
While compensation and benefits are tangible, there are intangible rewards such as recognition, work-life and development. Combined, these are referred to as total rewards . The term "compensation and benefits" refers to the discipline as well as the rewards themselves. Guaranteed pay — a fixed monetary cash reward paid by an employer to an employee. The most common form of guaranteed pay is base salary.
Compensation is a tool used by management for a variety of purposes to further the existence of . employee of the company, or as a reward for a job well done. Expectations Manual (PDF) and the Crown Agency Accountability System.
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