Project Cost:Rs 2000 (Project Report) Rs. 2500 (Synopsis + Project)
Can Be used in: HRM
Project Report Pages: 60-70 (Soft Copy Word format)
Delivery time: Within 12 hours for readymade project and 3 days for new project
Short Description: STRATEGIC REWARDS SYSTEMS - AN OVERVIEW (HR PROJECTS)
Organizations must become more strategic if they are to survive and succeed in the current business environment. Functional and unit strategies must be aligned with overall firm strategy to enhance organizational effectiveness.
As human resources (HR) takes its seat at the table and affects strategic direction, organizations are beginning to recognize that human capital can be utilized as a competitive advantage. HR guru Dr. John Sullivan continually attributes an organization’s success to the productivity of its employees, therefore defining the ultimate goal of human resource management (HRM) as maximizing workforce productivity. In this respect, strategic compensation systems are vital to ensuring desired employee behaviors and enhanced firm performance.
Employees should be compensated and rewarded for the time and effort they put into work. Strategic reward management involves the formulation and implementation of an equitable reward system that is congruent with the organisation’s strategic objectives. A strategic reward system is a type of human resource management tool that is used to reward hardworking employees in an organisation. It operates on two main principles; the best fit perspective and the best practice advocates claim. The objectives of a strategic reward system are; attract and retain employees, motivate performance, promote skill development, encourage corporate culture and determine pay costs. Rewards can be either intrinsic or extrinsic. However, it is important when designing, implementing and using a reward strategy, that it meets both individual and organisational needs.