A Handbook of Employee Reward Management and Practice by Michael Armstrong

By Michael Armstrong

This can be a functional guide designed to supply information at the techniques that may be followed in constructing and coping with worker gift stategies, guidelines and strategies

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Values are concerned with such matters as care and consideration for people, the belief that employees should be treated as stakeholders, employee involvement, equity in the treatment of employees, equal opportunity, care for customers, innovation, quality, social responsibility and teamwork. These values may influence policies in such areas as performance management, paying for contribution, resolving the often competing pressures for internal equity and external competitiveness, the equity and ‘transparency’ of reward arrangements and the extent to which employees are involved in the development of reward processes and structures.

The diversity of people working in highly varied organizations and settings explains why this is the case. One of the recurring themes in this book is the importance of best fit rather than best practice. Best fit is what organizations have to strive for when formulating reward strategies, although, to a degree, ‘fit’ can be forced upon them by the circumstances in which they operate and the type of people they employ. THE INTERNAL ENVIRONMENT Reward policy and practice will be affected by the characteristics of the organization with regard to its purpose, products and services, processes, sector (private, public, voluntary or not-for-profit) and, importantly, culture, which is influenced by all the other characteristics.

The Royal Bank of Scotland states that: ‘Our approach to total reward focuses on the overall content and value of the pay and benefits package and how this supports the needs of our staff and the Group as a whole. ’ Pay is just one element of the RBS reward package, and the compensation team is keen to ensure that staff understand that it is their total package that is significant rather than individual elements within it. The concept is sold as a series of events, and a desk calendar given to each staff member identifies one, or more, significant total reward event in nine of the 12 months.

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