Chapter One – Introduction4
1.1 Research Aim4
1.2 Research Objectives4
Chapter Two – Literature Review5
2.1 Reward Management5
2.2 Business / HR Strategy8
2.3 Strategic Reward10
2.4 The Employment Relationship12
2.5 Motivation and Financial and Non-Financial Rewards14
Chapter Three – Research Methodology16
3.1 Research Philosophy16
3.2 Case Study Approach17
3.3 Research Methods18
Chapter Four – Analysis of Findings19
4.1 An Environmental Analysis of the Management Consulting Industry19 4.2 A Competitive Analysis of the Management Consulting Industry20 4.3 Accenture’s Current Strategy22
Chapter Five – Recommendations / Implementation Plan23
Chapter One – Introduction
[The introduction will be added after the data collection phase is complete. However, the research aim and objectives have been provided below].
1.1 Research Aim
To investigate to what extent Accenture can tailor its remuneration package to staff in order to reduce labour turnover and incentivise key employees.
1.2 Research Objectives
In order to answer this aim, the following research objectives have been set:
• To understanding the main theories governing reward management, including understanding how reward management can influence retention and work motivation.
• To understand key aspects of the reward management processes, including assessing job size and relativities, grade and pay structure, performance management, contingent pay, and employee pensions and benefits.
• To understand the reward management process and its affect on retention and work motivation.
• To assess the various remuneration packages offered within Accenture to its employees and their fit within the competitive landscape within which the company competes, as well as the resources that it can draw on internally.
• To analyse the extent to which Accenture’s remuneration packages help it to reduce labour turnover and improve employee engagement, addressing its strategic objectives.
Chapter Two – Literature Review
The aim of this chapter is to set out the main theories governing reward management. In particular, focus is placed on the links between corporate strategy, HR strategy and reward strategy, which guide the type of remuneration package that would be most effective within a particular firm. The importance of the employment relationship is then discussed, including the damage that volition of the psychological contract can cause in terms of labour turnover and de-motivation. Finally, financial and non-financial rewards are discussed in order to separate the intrinsic and extrinsic motivators that are essential in incentivising key employees.
2.1 Reward Management
“Reward management is concerned with the formulation and implementation of strategies and policies that aim to reward people fairly, equitably and consistently in accordance with their value to the organization. It deals with the design, implementation and maintenance of reward processes and practices that are geared to the improvement of organizational, team and individual performance” (Armstrong and Murlis, 2004: 3)
With such overarching goals, it is perhaps no surprise that reward management is strategic in nature, affecting the long-term prosperity of the firm. The concept of reward management can be seen to have developed from a number of key proponents. These include Lawler (1990, 2003), Schuster and Zingheim (1992) and Flannery et al. (1996). Lawler (1990, 2003) helped to develop the idea of strategic pay, the notion that reward policies need to be tied into the firm’s business strategy, goals, values and culture. Employees are rewarded for practicing specific behaviours...