Reward Management Notes For Higher Diploma in Human Resource Management

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Summary

REWARD POLICY AREAS
The main areas in which reward policies need to be formulated are:
1. The relationship between rewards and business performances
2. Flexibility
3. The level of the rewards
4. Market rates
5. Equity
6. Performance related rewards
7. Pay structures
8. Delegation and control
9. Balancing financial and non financial rewards
10. Reward mix and total remuneration
11. Communicating the benefits
1. The relationship between reward policies and business performance
A reward policy needs to be formulated on how the pay levels should respond to fluctuations in the business performances. The business success can be shared with the employees through a profit sharing scheme or bonus payments which do not have a cost element in the future years.
2. Flexibility
Reward policies should allow for flexibility in operating the reward system, in response to business fluctuations and the rapidly changing pressures to which
the organisation and its employees are likely to be subjected to; the demand for different type of skills and variations in the market rates for the different
categories of staff.

Flexibility can be achieved by:
i) Increasing the proportion of variable performance related pay to the total pay package.
ii) Avoiding the use of rigid and hierarchical pay structures by such means as pay curves in where progression is dependent on competence and performance.
iii) Not having a mechanistic system of relating rewards to performance.
iv) Relating the pay rewards to merit and increases in the market rates thus avoiding a separate and explicit link with increases in the cost of living and giving scope to reward the good performers more and the poor performers less.
v) Allowing a greater choice in the range of benefits employees receive.
vi) Recognizing that the organization must respond quickly by the problems created by needs shortages, market rate pressures and flexing the pay arrangements accordingly.
3. Levels of reward
The policy on the reward levels should determine whether or not the company needs to be a high payer, sometimes called its pay posture, the policy on where rates of pay and the fringe benefits should lie in relation to what comparable companies offer for similar jobs.
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