Reward Management: A Handbook of Remuneration Strategy and by Michael Armstrong, Helen Murlis

By Michael Armstrong, Helen Murlis

In keeping with British perform but in addition of curiosity to American HR execs, gift administration has been judged ''the undisputed 'bible' at the topic'' by means of the magazine of Administrative administration. This definitive booklet explains gift administration, that's inquisitive about formulating and imposing regulations and techniques that target to gift humans relatively, equitably, and regularly in line with their price to the association. It examines intimately the techniques and numerous methods that may be followed to accomplish and present remarkable ability and competence degrees within the office. accomplished and hugely functional in its strategy, it takes a strategic point of view and addresses the large hole that exists among concept and perform, with a spotlight at the implications for practitioners.

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Additional info for Reward Management: A Handbook of Remuneration Strategy and Practice

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Manas, T M and Graham, M D (2003) Creating a Total Reward Strategy: A toolkit for designing business based plans, Amacom, New York 3 Strategic Reward Strategic reward management is the process of looking ahead at what an organization needs to do about its reward policies and practices in the middle or relatively distant future. It is concerned with the broader business issues the organization is facing and the general directions in which reward management must go to provide help in dealing with these issues in order to achieve longer-term business goals.

There are four powerful arguments for developing reward strategies: 1. You must have some idea where you are going, or how do you know how to get there and how do you know that you have arrived (if you ever do)? 2. Pay costs in most organizations are by far the largest item of expense; so doesn’t it make sense to think about how they should be managed and invested in the longer term? 3. There can be a positive relationship between rewards, in the broadest sense, and performance, so shouldn’t we think about how we can strengthen that link?

The structure of a reward strategy could be built round these four questions as follows: 1. A definition of guiding principles – the values that it is believed should be adopted in formulating and implementing the strategy. 2. A statement of intentions – the reward initiatives that it is proposed should be taken. 3. A rationale – the reasons why the proposals are being made. The rationale should make out the business case for the proposals, indicating how they will meet business needs and setting out the costs and the benefits.

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