Essay about 3prm

* To help the employees in identifying the knowledge and skills required for performing the job efficiently as this would drive their focus towards performing the right task in the right way, which in turn helps work towards the business objectives as their

3. Total Rewards Strategy – This structure is very complex, yet comes with a lot of flexibility to allow for growth and internal satisfaction. The pitfalls with this structure come with the implementation, which could be treacherous and difficult to convey to our employees.

Performance management is essentially about creating a strong communication with the people around you in your working environment. It helps a manager monitor and assess how well their employees are

Clarity of job role/performance expectations: jointly agreeing targets/objectives that are clear, fulfilling and stretching will motivate employees. Successful performance management processes measure performance against targets, provide regular feedback and positive reinforcement and work collaboratively with employees to evaluate performance, development needs and future aims and objectives.

Pay and reward systems exist in the form of pay, bonuses and benefits, financial and non-financial and designed to improve performance, increase motivation, staff retention and increase profitability. Appreciation and gratitude is widely received as reward and the opportunity for training and development for career progression.

|Describe at least 3 components of a total reward system, 1 of which should be non financial. |2.2 |

When looking at performance management it can be defined as (1) ‘a process which contributes to effective management of individuals and teams in order to achieve high levels of organisational performance. As such it establishes shared understanding about what is to be achieved and an approach to leading and developing people which will ensure it is achieved.’ We can see from this definition that managing performance is crucial to the overall performance of the organisation and meeting its goals and objectives. This process must then be strategic but also link other aspects of the organisation such as individuals and teams. As defined above, performance management is ultimately about achieving high levels of

2. Formulate a total rewards strategy to encompass the fundamentals of compensation and the regulatory environments.

5. Describe at least 3 components of a total reward system, 1 of which should be non financial.

Pay and Rewards – pay and rewards attract, motivate and retain staff. The employment contract which lists rewards, whether it be pay, bonus or benefits, can remove animosity amongst employees and employers. However, recent research reveals that employees are no longer motivated by a financial reward alone, but

Performance management is about creating a culture that encourages the continuous improvement of business processes and of individuals’ skills, behaviour and contribution. It is a repetitive process that is continually reviewed and is both strategic and integrated. It is about broad issues and long-term goals and integrated by linking various aspects of the business, people management, individuals and teams to delivering successful results in organisations. It does this by improving performance and developing the capabilities of teams and individuals.

The six features of an effective total rewards program include: focusing on alignment, taking the employees views into account, measuring / managing costs, the greater use of incentive based pay, having effective communication / education and managing the reward program. The combination of these factors is helping firms to more efficiently monitor the sales force.

Reward Management (RM) has been defined as the distribution of monetary and non-monetary rewards to employees in an effort to align the interests of the employees, the organisation, and its shareholders (O’Neil, 1998). In addition O’Neil (1998) also suggests that a RM system can serve the purpose of attracting prospective job applicants, retaining valuable employees, motivating employees, ensuring legal requirements relating to direct and indirect rewards are not violated, assisting the company in achieving human resource and business objectives, and ultimately assisting the organisation in obtaining a competitive advantage.

Total reward is all of the tools available to the employer which may be used to attract, retain, motivate and satisfy employees. Total reward is inclusive of all types of rewards such as direct and intrinsic as well as extrinsic (Armstrong and Murlis, 2007). All aspects of reward including base pay, contingent pay, benefits and non-financial reward are linked together as a coherent and integrated whole. The total reward approach is holistic, and therefore reliance is not based on just a few reward mechanisms functioning in isolation and includes all the ways in which people achieve satisfaction and reward for their work (Armstrong and Brown, 2006). Total reward plays a vital role in communicating the value of the employment package to

A reward system is defined as a structures method of evaluating and compensating employees based on their performance. It also refers to all the monetary, non-monetary and psychological payments that an organization provides for its employees in exchange for the work they perform. Reward systems can help to boost company morale, as well as productivity levels which increase overall revenue for the company. An effective reward system is essential for high satisfaction and motivation of employees at work. It is concerned with the process of employee attraction, motivation and retention.