Performance and Reward Management Essay Example | Topics and Well Written Essays - 3000 words

Performance and Reward Management - Essay Example A good performance strategy entails a good competitive strategy, organizational structure, corporate structure and good human resources processes that include a reward management (Shields 2007). Reward strategy and management Reward strategy means achieving a balance between the human resource strategies, the environment that the organization operates in including the culture, technology and the external environment. It sets out to establish the purpose and intent of the organization on how its policies and processes on rewards meet the objectives of the business (Molander, et al 1994). Companies are increasingly trying to involve employees in the decision making processes and training them so as to attract and maintain them. Reward management involves managing all those rewards that are given to employees due to their contribution towards the growth and development of a company. It also involves identifying the strategies, systems, processes and policies that enable an organization to achieve its objectives by rewarding and attracting people they require by way of motivating them. It aims at meeting the individual, organizations and team performance as per the objectives set out. According to Williams and MacDerine, proper management of the rewards system usually leads to an enhanced employee behavior and well being, a well balanced relationship between life and work and eventually it increases the motivation and performance of the employees (Cornelius, 2001). A good reward system must be able to prioritize reward plans that are in line with the human resource and business strategies. A good reward strategy has four main guiding principles which include equity, constitency, transparency and fairness. The strategy must be fair... Reward strategy means achieving a balance between the human resource strategies, the environment that the organization operates in including the culture, technology and the external environment. It sets out to establish the purpose and intent of the organization on how its policies and processes on rewards meet the objectives of the business (Molander, et al 1994).Companies are increasingly trying to involve employees in the decision making processes and training them so as to attract and maintain them. Reward management involves managing all those rewards that are given to employees due to their contribution towards the growth and development of a company. It also involves identifying the strategies, systems, processes and policies that enable an organization to achieve its objectives by rewarding and attracting people they require by way of motivating them.   It aims at meeting the individual, organizations and team performance as per the objectives set out. According to Williams and MacDerine, proper management of the rewards system usually leads to an enhanced employee behavior and well being, a well balanced relationship between life and work and eventually it increases the motivation and performance of the employees (Cornelius, 2001).  A good reward system must be able to prioritize reward plans that are in line with the human resource and business strategies. People will always feel treated fairly according to how they are paid and depending on the value of their work to the company.