Reward Strategy

Only available on StudyMode
  • Download(s) : 203
  • Published : April 23, 2006
Open Document
Text Preview
The best work force you are likely to have in the foreseeable future is the one you already have. It therefore makes sense to look after them, at least well enough to stop them leaving to join your competitors, but preferably well enough to make sure they not only stay but also give of their best.

The way you pay your staff inevitably says a lot about what you think of them, so it is important to make sure your reward strategy gives the right message.

The basic principle is that your reward strategy should allow you to recruit, retain and motivate enough staff of the right calibre to run the organisation successfully. If you find you are unable to do this, the problem is not necessarily with reward, but this is probably one of the first places to look. Reward strategy should allow you to recruit, retain and motivate enough staff of the right calibre to run the organisation successfully.

There is an increasing realisation that reward comprises more than just the tangible elements of pay and benefits. Research has demonstrated that a wide range of factors that, collectively, have a major impact on employee motivation & performance. Working environment, Career opportunities, Personal / professional development, Organisation reputation, Leadership & management style, Recognition etc. This is the Total Reward approach to reward management and it is essential that all these elements of working life are underpinned by a consistent set of appropriate values and principles. Effective reward strategy, provides a range of both tangible and intangible rewards as well as organizational benefits. It will support the delivery and communication of Vitalcare's values, reward strategy enables the development of consistent reward policies and it will provide clarity to all employees working in this organisation regarding the various elements of reward being offered. This strategy will lead to optimal levels of employee engagement and performance and will maximise the...
tracking img